If you’re looking to sell your house in Dallas-Fort Worth, it can be a good idea to make small repairs before listing it, but that isn’t always the case. Sometimes those repairs can get costly, or take time that you just don’t have. It can be helpful to know when repairs are appropriate, and when you’re better off selling a house as-is.
Money Talks
Before deciding to make repairs on your home, you may want to consider the cost. Often, major repairs can cost thousands or tens of thousands of dollars – money some homeowners don’t have. These costs would need to be covered up front, and homeowners will have to pay out-of-pocket for all of these repairs.
The other option is to reduce the price of the home, but this has its own problems. Many buyers don’t want to move into a house that is in need of major repairs, especially in a buyer’s market.
Lenders may not want to approve a loan for a home in need of major repairs, either. There can be too much risk of devaluation if the problem gets worse.
Insurance companies won’t cover a home in need of certain repairs. If the roof needs to be completely replaced, insurers may feel the risk of damage before the repairs are complete is too high.
Sometimes the best option is to sell the home as-is.
Cost vs. Added Value
There are times when the cost of a repair may exceed the value the repairs add. Foundation and roof repairs are particularly expensive, and don’t add value to the home (the price won’t need to be reduced if the repairs are made, but making them won’t increase the price).
If the foundation repair requires removing any existing patios, decks, or any other sort of feature, those features will need to be replaced. That can significantly add to the cost of the repair without adding any value.
Your house will need to be inspected as well, and local laws might require your home to have serious repairs before it can be sold. Electrical work can be costly, as can making your home energy efficient (something that may be required under law).
$20,000 in repairs before you can even sell your house (which can be an expensive proposition in itself) might evaporate any profits from the sale. Do the math – if the repairs cost more than the value they would add to your home’s price, the repairs may not be worth doing.
Sell Your Home to Us
If the repairs your home requires are too costly, wouldn’t add enough to the value, or would erase any profits from the sale, then selling your home in as-is condition may be the best option for you.
We can help you make the right decision. Contact us or call us and we’ll make you a free, no obligation cash offer within 24 hours.