Selling a house is complicated but selling a house that needs repairs is a different challenge. Unless the buyer is specifically looking for a property to renovate, homes in need of repairs don’t sell quickly. There are several challenges when selling a house that needs repairs. Let’s look at two of them in-depth
Does the Property Need Minor Repairs or a Major Overhaul?
The shape the property is in determines how the sale will go and is the first piece to consider. Selling any house involves routine repairs and cosmetic changes, including home staging to increase its price and improve the chances of a sale. You will also have to hire a home inspector to check for issues with the foundation, roof, electrical wiring, and more. An inspection also prepares you for possible points that the buyer is likely to bring to the negotiation table.
Some of the common repairs undertaken in homes include patching cracks in the walls, applying fresh coats of paint, and replacing pipes and fixtures like bathtubs, toilets, and sinks. You may also have to replace carpets, overhaul electrical appliances, and improve the landscape. While these individual expenses may seem small, the costs can quickly add up.
Some major repairs include replacing roofing, rewiring, replacing plumbing, and repairing fire- or smoke-damaged areas. These repairs can be expensive and quickly eat into the profit. It is critical to evaluate how much work the home needs before deciding the best way to sell it.
Who Buys Homes That Need Repairs?
The next challenge is finding a buyer. Generally, people look for fixer-uppers because they have a limited budget. These buyers try their best to bring down the asking price and can’t help with closing formalities or other procedures.
Rather than selling your house to these types of buyers, it makes sense to sell your house to us. As local cash home buyers in Norfolk, we buy homes irrespective of their location and condition. We can buy your house in less than a week and arrange the entire sale, including paying for the closing.
Besides, many repairs require special certifications, approvals from the local council and homeowner’s association, and other hassles. When buying inherited or probate homes, you’ll also need legal counsel. Private buyers do not always have the means to undertake these repairs and aren’t backed by a legal team for help.
As professional real estate investors, we have the finances to carry out extensive repairs. We also have a legal team to help with closing and manage other complications.