Selling a house isn’t easy because of factors in the real estate market. Although the reward of unloading your property can be great, especially if you’re financially pressed. That being said, selling the house as-is presents other pros besides getting paid for it. Therefore, you might be wondering if it’s the best move right now. If you’re torn between waiting and proceeding, this article might shed some light to help you make a decision.
What Does Selling A House As-Is Mean
If your home is a fixer-upper or in need of repairs, there are two routes you can take. First, repair everything and make renovations if you want to. However, this only applies if you have the budget ready for the project.
The second path pertains to leaving the house the way it is with no improvements or repairs being done even when interested parties want to take it off your hands. You might not have enough money to have everything fixed. In a way, you’re telling buyers that ‘what they see is what they get.’
It means to sellers that they could price them lower than any other properties in the neighborhood. At the same time, if the home is acceptable, buyers can get a cheaper home compared to anywhere else.
Advantages Of Selling The House As-Is
Selling the house in its current condition presents two benefits for both the buyer and the seller.
- Choice Of Buyers
The property owner doesn’t have to put money into the home. Their only focus is to find a buyer who’d be interested in the house. If they can’t find private buyers, they can offer home-buying companies. GTG buys homes and if they like what they see, they’ll make an offer that the owners can accept or not without any obligations.
- Make More Money
Buyers who want to take advantage of the low price will find themselves with a house they can fix and mold into a rental property. There’s a chance to make it into a lucrative passive income, or they can sell it outright for a profit.
- Save Time
Repairs and renovations take time, and you don’t have to wait if you’re selling your home the way it is. You’d want to keep it at least clean and orderly, then create a listing for your home. If the house has a lower price, buyers such as Balsamo Homes will likely pay in cash to make the process faster. You’ll be avoiding the mortgage approval process this way as it may otherwise take time.
Disadvantages Of Selling An As-Is Home
On the other hand, here are some possible disadvantages of selling an as-is home:
- Buyers Might Negotiate
While you’re offering a home that you have no plans of fixing or remodeling, don’t write off the possibility that buyers would ask for a lower price. What happens is it seems that the cost of repairs looks expensive. You can choose to accept the request or not. Some buyers will ask for you to shoulder a repair and offer a better deal in return. For example, they would want you to fix the internal sliding doors first before accepting your price. However, this would be unacceptable if you plan to sell as-is.
- You Might Turn-Off Buyers
Some buyers feel it necessary to look for sellers offering a better home. They may think that they can ask the seller to fix a fraction of the house in return for accepting the price. They could as well avoid sellers offering their properties as-is since it will mean that the cost of repairs could be a dealbreaker.
- Low Offers From Buyers
Even if a seller is already offering a low-priced home, this will still depend on the buyer if they deem it worth the money. Depending on the cost it will take to make repairs or improvements, sellers might not get the expected price they want. Hence, it might be essential to make considerations if making some repairs will help you sell your home.
To Make Repairs Or Not
Taking it a bit further, there are also other vital considerations to make if you’re torn between fixing or selling it as-is.
- Status Of The Real Estate Market: If the market is hot, it will do you good to get multiple offers from buyers before deciding. A seller’s market will encourage you to fix a few repairs to make the house more enticing. If the home still needs many fixings, it will still be priced lower, especially during the slow market season.
- Competing Properties For Sale: Ask your agent for competitive market analysis. It will help you get an insight into whether homes with comparable prices are doing good or not.
In Conclusion
Selling your home as-is comes with both pros and cons. Depending on your economic situation, it’s still a valid reason to try and do your best to make the selling work. You have both private buyers and home-buying companies as a choice. As long as you understand the need to be realistic, you can still sell your home.
