Fix Up or Sell As Is? [Podcast Episode 14]
In this episode, I’m going to be talking about whether you should fix up a house or sell it as is.
So let’s get started.
When you sell a house, you have two options. You can either make improvements on it or simply sell the house without making repairs that are needed.And this is known as selling the house “as is.”
Fix Up
So when you make improvements, obviously you’re going to have to pay for those improvements. You’re going to have to put money in to fix things in a house which will make it look better and more attractive to the home buyer, which will then lead to a higher home price.
So in other words, you’re putting money into a home so that you will get more out of it. And as far as what you’re putting it into to make these repairs, you know, it could be floors that need repairing, or appliances, or walls, or roofing, anything really, you know, that could be in a declining or deteriorating state for the house.
Sell As Is
But not everyone wants to make those repairs. Some people just want to get out of their house because whether they’re financially strapped or it’s a house that they inherited, that holds no sentimental value for them. And they just want to get rid of it. And in that case, they sell it “as is.”
But really, it depends on your situation. Because if you have the time, why not make the repairs, you’re going to get more out of it. Also, if every other house in your neighborhood has new appliances: fixed walls, fixed roofs, whatever. Then obviously, you’re not going to be able to compete with those other houses on the market.
It Might Depend On Your Situation
So you might as well make those repairs, but if every other house in your neighborhood is being sold “as is,” then you really don’t have to make repairs because comparable to the market, your house really isn’t one that stands out, you know, it’s…it’s normal, you might say, to have a less than desirable house if you live in that sort of area.
However, even in that situation, I would say if you have the time, why not make the repairs, your house is going to stand out and will probably get sold a lot quicker than the other houses in the area. But if you’re financially strapped and, or you don’t have a connection to the home that you inherited and you just kind of want to get rid of it, then I would say, selling the house “as is” is a good, a good option.
And, it’s really just a case by case thing. Even if the other houses in the neighborhood have had repairs and say you’re financially strapped, I would say just sell the house as is because even though it’s not going to, to stand out and it’s not, you know, the market norm, so to speak, because financially, if you can’t hang onto it, then obviously just, just sell it “as-is” and move on.
Again, just very case by case basis. Just look at, A: if you have the finances to do it. B: if you have the time to do it and, C: if you have the desire to do it.
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