Should you sell a house as is?
To sell a house as is means you don't have to make any repairs, which can be tempting for many sellers. It saves time and upfront costs but can negatively impact a home's value. Completing repairs, so the home likely sells for more, means weighing the cost against how much the repairs improve the home's value. A real estate agent can help you determine which repairs are worth it and which may not give you the same return on your investment.
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How to sell a house as is
The first thing to consider when deciding whether to make home repairs before selling or sell your home as-is should be the housing market.
Consider the housing market
If the market is favoring sellers, the housing market is a seller's market. A seller's market means many people are buying homes, so properties tend to sell quickly, sometimes within days, with multiple competing offers. While repairing or remodeling your home can increase its value, it may not be necessary and may be worth selling your home as is. When houses are in high demand, buyers are more likely to overlook cosmetic flaws.
However, if the housing market is in a buyer's market, there's less demand and properties are likely to sell for less. Your agent may suggest completing repairs or upgrades in order to make your home more desirable. Agents look at similar, recently sold homes in your area to help you determine what's best for you.
Determine which repairs to make
Once you and your agent have determined the value of your home and how upgrades might impact how much your house might sell for, it's time to establish a budget. Weigh the cost of larger repairs against how lucrative they may be on your final selling cost. It’s also important to know which repairs would be identified as important or critical if your home is inspected.
In terms of interior design upgrades, kitchen and bathroom remodels typically have a higher return on investment (ROI). Updating and repairing an older kitchen or bathroom may be a worth it to increase the value of your home. Other repairs could include:
- Replacing garage doors
- Replacing siding with either vinyl or fiber cement
- Adding a stone veneer to the street-facing side of the home
- Upgrade countertops and floor tiles and refinishing cabinets in kitchen
- Replacing windows
What minor repairs should sellers consider when selling a home as is?
It's important to consider the smaller details of the home as well. Minor repairs allow your home to make a positive first impression. Minor cosmetic repairs are relatively low-cost and may include:
- Replacing old or stained carpet
- Adding a fresh coat of paint
- Replacing leaking faucets
- Replacing outdated lighting fixtures
Not only can cosmetic repairs increase the value of your home, but they can also make the home more attractive to potential buyers when you are selling a house as-is.
Choosing how to sell your home is a major decision, and just one of many considerations in the home selling process. It’s important to consider your timeline and budget, and the potential impact to your home’s value and starting offers. For more home selling resources, consider selling by owner vs. a realtor, or how home insurance might work while selling.
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