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If you want the top-dollar price for your home, your home must be in its best condition. Today’s buyers get their inspiration from Instagram and Pinterest when they’re looking to buy a property and they want everything to be in peak conditions.
Customers are willing to purchase with a discount if the home needs minor repairs. Cosmetic makeover such as the wall color and appliances might not create a problem for you when trying to sell. You can sell a house by making the surface repairs, and the buyers will be happy to buy it.
Every home has flaws and some flaws can be detected during the initial walk through. To find deeper problems, you may need a thorough inspection. It’s best to hire a home inspector before you list your property for sell and so you can deal with minor repairs immediately. But what if your house has structural damage?
It happens with old homes. The structure of the house begins to deteriorate after a few years. The concrete crumbles, the joints loosen; the foundation and the roof might not be in the best condition. You must especially check for this problem if you’re selling a home after it was damaged by fire, flood, or earthquake. In such situations, the structure of the house is compromised, and you need the help of a structural engineer.
A qualified structural engineer will you tell you how much money and time will be required to restore the house.
Should I Sell a House As-Is or Is It Good to Repair the Property?
Many people ask this question. The answer is simple.
Calculate the ARV of the property. Check whether you’ll make a good sum of money after repairing the house. If so, proceed with fixing the home and list for sale in the retail market.
Let’s say, the current value of your home is $160,000. Your estimate shows the cost of repairs is $45,000 and it will take roughly 6 weeks to complete all repairs. Now add the cost of repairs and the 8% closing costs. Your total investment at this stage is $226,000. Your realtor tells you that the house should sell for $250,000.
After you list the home for sale, it will take 3-4 months before you receive your money. During this time, you’ll be responsible for paying the:
Combine these expenses,and you’ll be paying roughly $10k-$15k in the upcoming months. After adding the price, the value of the home becomes $236,400. The sale of the house might bring you $250,000.
Now it is up to you.
Do you want a guaranteed sale of your home? Or a delayed sale of your home at a better price?
If you have the money and the time to remodel your house, we suggest you make the needed repairs and list the home with an agent.
Structural issues are hard to fix. It takes expertise to deal with the job. You will need building permits on various steps. Pulling a building permit not only increases your cost but it also delays the completion of the project.
Buyers are hesitant to buy a house that was repaired after detecting structural damage. A foundation related issue can cause extensive damage to the property, and the value of the house might drop significantly. You can run the numbers to see whether fixing a home with structural damage will do any good.
Do you have the budget and time to make those extensive repairs? You can tackle this project on your own. Make sure to hire qualified contractors who can give you a transferrable guarantee for their work.
Most of the time, it isn’t wise to handle these significant repairs unless you’re a real estate expert. You don’t want to spend money and time on a house that won’t sell in the end.
How to Sell a House as-is in Houston?
If your home needs major repairs, we can help you by buying the home as-is for a cash price. Our team has the expertise to renovate such properties. You can sell the house to us for a fair cash price. We’ll pay you the cash in as little as 10 days.
After that our team will work extensively on making the home livable again. In the next 3-4 months, we might list the home for sale in the market. We intend to make a profit from this sale thus making this a win-win situation for everyone.
Give us a call at 281-816-7914 or fill out the form below to get started. We look forward to talking with you.
Sell a house fast even if it needs repairs