Many look to sell their fixer-upper homes and skip the needed repairs. Hence the question, should you sell your house as-is? The question may depend on defects to the home. Are they simple repairs, or does the house require major renovations?
Be Sure Buyers Know What to Expect
Image via Flickr by Bill Showalter
Selling your home as-is means you should find out exactly what is wrong with the home. You can ask a real estate agent to offer his opinion or hire a home inspector to give you a written report on everything that needs to be fixed, including any code violations.
Look through the list of repairs that need to be done. Can you repaint the interior and fix broken windows? Pick and choose the items you can repair to make the house more attractive.
Know What You Will Need to Disclose
In the Houston, Texas, area, there are some things homeowners are required to disclose. These include:
- Lead paint
- Code violations
- Foundation cracks
- Leaky roof or basements
While this list is not all-inclusive, check with a realtor or home inspector to determine if any items in your home need to be disclosed.
A Good Cleaning Helps
Even if you have cracks in the drywall or peeling paint, it will help tremendously if you do a thorough clean-up of the home. That means really giving it a good scrubbing from top to bottom.
Pay attention to bathrooms, kitchens, windows, and porches. Look for any insects that might have settled in your home and get rid of them via a professional or on your own.
Don’t forget front and back yards. Cleaning these will give the home more curb appeal.
Set an Amount You Will Accept
In the real estate world, agents are supposed to present all offers, but what if you’re selling your home on your own? What sort of offer should you expect? First off, find out what homes have sold as-is nearby to give you a starting point. Second, determine the lowest price you will accept.
What Flippers Will Offer
We’ve all heard of flipping homes. These people do look at older homes, but you can ask for more if you fix a large-ticket item. Say the roof needs to be replaced. A new roof will cost $15,000, and you’re looking to get $100,000 for the home. Expect to get an offer from a buyer that is minus the cost of the new roof (in this case, $85,000). Add the new roof to realize your sales price of $100,000.
Some home flippers will offer you an even lower price based on other repairs, so it’s really important to set the price you’re willing to accept.
Sell at the Right Time
You will probably sell your home as-is if it’s a seller’s market. The way to determine this is by looking at homes for sale in your area. Are there many? If so, it’s a seller’s market. To get the highest price for your home, wait until there are multiple homes in your neighborhood up for sale.
As long as you’re prepared to use some of the tips here, selling your home as-is should not be a problem, especially if you find someone looking to flip a home.