The decision to sell a home can be a difficult one, especially when there are repairs that need to be made before putting the house on the market. It’s important to assess the condition of the property and take these repairs into account before selling. If you go through the traditional process of hiring a realtor and posting the home on an MLS service, you’ll have to negotiate with buyers who may want you to fix these repairs before they agree to make the purchase.
It’s important to know the “bank breakers” before deciding whether or not to make repairs out of pocket. These repairs include foundation issues, mold problems, roofing problems, termites, HVAC failures, issues with outdoor plumbing or sewer lines, driveway damage, faulty fireplaces and chimneys, and electrical repairs, especially if your home isn’t up to code. These repairs could cost thousands of dollars, and they are also the repairs that homeowner-buyers are guaranteed to want taken care of before they move into your home.
Before putting your house on the market, it’s important to get a home inspection and get quotes for every item on the inspection report that you’re not capable of taking care of yourself. You can then consider the average sales price on comparable homes in your neighborhood and subtract the amount of repairs from that average sales price to determine your maximum profit.
However, it’s important to take into account other expenses such as taxes, upkeep, homeowner’s fees, insurance, and utilities that you’ll need to pay while you’re waiting for the home to sell. You should also assess how much you will end up paying if it takes 30, 60, 90, or 120 days for the home to sell. Sometimes, selling your home the traditional way may not be the best solution for you if your profit ends up being significantly lower than the outstanding balance on your mortgage, or if the continuing expenses will overextend your resources.
If you have major repairs to make, a reputable home investor might be the way to go. You can get a fast cash offer that might be far more generous than the actual money you’d walk away with if you tried to handle the repairs and sell the home yourself. Contacting a home investor doesn’t incur any obligations, and you can get a quote within 24 hours to see how the investor’s offer stacks up against the numbers you’ve already generated.
When making your decision, be sure to consider hidden costs such as the opportunity costs that you’ll generate for yourself while dealing with the headaches associated with seeking out major home repairs. Consider the amount of time it will take to sell the house and whether or not you have the time and energy to make the home ready for multiple home showings. By considering all of these factors, you’ll have a clear picture of what your best option is going to be. If you have any questions or need help determining what your next steps should be, you can call the offices of a reputable home investor for advice.
