Think Twice Before Selling Your Old House As-Is

Some things improve with age — unfortunately, houses aren’t one of them. Despite their charm and character, buyers worry that an old house will be more trouble than it’s worth in maintenance and repairs.

It’s true that older properties are harder to sell, but below-market offers from home flippers aren’t your only option. These quick tips from KWG Real Estate will explain how you can get the highest price for your older home.

Should you sell your house as-is?

An “as-is” sale is a quick way to offload a house that needs work, but is it a smart move for your pocketbook?

• Most as-is purchases are investors buying in cash. On average, cash offers come in 12% lower than financed offers. This could be even less on a property that needs work.
• As-is sales may be the only option for distressed properties. Without renovations, homes with major defects like structural problems or a bad roof are difficult to mortgage.
• For property without major defects, listing only certain components “as-is” could increase the appeal to non-investors. However, it’s important to clarify exactly what “as-is” means in the property listing.

How to renovate an old house for maximum profit

If you decide to renovate an old house to sell, where should you start?

• Repairs that affect financing are the top priority. That includes foundation problems, roof issues, faulty wiring, and water damage.
• Next, turn to improvements that create a positive first impression. Painting, landscaping, and flooring repairs are high-ROI projects with a big impact on a home’s appeal.
• Major kitchen and bathroom overhauls are expensive, but sellers can modernize outdated spaces with small touches like new hardware and fixtures, refinished cabinets, and updated trim and baseboards.
• Many of these projects are DIY-friendly for the budget-conscious seller, but keep in mind there are some home repairs you should never do yourself.

Tips for listing an older home

Your old house is all spruced up and ready to list. What now?

• Start by completing the home value report at KWG Real Estate. A comparative market analysis estimates your home’s market value based on similar properties.
• A good listing agent is a must when selling a home with flaws. Interview real estate agents to understand their experience marketing older homes in the local area.
• Consider a pre-listing home inspection. Pre-inspections ease buyers’ worries about hidden problems and avoid unwelcome surprises during negotiations.
• Before your house hits the market, stage it to sell. Staging showcases your home’s unique character and makes older spaces feel more modern.

For some homeowners, selling an old house as-is is the right move. However, don’t sell yourself short just because your property needs work. With targeted repairs and an experienced agent, it’s possible to get top dollar for your older home.

This post courtesy of 

Ray Flynn | DiyGuys.net

ray.flynn@diyguys.net