Should You Fix Up Your Home or Sell it As Is?
The housing market is hot. Homes are selling within days of the for-sale sign going up. There are even bidding wars over some properties. Sellers are working to get houses listed fast to take advantage of the market conditions. But is your home market-ready?
It is usually well advised to make needed improvements to your home before putting it on the market. This will maximize profits. But is this really necessary in a hot housing market? Here are some things to consider as you decide if you should sell your house as-is or fix it up first in order to sell your home fast.
Making Minor Improvements
Some buyers are looking for a house that is move-in ready. In this case, making improvements is a wise choice if you are looking to sell your home fast. Cosmetic fixes tend to be cost-effective and some are relatively easy. Patch cracks and holes in your walls, replace worn flooring, carpeting, and window treatments, and add a fresh coat of paint wherever you can.
You’ll also want to fix any broken or outdated fixtures and appliances, such as ceiling fans, lights, and leaky faucets. These are all easily noticeable to potential buyers.
In addition, make sure all of your property is up to code. Violations uncovered during an inspection can be deal-breakers for buyers, even in a seller’s market.
High Priority Improvements
Some homebuyers are okay with a house that isn’t perfect. They may prefer to do their own cosmetic updates to reflect their own style. However, they won’t be interested in major fixes. Your money will be well-spent tackling major issues like faulty HVAC systems, leaks, mold, and foundation damage. Common fixes that can flag safety issues for buyers and inspectors include:
- Replacing the roof.
- Updating the electrical panel.
- Installing a new water heater.
- Addressing termite, mold, or water damage.
- Repairing pipes, sewer connection, or septic system.
- Updating the HVAC system.
Any of these repairs or updates will have a good return on investment and can result in a better selling price. They can also help sell your home fast.
Sometimes selling a house as-is just makes sense. Maybe you don’t want to take the time to get the necessary work done. If it needs so much work you just can’t afford it, you may be better off to sell as-is. If the price is right, it may still sell to someone who wants to grab up a fixer-upper at a low price. This is a great conversation to have with your real estate agent prior to putting your house on the market.
If you choose to sell your home without fixing it up, there are two things you will want to keep in mind.
- Include “as-is” in your listing – If you sell your home as-is, you won’t have to spend time making repairs; what the buyer sees is what the buyer gets. Of course, if you sell a house as-is, you’ll almost certainly have to accept a lower sale price than if you updated and maintained it before listing.
- Inspect and disclose everything – Complete a pre-inspection and make a list of everything that was discovered on the inspection report. Again, you’ll probably have to lower your asking price, but your agent can help you position your home as a great investment, flipping, or fixer-upper opportunity for investors, flippers, or people looking for that sort of investment opportunity.
Things to Consider
Since the housing market is hot right now, there is a good chance you can sell your house fast without making any changes or repairs. You can save your money instead of fixing or upgrading items potential buyers may not notice or care about right now.
However, you still want to get top dollar for your home. Other homes in the area may sell faster and at a higher price depending on how your home measures up. Ask your realtor for a competitive market analysis. A CMA will give you a review of homes in your area that have recently sold. That may give you a good idea of how your house compares and help you decide which, if any, repairs need to be made right away.
The professionals at Amberwood Real Estate are experts who know how to sell your home fast. Whether you plan to make improvements or sell as-is, we can guide you through the process to get your house on the market. Contact Amberwood Real Estate today to start the process of getting a quick home sale. We are helping homeowners just like you get a great price for their home, and we can help you too.