You just received an estimate on repairing your home right before you are about to list it for sale. You find out there is a leak in your roof which has led to the discovery that the entire thing needs to be replaced. Or termites have been eating their way through the wood frame of your home, and you’re just now catching on. Whatever the calamity, you always have the option of selling your home even if it needs major repairs. But does it make more sense to sell your house as-is, or put big bucks toward a renovation?
Selling a fixer-upper—even without fixing the major issues
The great news is that you can sell a fixer-upper. It all depends on your financial situation whether you should consider repairing the discovered problems or not. Generally, we recommend you discuss with us, Realtors, before deciding. We will help lay out the potential sale price minus repair costs to see if it is worth making the repairs.
“You don’t necessarily have to fix the foundation problem, but you do have to disclose the issues to the potential buyers and be realistic in pricing your home in order to cover the cost of repairs for the buyers.
The case for making expensive repairs
If you do have the funds to satisfy all the repairs, your chances of buyers paying top dollar for your home will increase, especially when considering brand-new amenities that you would add to the home. Some great insight is that there are always different ways to finance repairs without digging too deep into your pocketbook.
Disclosure is a must when selling “as is”
Let’s not forget that it is your legal obligation to disclose all issues with your home on the seller’s disclosure form, even when selling “as-Is”. If you were to withhold any known information about the home, the buyer may take legal action against you if anything were to happen to the home in the future.
If you would like to discuss either listing “as-is” or if you should do your home repairs, please contact me and we can see which option is a good choice for your situation.