Have you ever sold a house? If so, you already know how difficult and time-consuming this process can be, even in ideal circumstances. But if you need to sell a home that needs repairs, you’re in for an even more challenging process. This is true whether your house needs minor repairs, major repairs, or cosmetic repairs.
The cost of home repairs can be a major obstacle if you want or need to sell your house quickly. The Tennessee real estate market is highly competitive, and selling a house in Memphis can be a lengthy process. This is one reason you might ask if an old house is hard to sell and can you sell a home that needs repairs.
If your house needs work and you want to sell it, you’ll have to make certain decisions. You can make the repairs before selling your house. Alternatively, you can try to sell the house as-is on the traditional market, taking a significant loss on your asking price.
Another alternative is selling your house to a cash buyer. Let’s learn how to sell a house that needs repairs, including the best way to sell a house that needs repairs.
Identify What Needs Repairs
Before you put your house on the market, hire a home inspector to determine the necessary repairs. This professional will go through your house with a fine-toothed comb to find all the problems that a potential buyer’s home inspector will eventually find.
When you know what needs repair in your property, you can be upfront about everything when putting your home on the market. If you decide to do repairs before you sell your home, you will be able to do so before you put it on the market.
While you may find repairs are necessary for any part of your home, there are certain places where problems are most likely. Bathrooms and the kitchen are among these. After all, these are the rooms that have the most that can go wrong in terms of mechanical systems, including both electrical and plumbing.
Some areas that tend to involve the need for major repair include your HVAC system, plumbing, drainage, and electrical wiring. Inadequate drainage and grading are additional areas that may need major repairs. Problems with your home’s foundation are yet other huge issues that you won’t be able to ignore.
If you don’t identify what needs repairs in your home, the home inspector your potential buyer hires will. Approximately one-quarter of home sales are canceled at the last minute because of the results of the home inspection report.
To figure out the repairs your home needs, you must understand the difference between minor and major repairs (including repairs that compromise the safety of your house).
There are also minor issues that can eventually cause major problems. An example of a safety hazard is faulty electrical writing. Other examples of major problems are related to the structure and foundation of the house.
Should You Make Major Repairs?
If you find your home needs major repairs, you’ve got a big decision to make. Should you make major repairs? If you sell your house the traditional way, you will have to take a loss on the asking price. You can make the major house repairs to avoid this, but you will lose all the money you pour into getting them done.
To figure out if making the repairs are worth your while, you should research and calculate how much they will cost. Then, determine how much money you could get for your house if they were done. Would you be able to make back the money you spent on the repairs?
Another option is taking a loss on your home price by selling it without doing the repairs. Don’t assume you’d be able to do this quickly. More and more prospective home buyers aren’t interested in fixer-uppers, even when there’s the chance of a significant discount.
Remember, potential homebuyers will hire home inspectors once they’ve made an offer and you’ve accepted it. If there are any problems in your home, the home inspector will inform the buyer. Once this happens, the buyer may change their offer to a lower number or ask that you do the repairs before the sale takes place.
Major repairs tend to be expensive. When was the last time your home’s roof was replaced? They usually only last about 30 years. Be ready to spend at least $8,000 if you need to replace your roof.
When you’re selling your house, you are required to tell potential buyers about all the existing problems with your house. If any costly repairs are needed, or there are safety issues, you’re unlikely to be able to sell your house as-is unless you make major reductions to your asking price.
Average Costs of House Repairs in Memphis
To figure out whether it’s worth your while to do repairs on the house you’re selling, find out the average cost of house repairs in Memphis. Find out the costs of any minor house repairs, major house repairs, and cosmetic repairs your property needs.
The cost of home repairs and renovation varies from place to place around the country. That is why national average numbers won’t give you an accurate enough estimate. When figuring out how much repairs or renovation will cost, you’ve got to consider local permits you might need (look into this in advance), the cost of materials, and hourly rates for local labor.
When it comes to Memphis and Shelby County as a whole, Manta.com’s stats show that the average cost of house remodeling ranged from $9,069 and $72,553 in 2021. Of course, where your costs fall will depend on what you have done.
Adding Lick of Paint Can Help
It’s true: adding a lick of paint can help a lot when selling your house. You should paint the inside of your house before selling it to a realtor. If you want to go the extra mile and step up your curb appeal, paint the outside of your house too.
It’s easier to sell your home if it’s freshly painted. Of course, there is a significant cost involved in this process. If you don’t want to pay professionals, you still have to buy the paint and put in the labor and time to get the job done.
Of course, painting your house is only a cosmetic change. It’ll certainly make your house more attractive, but it’s not going to change any underlying problems that a home inspector will find.
Document All Work Carried Out
If you decide to do repairs before selling your house, you need to document them. This includes both minor repairs and major repairs, but especially the major ones. Record all house repairs meticulously, documenting all work carried out. Keep receipts and records of the work done.
This is important, as you’re required to tell the person buying your home about existing problems. If you have fixed problems before selling, you must prove that.
Consider Selling As-Is to a Cash Home Buyer
Is it possible to avoid all this hassle and sell your home as-is for a fair price? Yes, it absolutely is. There’s no need for realtors and open houses. Just sell your home to a reputable cash buyer instead. It’s the easiest and fastest way of selling a house that needs repairs. Don’t feel like painting or even cleaning? No problem.
Sell a house that needs repairs in Memphis by contacting Fair Cash Deal for a fair cash offer. No need to wait for a fair cash offer on your house. Fair Cash Deal will buy your house in Tennessee. It’s the best way to sell a house that needs work.
Fair Cash Deal is a real estate investment company based in Tennessee. We buy houses in any condition and use a simple and easy 3-step process. If you need to sell your Tennessee home fast and without any hassles, Fair Cash Deal is right for you.
Fair Cash Deal offers fair prices to Tennessee homeowners wanting to sell their homes. Starting the process is easy. Just fill out and submit the form on Fair Cash Deal’s website or call them on the phone. Buying houses needing repairs as-is is Fair Cash Deal’s specialty.
Once you’ve contacted Fair Cash Deal, the company will contact you to arrange an appointment. A representative will come to your home to see your property. If you send pictures, Fair Cash Deal will make you an offer. You will get a fair cash offer within 24 hours. With Fair Cash Deal, you choose the closing date. In fact, you choose all the terms of your home sale.
Do you want to sell your house and it needs repairs? This is a challenge if you want to sell it the traditional way. You will either have to pay to do the repairs before you sell or take a loss on your selling price.
But there’s a way around this. Go with a reputable cash buyer. Fair Cash Deal will buy your Memphis home as-is, with no need for costly and time-consuming repairs. We provide a fair cash price and fast transaction, with a closing date that fits your schedule.