Jump To Top

Main Street Mason City

The Convenience of Not Having to Fix Your Home Before Selling

man placing for sale sign in front of houseMost homeowners who decide to sell their homes often dread the repairs and upgrades needed to make the house more attractive to the market. A lot of them argue that they neither had the time nor the money to fix the house while they were living there, so why start now?

A website that helps home buyers, homesteadroad.com, suggests selling the house on an “as is” basis. This move saves the seller time, money, and energy because the buyer will take care of repair costs after the property has been bought.

Flipping Houses

In the real estate industry, it’s common to buy pieces of property, fix them up or redecorate, and quickly sell them to another buyer. The process is called “flipping” and is considered a lucrative enterprise. The agent or company buys a house that needs repair or renovation, funds it, and when the work is done — sells the house at a higher value. Industry rates say the profit is more or less 10% of what the property is worth, but that could change depending on prevailing market rates and the location of the property.

Selling As Is

Selling your property as in, on the other hand, is good for homeowners who want to sell immediately. This could be because they’ve already bought a new home to live in, are relocating to another city or state, or they bought the property earlier as an investment and didn’t live there at all. The downside, of course, is that you can’t command a very high asking price for the house since repairs and renovations will have to be factored in.

READ  Refinancing Your Home Mortgage: What's In It For You

The buyers also inspect the house to assess the extent of the repairs and renovations needed to make the house easier and more attractive to sell. The advantage for the seller is that they don’t need to wait for the house to be sold before they get their money; that responsibility now falls on the buyer.

For people who want to sell their homes fast, selling on an “as is” basis manages expectations and allows the buyer to fix the house and renovate as they see fit. They can make as little or as much change to the property as they like.

  • Posted on August 29, 2018