What should you do? Do you spend precious time and money on fixing or repairing or just sell as-is?
Ah, the need for speed in a real estate deal – we’re quite familiar with it. From clients who’ve taken a job out of town with an impatient employer to the need to sell a deceased family member’s home, “Should I sell my house as-is” is a common question.
Sometimes it can just be that the day to day of life has gotten in the way and you haven’t noticed the condition the home is actually in before taking stock when you decide to sell.
Let’s take a look at some of the issues you should consider before trying to sell the house in “as-is” condition.
A recent study finds that most home buyers, particularly first-time buyers, want a home that they can move right into without having to make any renovations, repairs or alterations. They are also willing to pay a little more for this! Paying their mortgage is better than paying someone else’s rent in the long run.
You will no doubt be competing with homes in your area of a similar age and condition. If you choose not to take care of the repairs or improvements, this will determine where you fit in the competing market.
You may have already taken that into account and have priced your home accordingly to compensate for this, allowing the new home owner the costs of the repairs or improvements.
So, if your budget can tolerate a very low listing price, you’ve passed the first challenge of trying to ‘sell as-is’.
What’s the market value?
Knowledge is power. If you know what you are looking at after your repairs or upgrades you will be in a better position to make an informed decision.
Work out what the house will likely go for as-is. Then work out how much you will need to spend to take care of the repairs and improvements, then what will the house likely go for at market. Is it worth making the repairs or selling as-is?
While this is a great indication. Use this as a rough guide only, allow some margin for error and market shift.
Something small may not be a deal breaker for potential buyers, be selective about what things you choose to take care of and leave. Pouring a whole lot of money into the exterior of the house will make it look great no doubt, but how does is stack up to the inside of the house. If that is outdated still then you are no better off.
You can make a few touch ups without breaking the bank such as replacing worn, faded or stained carpet’s. Painting a bedroom or small area in the house that is in need of some attention can make a huge difference. You can even take care of the job yourself if you feel up to it.
Come up with a strategy
It’s understandable that some fixes may be too expensive for the current home owner to handle, especially if you are buying another home and need all your spare dollars for that.
You will also need to be realistic in what your home may sell for. Don’t take low offers to heart. Some people will try and snatch up a bargain to repair and on sell.
The word as-is is a magnet to potential investors. You will need to decide on what your lowest offer is going to be before going to market so you can take emotion’s out of decisions, as hard as it can be sometimes.
Despite the problems with the home, the one way you can help boost the price, even a small amount, is to ensure that it’s clean at all times. You may like to also have a look at my other blogs on staging and how to make the best out of an open home.
When a home is neat and tidy (both inside and out) it sends a subliminal message to potential buyers that someone does care about the home.
What to do can be a bit overwhelming, if you would like to talk about your options I would be happy to discuss your home and what might be a good option.
About the Author: The above article on Should I sell my home “as-is” was written and provided by Brent Palmer, a local leader in the field of Richmond and Nelson Real Estate sales, marketing, advanced technology for home selling, and social media. You can contact Brent Palmer here, or at 027 544 9921.
He has helped many people buy and sell homes in the Nelson, Stoke and Richmond areas for years, and would love the opportunity to help you as well.
Thinking of selling your home? I have a real passion for helping people sell their homes in our Nelson and Tasman Region, as well as the marketing, social media & advanced technology for home selling that goes along with it. I’d love to have the opportunity to sit down with you discuss how we can work together to get you the best price.
I help people buy and sell real estate in the following Nelson and Tasman towns & neighbourhoods: Wakefield, Brightwater, Hope, Appleby, Redwood Valley, Mapua, Stoke, Tahunanui, Atawhai and of course, Richmond and Nelson City. Connect with Brent on Facebook and pretty much everywhere else.
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