Selling a house that needs work vs. fixing up a home for sale
Your home doesn’t need “a few” repairs. It needs all of them—your house needs updates, foundation repairs or pest removal. Oh, and new appliances. The costs of all of the necessary repairs is staggering, and you’re overwhelmed. If you’re selling a house that needs work, then you have two main options: fix up your home for sale, or sell “as is” to a cash buyer.
Fixing your home up can be advantageous if you have a plan and budget, and you know what you’re doing. But, even with careful budgeting, inexperienced homeowners can easily get out of their depth. It costs tens of thousands to remodel multiple rooms in your home. That’s no cheap fix. Lots of things can go into this cost. For example, if you’re renovating a bathroom, you have to think about hourly rates for contractors and plumbers (which can range from about $45 to $150 and more), tile (which can cost as much as $5,000), etc., etc. No wonder the average bathroom remodel costs almost $16,000. Kitchens? More than three times that.
Beyond just the money, home remodels take time. And a lot of it. It can be several months after you sign a contract with a general contractor before they are able to start your remodel. And, unless you want to rent an apartment during the renovation, you’re going to have to live on a jobsite for months before your home is retail-ready.
And, any major repairs—even if you did them yourself and especially if you didn’t use a permit—need to be disclosed to the potential buyer. Federal and state laws about disclosure vary across the country, but you’ll probably need to disclose every problem you’ve experienced in your home before you sell it to save yourself from legal trouble down the road. For those selling a house that needs work, that might mean the difference between a buyer purchasing the home or cutting their losses and walking away.
You can also opt to fix only those things absolutely necessary to sell your home through the traditional model, like the roof or the foundation. But even a bare-bones renovation plan can be quite expensive when new foundations can cost tens of thousands. And, your home isn’t likely to move as quickly with a distilled renovation plan as with a complete remodel.
Your other option for selling a house in bad condition is to sell it as is. At Wren, we pay fair prices for fixer-uppers. Since we’ve been doing this for 30 years, so we know how to sell a house that needs work. There are few things we haven’t seen. No matter how severe the damage, you need not worry about feeling judged by the Wren team.
Just give us a call and let’s see how Wren can help sell your fixer-upper.