Are you selling an old house, but you’re not sure how much to do?
It’s common to hear that you have to do certain repairs before you sell your house. But sometimes it doesn’t make sense to renovate an old house before you sell.
Repairs are costly and time-consuming. You may find yourself losing money if you take on too many fixes.
Selling your old home as-is means you’ll have to sell for a lower price, but it may be less stressful and more profitable to go that way.
Consider these 10 reasons to not fix up your house before selling.
1. Save Money on Repairs
Replacing an HVAC system costs between $4,820 and $9,350 on average. A new roof averages $7,211. Electrical rewiring, plumbing, siding, windows, foundation repairs, and many other common repairs also cost you thousands of dollars.
If your home has many issues, fixing just a few of them may not help much. Buyers will still focus on the things that need to be repaired. They may not even notice or care that you put on a new roof if they still have to replace the siding, rewire the house, and install a new HVAC system.
Coming up with a large chunk of money to handle multiple repairs isn’t possible for many homeowners. If you haven’t made the repairs yet, there’s probably a reason.
Since you’re moving, you’ll have other expenses. You’ll have loan costs for your new home or deposit and first month’s rent on a rental unit. Hiring a mover adds to your costs.
Fitting home repairs into the budget isn’t an option for many sellers.
2. Sell Faster
Do you need out of your current home quickly? Maybe you’re in a difficult financial situation or you’re relocating to another city for work. Or maybe you’re just ready to be done with your old house now.
Repairs and renovations delay your home sale. If you’re hiring a pro to do the work, you’ll need time to research and choose a company. Once you choose a contractor, you may have to wait to get on the schedule.
The repairs themselves also take time. Some projects can be completed in a day or two, but more extensive updates take much longer. A complete kitchen renovation could take 6 to 12 weeks.
If you do the repairs yourself to save money, plan on extra time. A pro can do the work much faster. You’ll likely take a lot longer to do even basic repairs.
Skipping the repairs completely means you can sell your house immediately and move on quickly.
3. Eliminate Worries About ROI
Even if you have the money to complete the repairs, you may not get that money back when you sell. Doing a lot of pricey updates won’t likely increase your selling price enough to recoup those costs.
It’s often safer to sell your home as-is for a lower price. You don’t have to worry about your ROI and whether or not you’ll get your money back when you sell.
4. Avoid Uncovering More Problems
You’re likely aware of several problems with your home, but there could be a lot more issues lurking behind the walls. Once you start peeling off the layers and doing repairs, you may uncover some of those issues.
Say you decide to replace the siding. You may discover mold underneath the siding, which means you need to address that issue. That could lead to the discovery that the roof or gutters aren’t working properly, and you have drainage issues along the foundation.
Suddenly, the siding replacement you budgeted for becomes exponentially more expensive. By leaving your home the way it is, you don’t have to worry about finding any expensive surprises.
5. Skip Dealing With Contractors
When you hire someone to handle the repairs, it’s not a completely hands-off process. You still have to communicate with the contractors, let them into the house, supervise what they’re doing, and inspect their work.
If you do your research, you should be able to find a reputable contractor to do the work. But some companies are difficult to deal with or try to scam customers. If you choose the wrong contractor, you could end up in a lengthy battle to get things done correctly.
6. Reduce Stress
Managing repairs, even if a pro is doing the work, can be stressful. You’re coordinating your schedule to accommodate workers. You have to make sure they actually do the work correctly.
If you’re still living in the home, having repairs going on around you disrupts your daily routine. You might be left without a working kitchen for the renovation period, or you may be surrounded by dust constantly.
The selling process is much less stressful if you can sell your house the way it is instead of dealing with all the renovations.
7. Avoid Foreclosure
If you’re falling behind on your mortgage payments, you may need a quick escape. Selling your home the way it is can help you avoid foreclosure.
In that situation, you’re already financially strained. You likely don’t have the financial resources to do the repairs. If you’re considering a short sale, you won’t get the money back from the sale anyway.
Selling your home immediately without doing repairs may help you get out before you lose your home. That’s especially true if you sell to a cash buyer who purchases homes as-is.
8. Cut Down on Negotiations
If you sell your home as-is, you cut down on the need for negotiations. Buyers go into it knowing certain things are wrong or need to be fixed.
That’s especially true if you go with a cash buyer for your as-is property. They expect homes to have issues and often set out to purchase older homes that need repairs.
If you go with an iBuyer for your home, the selling process is much faster and easier without the usual haggling over the little details.
9. Focus More on the Move
Moves are stressful and time-consuming. If you’re trying to coordinate repairs while packing and making plans for the move, you may feel overwhelmed.
Having too much on your plate before you move can cause you to forget things. Your timeline may become too tight, and you may struggle to get everything done.
By selling without doing repairs, you can focus your attention on the move. That can the process go more smoothly.
10. Appeal to Buyers Who Want Fixer-Uppers
Not all buyers want a completely finished house. Some prefer the idea of a fixer-upper, so they can choose how they update it.
Investors and cash buyers like the idea of a fixer-upper for the investment potential. They can take the house off your hands, fix it up, and make a profit.
It may seem like you have to make the repairs to appeal to more buyers, but there are plenty of buyers who want old homes just like yours.
Selling an Old House
When selling an old house, you have lots of decisions to make, including whether or not to do the repairs. Skipping the repairs often lets you come out ahead financially, and it eliminates stress and lets you sell faster.
Are you ready to sell your old house as-is? Get multiple cash offers on your home from cash buyers now.
Founder/CEO of Exitnest, INC.