Even if you have the money to repair your home… is it truly worth the time and effort to go through with it? Only if you plan on keeping the home for a while. Otherwise, it is almost always better to just discount the sale and let the new buyer spend the money on fixing it over time.
A new buyer will, presumably, stay for a while, whereas you are just trying to sell your home. Instead of spending huge amounts of money on your outdated kitchen, just discount the price and let the new owner take care of it. You’ll make more money on the sale overall.
The exception to this rule… is when you have to make repairs in order for the new buyer to pass inspections set down by his/her mortgage lender (i.e. if they are getting an FHA loan). It depends on the state of your home, but occasionally, the buyer may not be able to secure a mortgage until repair work has been performed.
If your house needs extensive repairs, yet you cannot afford them, you may be stuck looking for a cash buyer – someone who has the available capital to buy your home without securing a mortgage. If this is the case, look around to your community. Do you know anyone who loves a fixer-upper? Do you know anyone who may have relatives in desperate need of a home?
Some repair costs can spiral out of control… such as foundations or a new roof. Foundations can cost up to $30,000 just to repair. While there are many methods for fixing foundations, there is almost no way that you will be able to do it yourself. Roofs are also extremely pricey to repair, yet they are absolutely necessary to fix. Ignoring roof repairs can lead to extensive water damage inside a house, which in itself can drive up the cost of repairs.
So, what if you don’t have the money? That’s what we are here for! If your home needs extensive repairs, yet you are trying to sell, give us a call to see how we can help. We buy houses “as is” – any condition, any neighborhood. Call us for an offer within 24 hours!
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