Fix or Sell: Should I Fix Up My Home or Sell It As-Is?
What does selling “as-is” mean?
When a home is sold “as-is,” it means that the seller will not be making any changes or repairs to the home. Even if the home inspection comes back showing a crumbling foundation and leaky roof, a homeowner that is selling a home “as-is” is under no obligation to fix these things before the sale is finalized. This non-negotiable stance also means that the home is probably priced lower than other homes in the same neighborhood to balance the repairs that are needed.
Your home doesn’t have to require significant repairs to be sold as-is, however. You may know that some of your neighbors have invested in kitchen remodels before selling and your kitchen looks comparatively outdated as a result. You may have the only house on the block without a finished basement. Your HVAC could be working, but you know it’s nearing the end of its service life. Selling as-is means that your potential buyers cannot use these as negotiation tools.
What to consider when considering “as-is.”
If you’re leaning towards listing your home “as-is,” there are still a few things to consider so you get the maximum selling price you can for your home.
State of your local real estate market.
If you’re living in a hot real estate market, or one where there are more buyers than sellers, you will be able to get away with a higher price for fewer repairs. That is, there will be a lot more buyers willing to buy your home “as-is” for a higher price. If you are living in a cooler real estate market, one where there are more sellers than buyers, you will likely either have to compromise and make a few repairs to get the price you want or live with a lower final selling price. The real estate experts at Vicinage Real Estate Group can give you all the details you need on your Seattle neighborhood so you are fully prepared to sell your home in the current market.
The state of other homes for sale nearby.
While everyone else on your street may have recently renovated their kitchens, you don’t necessarily have to as long as you are prepared for how this will impact your expected price. To get an idea of how your home’s interior measures up, it’s a good idea to go on an open house tour of local homes for sale with your realtor.
The ROI on the repairs/refreshes that your home needs.
Not all repairs and refreshers to your home have to be as big as replacing an HVAC system or redoing your kitchen. There are some refreshers to your home that are a no-brainer. A quick coat of paint or changing outdated hardware can give your home a needed facelift that will help move your home toward your desired asking price.
What to do if you’ve decided to fix up your home.
If you’re leaning towards fixing up your home, there are definitely some things to think about when deciding what to fix up and what to leave as-is.
Remember: clean is better than new.
Buyers don’t want to be reminded that someone lives in the home they’re trying to picture themselves in. Rather than replacing all of the sinks, appliances, and mirrors in your home and investing in paint from top to bottom, consider giving everything a deep clean. Your home will take on a new appearance to you, and make a great impression on potential buyers once it’s been deep cleaned.
Your taste is not everyone else’s taste.
If you’re looking at repainting or redoing a kitchen or bath to get your home ready to sell, remember that you are doing this for a potential buyer and not for yourself. So while you may love hot pink and lime green, it’s not the best idea to redo your bathroom in those colors. You want to create a space that others can see themselves living in so, as much as you may hate neutral colors, it may mean a higher selling price at the end of the day.
Don’t price yourself out of the market.
You may love the idea of a home theatre or inground pool, but most buyers don’t want or need those amenities in a home. Those are not the kinds of renovations you should be spending your time or money on when getting your home ready to sell, especially if your home would be the only one with them in the neighborhood. Bringing your home up to the standard of your neighborhood is one thing, making it more extravagant or higher value than your neighbors is the opposite of your goal.
Curb appeal is more important than the inside.
If you only have enough money to invest in one thing, consider investing in refreshing your landscape. The outside of your home is the first thing potential buyers will see in real life when touring your home. It’s important that it makes a good impression and landscaping is a fantastic way to boost your curb appeal and draw in interested buyers.
If you’re wondering what your home is worth as-is or what refreshes could be worth the price and effort, give the experts at Vicinage Real Estate Group a call. We can help you determine the best strategy to get the highest price for your home, no matter what state it’s in. Contact us today and let’s talk about getting your house sold.
Written by Laura Highsmith
I can't think of anything more satisfying than helping others find the home that speaks to them. We are all unique individuals with our own personal tastes, whether selling or buying it's my goal to help guide you through the process to a successful close. Let's talk!