4 Reasons Why You Should Sell Your House As-Is For Cash
Time to get on the go. Maybe your house has become too much work or you’ve simply outgrown it. Maybe you’ve got a job offer in a different city and want to sell house as-is for cash to begin a new chapter with a new mortgage in a different place. You’ve seen too much HGTV to not think that your home needs to be “exactly so” before you put it on the market. Do they have a point? Do you want to rent furniture fit for a model house or do you need to restore hardwood floors, put in new flooring, repaint every room, and more? To put it briefly, the answer is “no” — at least not usually.
Inherited Property
Let’s assume you’re the lucky recipient of an inheritance. If you do not have the time, effort, or funds to go into improving the property, selling it “as is” is the best course of action. Even if you sell the house for less than you could have gotten if you had updated it, the time savings may make up for the difference. Also, if the inheritance was shared, you won’t have to divide up the maintenance responsibilities.
When You’d Rather Be Somewhere Else
Assume you have a successful business and a steady hourly wage of $75. To get your home ready for sale, you’ll need to do some work like painting a few rooms, power washing the outside, and repairing the bathroom cabinets. You’re going to have to do it yourself because you don’t have the money to hire someone else to. You estimate a total cost of $350 for materials. However, you should plan on spending between 15 and 20 hours on the project. That’s another $1,125–$1,500 in lost productivity on top of the initial $350 outlay for materials. You should sell the house “as is” if the anticipated return on investment for the proposed cosmetic upgrades is less than the estimated cost of the upgrades. It is especially true in areas with a shortage of available homes and above-average costs.
When The House May Be Demolished
There are certain homes whose lots are worth more than the house itself. If your real estate agent has any reason to believe that the next owner would demolish the house in order to construct something new, then there is no use in investing in renovations.
Attracting Cash Buyers
There are certain regions that attract cash purchasers like magnets. You might expect a small group of all-cash purchasers to be on the lookout for anything fresh on the market if, for instance, the homes in your area are ideal as flips or rental properties. An all-cash buyer may be motivated to acquire your property by its “as is” condition, in which case you can expect a lower sales price. On the plus side, closing times on all-cash home purchases are typically shorter. You won’t wow buyers with a home that has missing cabinets, stained carpet, and burned-out bulbs. If you’ve come to the conclusion that the best course of action is to sell your home as-is, taking care of the minor details will still help it stand out in the eyes of potential buyers.