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Did you know that 34 percent of home sellers offer an incentive to entice buyers? This could be anything from closing costs to a home warranty (click here to find the best home warranties), but the thought of upgrades and new appliances is another hot selling point for many buyers today.
But what if you’re interested in selling your home as-is? How do you even sell as-is? How do you even know if your house is OK to sell as-is?
Worry not, we’re here to answer all those questions and more. Read on for the top 7 ways to decide if you should fix up your home or sell it as-is.
1. When Should You Sell As-Is?
The first thing to identify is why you want to sell as-is. Sometimes, there are circumstances that prevent you from having the time to make changes or other necessary repairs. Sometimes, you just simply don’t feel like doing it.
Both are valid reasons, but you should understand the potential consequences of selling as-is, and what you’re going to need to prepare beforehand.
2. How Much Do You Lose Selling a House As-Is?
The first consequence is potentially losing money on the home sale. When you sell as-is, you’re basically marking your house down.
On average, recently-sold move-in-ready homes went for 250,000 while fixer-uppers went for 200,000.
Homebuyers looking for a fixer-upper are looking for a bargain. They’re going to want the lowest buying price to make up for the thousands they’re probably going to spend fixing up the home, and you might have to haggle to keep your asking price.
The good news? Once it’s sold, you no longer have to worry about it.
3. What Repairs Need to be Made?
The next thing to think about is what repairs need to be made on the house.
Is there an issue with your fireplace? Does all the electrical work need to be redone? How does the foundation look?
Other things to consider are the age of your roof and HVAC unit. If those need to be replaced and other major repairs need to be made, the value of your home is only going to keep decreasing.
4. What Needs an Update?
Like repairs, if your home is filled with outdated appliances, fixtures, or even flooring, that is also going to subtract value from your home.
However, if there are enough things needing to be done, it’s sometimes fiscally responsible to just sell your house as-is.
For example, if you spend $8,000 on a new roof, but only get 60% of that back at the time of selling your home, you might be better off saving that money to improve your new space.
5. What Legally Needs to Be Complete?
While there are not usually things you legally need to complete in order to sell your home, there are things you need to disclose.
What you need to disclose is going to depend on which state you live in. Some states only have a caveat emptor rule, which is Latin for “let the buyer beware.” Essentially, they’re on their own to learn what needs to be done in their new home.
You should know, however, that providing a full disclosure report could potentially help you sell your home faster.
6. Can You Get a Decent Real Estate Agent?
Unless you have a cash offer for your house, getting a real estate agent is going to be your next best option. Having a real estate agent is also going to help you decipher what you may or may not need to disclose when selling your home.
Not only that, but real estate agents automatically come with a bigger client base for you to work with. Agents have access to special tools, like a multiple listing service, that allows you to connect with more buyers that are interested in buying a home as-is.
In the end, it’s worth at least investing in a real estate agent.
7. There Are Things You Should Never Skip
While there are certain projects you can get away with not completing, there are certain things you should never skimp out on.
Cleaning is one of those things. That means everything — decluttering, scrubbing, washing, dusting, the whole 9 yards.
You may find that hiring a professional makes this process easier. With a professional, you can usually customize based on what you need, like the number of rooms or the size of your house.
You may even find that steaming the carpets or scrubbing down the cabinet doors brings a new life to your home that wasn’t there before. If you’re going to be living in your house during the selling process, washing linens with dryer beads is a great way to keep things smelling fresh, no matter how quickly you need to clear out for a showing.
The more fresh, light, and airy you can make your home feel, the more someone is going to like it the minute they walk in.
It’s Decision Time
Now that you’ve answered all 7 of these questions into your thought process, it’s time to make a decision. The biggest to keep in mind, though, is your priority when selling the home.
If your goal is getting the most money out of your home, then selling as-is might not be the best option. If your goal is selling as quickly as possible, then you might be able to sell as-is. Keeping this goal in mind could be the difference between a quick sale or your home sitting on the market for a long time.
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