Selling your home is a hard enough process, but when your property is also in need of household repairs, the task can seem almost impossible. A million questions can run through your head. How much will it cost to repair my home? How long will it take? The biggest question to ask, however, is: how can I still make a profit?
Three main routes you can take
When trying to sell your unmaintained home, there are three main routes most people take. First, you can choose to make the repairs before selling your home. Second, you can try to sell on the market without fixing the property. And third, you can sell “as is” directly to a cash house buyer. We’ll go over these options in a moment, but first, take a look at two initial steps you should take.
Make a list of all household repairs needed
Before making any decisions, scour your home and make a list of all repairs needed. You can view a common list of household repairs here. By taking note of everything wrong with your home, you can then assess the overall damage. This helps you produce a general cost and repair timeline.
Decide whether you can still make a profit
Based on the list of repairs you made, do you think you can still gain profit if you fix them before selling your house? If you have a real estate agent, ask them for their honest professional opinion. Look at other property asking prices in your area and assess whether the costs of your repairs outweighs the average selling figures.
If you can still make a profit, hiring a contractor to make household repairs is a doable option. Otherwise, you should try your hand at selling “as is”.
First route: hire a contractor
When fixing up one’s property, many homeowners hire a contractor or handyman. These workers specialize in household repair. You can search for contractors or handymen in your area on the Homeadvisor website.
While making repairs seems like the obvious choice, there are a few inherent setbacks. Firstly, you have to dish out money. If your goal in selling your home is to make the highest profit, this can be a financial drain. Another setback is that the work put on your property can take anywhere from weeks to years. Hiring a contractor to make household repairs is the most costly and time-consuming option you can take.
Second route: sell “as is” with a realtor
The second common option homeowners take is selling through realtors without repairing one’s home. Beforehand, a few considerations need to be made. You should consult with your agent whether it’s viable to sell “as is”. They are usually knowledgeable about the neighborhood and can make honest opinions on whether your “as is” home can snag bids. In addition, you should visit other open houses in the area to get a grasp on average selling prices.
If you’re selling your property “as is”, your agent will likely request you lower its asking price. Frankly, when a home requires household repairs, it can be harder to sell. Buyers aren’t particularly keen on purchasing homes with problems, so you may have to wait a bit longer for bids. That said, lowering your asking price may shorten the time your property stays on the market. This, however, can leave you with a smaller margin of profit.
Third route: sell “as is” to a cash house buyer
The final option you can take is to sell your home directly to a cash house buyer. Cash house buyers are house-flipping companies that are eager to purchase your home, household repairs included. Just dial the number and they’ll survey your property, offer you a fair cash price, and boom – the process is done.
If you’re interested in working with a cash house buyer, consider connecting with us! We purchase homes in the Oakland and Macomb Counties. Feel free to explore our website for more info, and be sure to reach out for a fair cash offer of your home! You can also call us for any inquiries at 586-200-1710.