Selling to a Cash Buyer vs. Renovation
In a perfect world, your house would be in perfect conditions when you decided to sell. Real life isn’t always so convenient. Making minor investments in order to improve basic cosmetic features of a home is often a no-brainer; fixing up larger issues, on the other hands, presents a dilemma. Repairing and/or remodeling signification portions of your home can be enormously time consuming and discouragingly expensive. For sellers who are facing financial difficulties, the costs of repairs can even be completely prohibitive: there isn’t much sense in investing money you don’t have into renovations that you won’t be around to enjoy!
What are the alternatives to renovation?
Many sellers, therefore, end up wondering if there is any way to sell their homes without making expensive repairs. The short answer to this complicated question: yes, you can sell your home without renovating!
As you probably already know, sellers are obligated to make a real estate disclosure informing would-be buyers of any potential problems with the home—ranging from plumbing problems to infrastructure issues to loud neighbors. Under normal sale procedures, you may be obligated to make certain repairs if you wish to sell your home at market price.
However, there is an alternative to this—selling your home “as-is.” Selling as is does not relieve sellers of the obligation to make a disclosure—you are still legally obligated to reveal any potential issues with your home, and failure to do so can result in serious financial repercussions down the road. The benefit that selling as-is does offer, however, is the ability to leave such repairs and renovations to the buyer.
Why choose a cash buyer?
One of the best ways to sell a home with serious issues “as-is” is by finding a cash buyer. Cash buyers generally invest in financially and/or physically distressed homes, and are therefore far less likely to be dissuaded by the need for renovations. Here at Blue Marble Properties, for example, we purchase houses regardless of their conditions. Cash payments are also extremely beneficial to financially distressed homeowners, as they allow for debts to be paid in a timely (read: interest-reducing) manner. Selling to a cash buyer can also be an effective form of avoiding foreclosure, should a homeowner find him/herself in such a situation.
Here is a quick rundown of the pros and cons of renovating your house vs. selling to a cash buyer.
Reasons to Renovate before selling:
- Renovating allows you to ask for a higher sales price
- Renovating may help you sell your home quicker (if you choose to sell on the traditional market.)
Reasons to Sell to a cash buyer
- Renovations themselves can be expensive, and you are not guaranteed a return on the money (not to mention the time) that you invest in renovations.
- Selling to a cash buyer is the fastest way to sell your home.
- Selling to a cash buyer offers more flexibility for homeowners who are in financial trouble.
Learn more…
Contact Blue Marble Properties today for a free consultation regarding cash-only home sales!