Is It Possible To Sell An Old House And Not Make Repairs?

Similar to outgrowing people in your life, it’s completely okay to outgrow the place where you used to live. On an average, Americans move from one residence to another by about 11.4 times during their lifetime. Whatever the reasons may be, ranging from personal relationships to financial difficulties, individuals that are expected to move should be more than prepared for this endeavor.

Moving is a piece of work. You’ll have to work on both your new and old residence, and ensure that the property buying and selling process is as smooth as possible. However, any homeowner would definitely prioritize their new residence first as they look forward to a new environment. What would happen to the old house?

There are a number of options in getting rid of your old home while getting a considerable amount in selling it. While it can be easy to find a homebuyer for a home in satisfactory condition, what would happen if your home is in need of repairs and renovations that you don’t plan to carry out any more? Would it be possible to sell an old house and not make repairs to it?

Selling Your Home Without Any Touch-Ups

Damages and clutter inside a home significantly decreases its market value. Therefore, it’s crucial for homeowners to have necessary fixes carried out first before listing the property on the market. It’ll be quite intimidating to offer your property to the real estate market without making any necessary repairs and upgrades to it.

Also, think about the selling price that you can put on the property. Since your home isn’t in its best condition, you’re expected to set the property at a much lower price than it would cost if there are home remodels.

Another situation that you might be encountering right now is that you’re in a hurry to sell your home, and you don’t have the luxury of time to have it repaired then posted in real estate listings which can take months before finding a homebuyer. It can also be because you don’t want to spend on these repairs and renovations for your old home as you’re already dealing with expenses on the new one.

Fortunately, there’s an answer to your problem. Instead of hiring a real estate agent and having your property posted in the market, you can opt for companies or investors that buy houses.

What Are Home Buying Companies?

Basically, home buying companies or investors are real estate organizations and individuals who purchase homes in its current conditions. Once you’re ready to move out of your home, you won’t need to perform any necessary repairs to your home as they’ll evaluate its selling price as-is, then pay you in cash.

During your first negotiation, they’ll usually ask a few yet comprehensive questions about your home’s condition, then they will assess and make a price estimate of your property. Then, they’ll give you some time to think about and accept their cash offer.

Once it’s settled, the homebuying company will arrange a home inspection for them to see the actual property conditions, as well as repairs that will affect the offer. As repairs are found on top of the other, they’ll continuously deduct this from the estimated value.

Advantages of Transacting With Home Buying Companies

Home buying companies and investors are primarily a reliable option for property owners who want a quick, hassle-free, and straightforward transaction. If you’re that type of homeowner, then homebuying companies are perfect for you. Aside from buying the property as-is, there are other advantages to transacting with homebuying companies that you’d imagine.

Since you’re directly negotiating with the homebuying company, you won’t need to hire a real estate agent that you’ll have to pay for commission. It’s a big advantage to maximize your property’s amount as everything is all yours, and you won’t need to pay someone else for their service. Additionally, they pay cash directly and avoid any inconvenient payment methods that you wouldn’t want to encounter while settling other things involving your moving.

Lastly, homebuying companies can take care of your foreclosure issues, if such exists. This is because some property sellers are forced to put up their home due to lack of funds to pay for the mortgage. If you fail to settle your payments, then it’ll be a bad impression on your record and credit score.

Takeaways

Home repairs and remodels alone while you’re still residing at your home are already costly and financially challenging, what more for required repairs while getting rid of your home? Being a wise homeowner, you’d rather spend money on your new home than the old one, so you’re thinking of selling the old house as it is. While there can be more returns to repairing damages in your home before selling them, it won’t work if you don’t have the effort, patience in waiting, and immediately wish to get rid of the property to move on with the new one.