It doesn’t matter if it’s your first time or your fiftieth: selling a home can be difficult. There are so many factors that need to go right for a home sale to go smoothly and for everyone on either side to be happy.
As such, there’s a lot of decisions you need to make in preparing to sell a home. Choosing the right angle to present your home in is almost as important as the price you set. So should you consider selling your house as is, or should you fix it up?
It’s a tough choice that many homeowners feel anxious about deciding on. Read on, and we’ll walk you through which option might yield better results for your home.
What Does Selling ‘As Is’ Mean?
Owning a property like a home is a big responsibility. It’s easy to forget just how much there is to do around a home to keep it presentable and up-and-running. In some ways, it can feel like a full-time job in and of itself.
That’s why many homeowners consider selling their home ‘as is.’ This means exactly what the phrase seems to indicate: that a buyer would take the home exactly as it is in that moment, flaws and all.
This isn’t a loose term: legally, a buyer who purchases a home ‘as is’ is required to sign a contract stating that they agree to take possession of the home in its exact current condition. This being said, the seller must be able to convey to the buyer all potential problems with the home that need fixing.
These disclosures are a legal requirement and must be thorough. A buyer must be aware of everything that might be important in determining the current quality of the home.
The Benefits Of Selling Your Home ‘As Is’
As we mentioned, a lot of home sellers have to make the difficult decision between selling their home ‘as is’ or taking the time and money to fix it up themselves. Obviously, a home that has been repaired and fixed up will likely sell for a higher price. But there’s a huge deal of time, work, and money that goes into that process.
So in some ways, the decision between these two paths comes down to life preference. Do you have the time and money to spend on fixing up a property? If you’ve inherited a home or found yourself with property your hands unexpectedly, the answer is probably no.
Selling a home ‘as is’ allows an individual to get a house on the market much quicker. A sale on the home can come fast as the result of a lower selling price, and the whole thing can get wrapped up much quicker.
Any individual looking to sell their house fast should really consider selling a home ‘as is.’
Even if speed isn’t a huge concern, one has to consider the resources they have at their disposal when making this decision. Often, many homeowners don’t have the funds needed to repair and fix up a home on their own.
It’s hard to predict the future and these repairs can quickly become a money hole one is uncertain they’ll be able to get out of.
The Benefits Of Fixing Up Your Home
If you can afford the time and effort required to fix up a home on your own, there are some obvious benefits. With repairs out of the way, you can sell a home at the proper market value with no strings attached.
You will likely be able to attract more interest from the general marketplace with a home that has been repaired. There are many fix-upper buyers out there, but there are even more buyers who’d rather skip that part of the process.
At the end of the day, the decision will really depend on how much time, effort, and money you want to put into the home before selling it.
How ‘As Is’ Disclosures Work
If you’re thinking about selling your home as is, there are a few steps you can take to better position yourself for success. One thing you definitely will need to know is the legal requirements for disclosing the current condition of the home.
As a seller, you need to disclose any and all problems with a property that could potentially discourage a buyer from going through with a purchase. A buyer is allowed to pull out of a sale if undisclosed issues are revealed during an inspection.
Presence of mold, structural issues, leaks, or pest problems all are common issues that would need to be disclosed to a potential buyer. Any major electrical or plumbing issues with the house would also need to be discussed, as well as any legal conflicts over the title of the home that may still be in the air.
Failure to disclose these kinds of issues could result in the cancellation of a sale, or worse, a serious lawsuit. It’s best to avoid this potential risk and disclose all possible issues upfront when selling your home in this fashion.
Selling Your House As Is vs. Fixing It Up
Is selling your house as is better than taking the time to fix it up? The answer will really depend on the particulars of your own situation. If you don’t want to sink all the time and money into a home, selling ‘as is‘ can be a great solution for you.
Need help getting your home sold fast? Reach out to me anytime for assistance.