Can I Sell My Damaged House As-Is Or Should I Make Repairs?
If you live in a house that buyers would consider a fixer-upper, you may have difficulty selling it in today’s competitive real estate market. Today’s buyers who often claim they want a fixer-upper often refer to a house with light cosmetic problems, not substantial structural problems or expensive renovations.
So, the question is, how do you sell a damaged, vacant, or outdated house that nobody seems to want. The answer is to pull it off the market and sell your house as-is directly to a company that buys houses. That’s right. You can get cash for your house as-is instead of spending thousands of dollars to repair your property and attempt a traditional sale.
How Much Will It Cost to Repair My House?
How much you will spend on your house to get it ready for a sale depends on many factors. But the main issue is addressing what is currently wrong with your house. Is it heavily damaged? Is it outdated? Or, do you need to go the extra mile to overcome another issue like location or a legal issue?
COVID-19, the economy, and the unstable real estate market have caused massive fluctuations in home materials and supplies costs. However, here are some home improvement averages.
| Home Improvement Project | National Average Cost |
| Full Interior Paint Job | $2,200 |
| Flooring | $4,500 |
| Full Fixture Replacements | $1,200 |
| New Appliances | $1,300 |
| Kitchen Remodel | $5,000 |
| Bathroom Remodel | $3,000 |
| Roof Replacement | $9,000 |
| Rewiring | $5,000 |
| Replumbing | $,5000 |
| Foundation Repair/Replacement | $10,000 |
| Siding Replacement | $8,500 |
| HVAC Replacement | $6,000 |
Additional Home Selling Costs
You may be thinking that once you get over the hurdle of repairing your house that you can now look at making a profit on the sale. However, repairs and upgrades are just the beginning. There are several other costs you need to consider in addition to repairs. For instance:
Realtor Commissions
How does a real estate agent make money on a home sale? They take their cut of your profits off the top. On average, realtors take about six percent out of your profits. That may not seem like much until you do the math. For instance, if you sell your house for $200,000, you can expect the realtor to make roughly $12,000 in commissions.
Closing Costs
It seems like each passing year, various agencies just keep piling on more closing costs - some of which are quite pricey. All of them add up. You may pay more than your fair share of closing costs if the buyer uses them as leverage against you to close the sale. Common closing costs include title fees, title insurance, transfer tax, recording fees, property taxes, HOA fees, attorney fees, early mortgage payoff penalty.
Inspection and Appraisal Fees
Chances are, if you have an outdated or damaged property, you will need to schedule an inspection to make sure your house meets current building codes. You may also need to schedule an appraisal to give you some idea of how much to price your home. An inspection can run $500. An appraisal can run about $400.
Now that you look at all the costs of selling your house, you need to ask yourself if selling your house on the market is worth it. Is there a better option out there?
You Can Sell Your House As-Is for Cash Instead
If you can’t find a buyer for your house or you don’t want to make home repairs, there is a smarter alternative to a traditional home sale. You can sell your house as-is for cash. In a cash sale, you work directly with a company that buys houses in your area. There are several benefits of selling your house as-is.
- Sell when you want - close in seven to 21 days.
- Make no repairs or upgrades to the property.
- Sell your house regardless of its conditions.
- Work with a single pre-qualified professional buyer.
- Bypass the market altogether - skip the realtor.
- Walk away with no strings attached.
Selling your house as-is for cash can be especially beneficial if you are going through a difficult situation like bankruptcy, foreclosure, new job, relocation, probate, downsizing, or other issues.
Sell Your House As-Is to Local Guy Buys Houses
If you are ready to sell your house right now, then contact Local Guy Buys Houses. We buy house as-is in your area. No repairs or upgrades are necessary. Call 866-934-3969 today to get a fast cash offer. Sell your house fast with Local Guy Buys Houses.