Is Selling Your Home "As-Is" The Right Decision For Your Unique Situation?
If you need to move as soon as possible and don't have the money in your household budget to do many repairs, then you may be tempted to list your home "as-is" or as a "fixer-upper." Although you may be tempted to call up a local realtor and say, "Sell my home as-is so I can get out of this money pit," you need to think through the process before you choose this option.
Since every home sale is a different transaction with its own set of unique circumstances, it's impossible for anyone to give you the recommendation to sell as-is without first looking at your house and evaluating the local market. For this, you will need the assistance of a local real estate agent.
However, there are some upsides and downsides of this type of sale, and it's important you are knowledgeable about each of them before making your final decision. To this end, here is some information about each:
The Upside of Selling Real Estate As-Is
There are many advantages to selling a property as-is. It allows you to preserve your available savings for other things like the down payment on your next home.
If you take the time to fix up your home and then it sells for a low price, you may not make back enough of the money you spent. When you sell as-is, you avoid this potential pitfall.
By far, one of the biggest upsides to selling this way is that you don't have to renegotiate the sales price if your buyer's inspector comes back with a bunch of things that need to be repaired.
The Downside of Selling Real Estate As-Is
As you might imagine, when you list your home as-is, then buyers will assume it needs a lot of expensive repairs. Since the buyer will be responsible for fixing anything that's wrong, they will inspect the house with a fine-toothed comb and will likely make you a low-ball offer.
Getting a Higher Price When Selling As-Is
If you do decide to sell as-is, it's important you don't neglect simple things that can help the curb appeal and make buyers like the property better. For example, you should clean the yard and trim back overgrown vegetation, scrub clean the entire inside of the house, and clean all of the windows.
Finally, if you can afford it and have a bit of time before you need to list, then put up a coat of paint on any walls that are dirty or haven't been painted in the last few years.