Even when we try our best to plan for everything, life sometimes throws us a curveball. Maybe you need to change locations for a career opportunity or to accommodate a growing family. Or perhaps your most recent fix and flip was a bit more than you bargained for. Regardless of whether it’s a primary residence or an investment property, it’s useful to know when and how to sell a house that needs repairs.
Depending on your current local real estate market, it may make more financial sense to sell a house that needs repairs rather than wait to put it up for sale. If it’s a hot market, buyers will be more likely to overlook minor issues. Conversely, if it’s a buyer’s market, you may want to take care of a few of the more glaring problems before listing.
Working with a realtor to sell a house that needs repairs is a smart way to tap into their network of house flippers and real estate investors. Priced correctly, your home may even end up in a bidding war. While investors will be able to look past many needed repairs, The Balance outlines a great list of fixes you should consider making if you have the time and money.
- Patch holes and cracks in walls and ceilings
- Fix all broken appliances and HVAC systems
- Repair leaky faucets
- Replace worn or stained carpeting
- Repaint dark or marred walls with neutral paint (not white)
- Replace broken window glass
- Repair the roof
- Change out any dated light fixtures/ceiling fans
- Replace old drapes and window coverings
- Fix code violations
If you want to make a few minor fixes and don’t have the cash for it, consider filling out our pre-approval form to learn about what kinds of financing Brass Financial Group can provide.
If you don’t want to make any repairs and just want to get the house on the market, your best strategy is to be upfront. Consider getting a pre-listing inspection completed. Once you have a comprehensive list of the necessary repairs, get estimates so you can price accordingly. Being proactive will get your property sold more quickly.
Brass Financial Group
If you have questions, contact us or give us a call at 609-800-FUND and one of our loan officers can help.