Most buyers in the real estate market look for houses that need minimal renovations before moving in. These are the young couples, growing families, empty-nesters, and more looking for a home to call their own. So, if you’ve got a house that you want to sell, you may be worried considering the state of your home and the expensive repairs needed to make it livable.
It can be a difficult sell on the market, especially when there are other homes that are require little to no renovations and repairs. But if you play your cards right, think strategically, and consider all your options, selling your Michigan home in need of expensive repairs is possible. Here are a few ways to do it.
DIY The Repairs And Renovations
If you have the skills and the expertise to do the repairs yourself, you can skip hiring a contractor and fix your home yourself before putting it on the market. While some of the repairs may still have significant costs, you only have to pay for things like the tools, equipment, and supplies to improve the quality of your home. And think of it this way: by fixing your property, you can increase your home’s value and fetch a price that offsets the costs of your repairs.
The only downside to this is the time and effort spent. Depending on the severity of the repairs needed, one weekend may not be enough time to get your property into good shape. And if you have little experience in handling complex repairs, it may not be up to code when a professional inspector and appraiser takes a look at the property.
Sell As-Is and Lower Your Price
If your funds are limited and you don’t want to take out a loan for repairs, it is possible to put your property on the market without doing any repairs. However, you’ll want to lower your expectations and sell your property for less than its market value if you want to attract potential buyers. Buyers who purchase your property will shoulder the cost of repairs, so they’re less likely to want to buy your home for the price of a property that’s ready to move in.
Expect that not all buyers may be interested in buying a fixer-upper home. Many lenders do not give mortgages for homes in need of major and expensive repairs. And many buyers want a home they can move into, so expect your market to be limited to investors looking to flip houses or buyers interested in a fixer-upper to renovate it to meet their needs.
Limit Which Places To Repair And Renovate
If you don’t have the funds to repair and renovate the entire home, consider limiting which areas you’re going to address. For instance, you can address the repairs that can make your home safe to live in (such as electrical work, plumbing, foundation, and mold control), but you can skip out on renovations that are solely for aesthetic appeal. Or, if you notice that other listings in your area have upgraded kitchens, consider upgrading your kitchen only.
If there are lots of areas for improvement, you have to make a judgement call on which parts you want to handle with your limited budget. The parts you do miss may be a dealbreaker for some buyers, but at least you don’t have to lower your price as much as you would have making no renovations or repairs at all.
Sell To A Professional Home Buyer
Instead of listing your property on the real estate market, contact a professional home buyer for an offer on your property. Instead of helping you find a buyer, professional home buyers purchase your property for a fair price, reducing the additional costs of selling a home. This includes the cost of renovating and repairing a home, since professional home buyers buy homes as-is.
Aside from avoiding the costs of renovation and repairs, you also reduce additional costs like real estate agent commissions and closing fees. You do not have to pay any commission fees and closing costs, which can prevent these costs from eating up the proceeds you get from selling your home.
You still have several options for selling a home in Michigan with expensive repairs. If you want to avoid the costs of repairs and renovations while also avoiding the costs that come with listing your home on the real estate market, your best option is to seek a cash home buyer in Warren, MI to provide a fair cash offer. On top of skipping repair costs, you can also avoid additional costs like commissions and closing fees.
At Select Home Solution, we buy houses on your terms. We have experience buying properties from people for a number of reasons, and we can do it fast and with minimal cost and effort at your end. Contact us today to schedule a property viewing to get a fair cash offer.