Recently, an older woman came to us looking for options. She was getting ready to sell her home here in Dallas. It wasn’t an easy decision, but rather a forced settlement because she would be moving into a nursing home.
This woman had been in love with her home: it is where she got to see her little girl in her wedding dress, had the notches of her children’s heights in the yellowed door frame, and had once been a clean, loving home.
She knew her house needed some updates (such as replacing cracked tiles) and she knew she needed to sell her home fast before she moved into the nursing home. As she moved boxes from against a wall, her eyes widened in horror. She gaped at a crack splintering up the wall that was bowing towards her. She called someone to look at it, and when she heard her stomach dropped: foundational problems.
Understanding the Types of Repairs
Major repairs are the last thing you want to hear about when you are finally ready to sell your home: even more so when you are constricted on time and need to sell your house fast! If you don’t have the money or time to invest in repairs, you may be better off selling your home to a company that will take it as-is.
Generally, the larger the impact the repair has to the home’s value, the more costly and labor intensive the repair will be. A great example is a cracked foundation. This problem affects the entire home and can cause major problems if not approached correctly. These types of repairs should always be handled by a trusted professional.
Typical repairs that could be considered ‘major repairs’:
- foundation repair
- roof repair or replacement
- HVAC repairs
- Electrical repairs
- plumbing issues/repairs
- swimming pool repairs
Not every repair that appears huge is. A common example is a water spot on the ceiling. You may have just had a leak in the past where you fixed the leak, but never fixed the ceiling. After ensuring there is no mold or further water damage, you can easily replace that section or paint over that area as a quick fix.
We recommend always hiring a professional to assess any damage or repairs needed in the home if you are unsure. Distinguishing between a cosmetic issue and a major repair could be the difference between thousands of dollars. And most cosmetic repairs can be handled by a contractor or on your own for a relatively low cost.
Typical cosmetic repairs that generally are easy repairs:
- drywall work
- cracked tiles
- outdated paint
- leaking faucets
- other normal “honey-do” type items
Your Options for Selling a House that Needs Repairs
Depending on the kind of repair needed there are options for those that need to do work on a home, especially in the context of selling the home. The route you should take depends on a few factors.
Cost of the Repair
Evaluate the cost of the repair. Sometimes, actually fixing the problem to sell will end up costing you more than you will receive out of the “increased value.” Consider how much more you can sell your home for if you perform the repair in relation to how much you will spend to get it accomplished.
You will also want to ask yourself: do you have the money available to make this repair? If this repair is way out of your budget, the interest on getting a loan for this repair may be enough to decide against it.
Length of Time to Complete the Repair
Painting a small bedroom could take a day or two of work. Repairing the foundation of your home or redoing your entire backyard’s plumbing could take months. When repairs take longer, you will be spending more money on the labor for the task and will need to wait to sell your home. As well, waiting months on a lengthy repair just may not be an option if you need to sell your house within the next two weeks.
Connections: Do You Have a List of Trusted Contractors
Although finding a contractor to fix the repair may be easy, finding one that you can trust is another story. If you have worked with contractors before and often, you’ll know who to avoid and who you can count on to get the job done right and quickly.
Having such a list becomes a factor when you are trying to sell a home that needs repairs because you don’t want to hire someone who will just put a Band-Aid on the problem—since this won’t help you sell your home. Home inspections will quickly reveal poor jobs done on problems that may not be apparent to you.
As well, bad contractors will purposely lengthen out the time a job takes if it means more money for them. If you are in a time crunch selling your home, you won’t have time for such shenanigans and may be left in the middle of an unfinished job come time to sell.
One huge advantage Simple House Solutions has when it comes to making repairs, is that we have a list of established, trustworthy contractors that work for us on a daily basis. We’ve developed connections and relationships through our renovation experience. When buying your home, we never have to try and buy for less to cover us in case of coming across a bad contractor.
When It’s Time to Sell Your Home As-is
So, where is the line of when to sell your home as-is instead of making the repairs? It is when the cost of the repairs and the time invested will not produce enough value when selling. That seems simple said, but may be much harder to evaluate.
At Simple House Solutions, we can help you evaluate your various options if you are selling a home that needs repairs in Dallas. Unlike many competitors, we value the person behind the home and believe they deserve to have options.
As for the older woman who had the foundational problems? She understood her home was not the same home structurally. She was able to see her options, and based on the repairs she needed she decided she was much better off selling it as-is than investing in the repairs herself. She knew that letting us work on it would give another family the opportunity to make it the perfect, safe home—just as it was for her family.
To see your options for selling your home, and if it would be better to sell your house that needs repairs ‘as-is,’ contact us today!