Before you can put up your property for sale, you’ll typically have to address much-needed repairs first. This is not just to improve your property’s value, but also to make it look more appealing for potential buyers. However, this process is often costly and time-consuming. And while it may indeed increase your home’s market value, it’s not a guarantee that you’ll be able to sell it faster.
On the other hand, selling your home as-is, or in its current condition, requires no repairs at all. That’s right, you can be saved from all that hassle! That’s because cash home buying companies will buy your property as it is, even when it requires repairs.
But there’s a caveat: selling a home as-is isn’t for everyone. There are instances where performing repairs makes more sense than selling your home in its current state. Also, this is where some trade-offs come into the picture: you can sell your house fast but you’ll have to compromise on price, especially if your property is in poor condition.
So, if you’re considering selling your home as-is, watch out for these four common mistakes:
- Failing To Choose The Right Selling Option
When selling your home as-is, you don’t simply find a home buyer looking for a cheaper property and sell it to them, although that’s a promising method. It would help to do thorough research and evaluate your situation first to find out which among these options will work best for you:
- Selling to ‘as-is’ home buying companies: Starting with the best possible option, negotiating with companies that buy houses for cash offers a relatively fast process with a fair price. Lowballing is a common disadvantage when selling your home as-is, so make sure you find a home buying company that won’t take advantage of your property, like Sell Your Gainesville Home Today.
- Listing the property in the open market: To get maximum value from your home, your best option is to list it on the open market, but only if it meets the minimum property requirements assigned by mortgage lenders. Doing so qualifies your property for a mortgage offer, which interested buyers can use to finance the purchase.
However, if you’re in a hurry to sell the property, or there are significant repairs needed, this may not be the option for you.
- Negotiating with investors or flippers: Contacting property investors or flippers is another faster option when selling your house as-is. A house flipper buys a property, fixes and refurbishes it, then sells it for a higher price.
On the downside, you should be cautious when negotiating with investors, particularly if you don’t know them personally, as real estate fraud incidents are on the rise today.
- Performing Costly And Unnecessary Repair
If you’re selling your house as-is, doing major repairs can be a waste of time. For one, although it may help you increase your property’s price, the money you spent on significant repairs may end up being more than the price increment you can get. On the other hand, if you increase your selling price too much for profit, it might sit longer on the market unsold.
If possible, carry out a pre-listing inspection that will allow you to market your property with a pre-inspected label. This will help prospective homebuyers get a better grasp of the potential expenses and returns when they purchase your home.
- Lying About Issues And Necessary Repairs
If your property has existing issues that can only be fixed through repairs, you’ll have to choose between two options: addressing these repairs first or leaving them and selling at a lower price. But either way, never lie about these problems as they’ll only fire back at you. Homebuyers and investors will know your secret one way or another, and you’ll most likely end up failing to sell your property and entangled in legal problems.
Therefore, when selling your home, especially in its current condition, always disclose all information that interested buyers should know, such as structural and mechanical issues in the foundation, central heating systems, plumbing, and the like. The presence of environmental or natural hazards should also be made known, including boundary line disputes, if there are any.
- Skipping Minor Improvements
While it’s not recommended to shell out on costly repairs when selling your property as-is, performing minor, affordable improvements can make a huge difference in your home’s market value. Case in point, you can improve the visual aspects of your house’s interior and exterior to boost its property’s appeal and sell it faster.
Your property’s curb appeal is an excellent place to start. Presenting a clean and beautiful outdoor space from the street view can attract many homebuyers and investors, and it only needs a little TLC. For instance, you can simply clean up the yard, trim the yard and bushes, repaint the doors and windows, and replace the old mailbox.
Selling a house as-is is the fastest and cheapest way to sell a property, especially when you don’t have the time and money for repairs. However, to avoid underselling your property or falling victim to fraud, always educate yourself when it comes to your options. Getting a reasonable price from an as-is home sale is always feasible if you can take the time to learn about what you should and shouldn’t do as a property seller.