Should I Sell or Fix My House?
Updated: 1 hour ago
You’ve lived in your home for years. It’s been a great place to raise your family, but now the kids are grown and gone. The house is starting to show its age, and you’re thinking about making a change. But you’re not sure whether you should sell your house as-is or invest in some repairs and renovations first. Let’s take a look at the pros and cons of each option.
Advantage of Selling As-Is
The main advantage of selling your house as-is is that it’s the quickest and easiest way to get rid of your property. You don’t have to spend any money on repairs or renovations, and you can put the entire process of selling your house in the hands of a professional we buy houses company. Selling as-is also means that you can take advantage of any rising trends in the housing market. If prices are going up, you can sell now and pocket the extra cash.
However, there are some downsides to selling as-is as well. For one thing, you probably won’t get top dollar for your property. Buyers will be expecting a discount because they know they’ll need to make repairs. In addition, selling as-is means that you’ll have to disclose any known problems with the house upfront. This could turn off potential buyers before they even have a chance to see your property.
Investing in Repairs and Renovations
If you do decide to make some repairs and renovations before selling, it’s important to choose projects that will give you the biggest return on your investment. Painting, for example, is a relatively inexpensive way to make your house more appealing to buyers. Replacing old carpets or floors can also be a good investment because it will make your house look newer and more well-maintained. Kitchen and bathroom remodels tend to be more expensive, but they can also pay off handsomely when it comes time to sell.
Of course, there are some risks involved in investing in repairs and renovations as well. For one thing, you could end up spending more money than you ultimately make back from the sale of your house. In addition, repairs and renovations can take months or even years to complete—during which time housing prices could go up or down, leaving you with less profit than you expected (or even costing you money). Finally, if you live in an older home, there could be hidden problems that arise during the renovation process that end up being very expensive to fix.
There is no easy answer when it comes to deciding whether to sell your house as-is or invest in repairs and renovations first.
Ultimately, it depends on a number of factors including
The state of the housing market,
How much time and effort you’re willing to put into fixing up your property.
However, if you do decide to go ahead with repairs and renovations, be sure to choose projects wisely—investing in cosmetic changes like painting and flooring is usually a safer bet than undertaking major structural work like adding an addition or gutting an old kitchen.