The choice to sell your house as it is or invest in repairs is a critical decision you could ever make. If you make your decision without consulting the market state, then you are committing economic suicide. Therefore, it would be appropriate if you consider many factors to come up with a firm decision whether to sell as it is or whether to do repairs. Let us briefly explore this factor.
Factors to consider before making your decision
- Condition of competing homes for sale.
- State of the real estate market.
- The return on investment
Condition of competing homes for sale
Competitive market analysis (CMA) is an innovative, informative tool that you need to check before listing your house for sale. You can request your agent to provide you with the CMA to know the minimum updates you need to make. For instance, make sure the condition of the home meets the minimum requirement of the market needs.
State of your house in the real estate market
There are always two dominant phases in a real estate market. This is the seller’s phase and the buyer’s phase. Examining the need to know which phase the real estate market is in is part of your profit success. In the sellers’ market phase, homeowners usually do a few repairs, and the property is ready for listing in the real estate market. There are fewer bidding wars in the buyer’s phase, and you will be required to make sound upgrades to prioritize the markets.
The return on investment (ROI)
Some repairs are likely to reap you big while others go unnoticed by home buyers. Some distinguished upgrades that will likely increase your pay include:
- Kitchen remodel.
- Replacing garage door.
- Changing windows.
- Updating room lighting
Always talk to industry experts or your agent to inform you of the trending updates to make your home sell faster and higher.
When should you never make a single upgrade or rather sell your house “as is”?
When your house standards fall below a particular condition, it is a wise decision to sell it as is. However, this is when the property needs much attention, making it not financially feasible. An example of this is when:
- The electrical system does not work
- Plumbing system is fully damaged
- Wood floors are urine-soaked
A home like this cannot be economically fixed. So, the only way to get a breakthrough is to list it and accept the fair bid price.
The bottom line
Before deciding whether to sell your house or upgrade the seller’s market, it is good to learn about the market dynamics to realize the best value. At least it would be best if you fixed some glaring faults, then watch out for what is needed in the market.
Ready to get started? Have no idea where to start? Give me a call. Whether you are planning on selling your Tri-Valley home this next year or preparing it for rent, I have some great options and referrals to get you started.