When it comes time to move out of your old home and start searching for a new one, there are some important steps you have to take before getting too carried away. Perhaps the most important step is selling your current home.
Most people live paycheck to paycheck as it is, the last thing you need is to be paying multiple mortgage payments. However, not all homes are easy to sell, especially if your home is in a state of disrepair.
But how do you know if you should fix up your house for sale or leave it as is?
Should You Fix Up Your House for Sale?
This is quite a weighted question. On the one hand, if you fix up your house for sale, you may get a lot more money for it, though it will take time, money, and work. On the other hand, if you sell your house as-is, it will require no work or extra expenses, but you’ll definitely get less money for it.
Keep reading to gain an educated perspective to help you make the right decision.
What Kind of Time Frame Are You Looking At?
The first thing to consider is how quickly you want to sell or be out of your home. If you’re under a tight schedule, you might not have an option.
For example, if you just landed a great job in a different city or state, the timeline may not be up to you. They may request that you fill that position in a matter of weeks. You’ll barely have time to get packed up, let alone get the house prepared for being on the market.
Alternatively, you may be facing a foreclosure on the home if you’ve fallen behind on the mortgage payments. In this case, you will also have limited time to make something happen and selling as is would be much wiser than trying to fix up your house for sale.
How Much of a Budget Are You Working With?
Next, if your timeline isn’t an issue, consider how much money you have to invest in upgrades, improvements, and repairs. Keep in mind the more work you can do yourself, the less money it will cost you. However, this also presents two problems:
- DIY work requires time on weekends or after work
- If you lack skills or experience, the DIY work could turn out terribly
Additionally, not all home improvement projects are DIY appropriate. For example, most homeowners are out of their depth when it comes to electrical, roof, plumbing, and craftsmanship. Not only that, but some of these jobs require certified professionals by law or city coding.
If costs are climbing too rapidly or too high, you may need to consider selling your house as-is.
What is the Condition of the House?
If a house isn’t livable, you can’t sell it traditionally depending on the buyer’s lender. Some lenders refuse to finance a house under the following conditions:
- It needs roof repairs
- It has chipped or peeling paint
- It has lead paint
- It has asbestos
- It has a pest infestation
- It has mold
- It has electrical issues,
- It has plumbing issues
These are just a handful of red-flag issues that may require you to fix up your house for sale. Once again, if you don’t have the time or money to do so, you’ll be looking at an as-is sale.
What Are the Most Important Fixes to Make?
If you’re intent on selling your home conventionally and making the extra money, you need to know what fixes are the most important to focus on. As suggested above any major issues that affect how livable the home is is a must.
However, what about the small stuff?
There are certain things that are offputting to buyers searching for a new home. We recommend small cosmetic touchups such as putting a fresh coat of paint in all the rooms, especially any with wild or non-neutral colors. It’s also a good idea to make small repairs to drywall, trim, windows, and any broken fixtures (faucets, lights, doorknobs, locks, etc.).
If you’re on a budget, don’t waste money updating your appliances. While people like to see newer appliances, the added value to the home isn’t worth your investment. However, you should make sure they’re as clean as possible.
How Much Are You Hoping to Get Out of the House?
Another factor to consider while deciding if you should fix up your house for sale is how much money you want or need to get out of it.
For example, if you’re looking to sell your home and make enough equity to put a downpayment on your next home, some repairs and updates may be necessary. Alternatively, if you’re looking to get out of the home as soon as possible and revenue is secondary, selling as-is will be the faster option.
What Buyers Are Attracted to an As-Is House?
If you’re selling the home as-is, it may pay to do a little research into what buyers you should be targeting. For example, there are tons of people who make money flipping houses.
They may be the right buyers who will see the potential of your home and pay you fairly for it. Keep in mind, however, that they’re usually all about the bottom dollar and want a deal just as badly as you do.
What About Cash Home Buyers?
Finally, if you know you are going to sell your house as-is and time is of the essence, there are sure-fire ways to make it happen. For example, you should consider a reputable cash home buyer.
The right cash home buyer company will allow you to sell your house as is while getting a fair deal out of the process.
Looking for More Tips?
Deciding whether or not to fix up your house for sale can be a difficult process. While the opinions of your friends and family are important, you must make the choice that’s best for you.
And if you’re looking for more tips on home living, check out the rest of our articles before you go!