If your house is next in line to make its debut on the market and you are unsure whether to update and remodel your home, or not, you may find your answer in this article.
Some people say that you shouldn’t waste precious time and cut your losses by selling your home as-is, and others are very adamant that a little bit of investment goes a long way. Which option is right for you? Let us have a look at the pros and cons of both sides of the argument.
The Pros of Selling As-Is
If you are cash-strapped and need to sell your home urgently, whatever the reason may be, this option is for you. It will be less hassle and stress and you will not buckle under the financial pressure of contractors and building materials. Should a person or company that flip houses be interested, then your house may even be sold before the ink on your realtor’s listing has dried.
A specific buyer would want to put their own stamp on your home and would prefer to purchase as-is, so that they may remodel it to their taste and specifications. But beware – these buyers are usually bargain hunters with big aspirations.
The Cons of Selling As-Is
On the flip side of the coin: even if your price is right, thinking that it will automatically lead to a quick and easy sale, may turn out to not be the case at all. Not updating your home may mean that fewer buyers would be interested and the price they offer you may be far below your asking point. First impressions last and not all buyers have the capacity to visualize what a home could look like before renovations are done, or they simply won’t want to go through the hassle and challenges that remodeling may pose.
Selling as-is also doesn’t mean that you can just sell your home without disclosing problems such as mold, cracks in the foundation, roof leaks, and major plumbing or electrical issues. When the realtor is aware of these issues, they are obliged to inform the prospective buyer thereof.
The Pros of Updating and Remodeling
The first obvious answer here is visual appeal. Buyers want to buy homes that look and feel like home to them. A little psychological hack: styling your home accordingly to complement the updates and having it smell nice (try putting a batch of cookies in the oven before a viewing) will increase your chances of selling.
On a financial note, updating and remodeling your home will most likely increase its overall value. A bit of money out of the bank now may mean more money back in the bank later. You are also more likely to get offers that you will be pleased with.
The cons of Updating and Remodeling
While one of the pros is that you can increase your profit, the opposite may also be true. Updating and remodeling can be expensive, and you will essentially be taking a gamble on whether you will get your money back, or not. There is no guarantee that you will, but the odds are still in your favor.
If you are in a rush to sell your house, this option may not be best, as it can be very time-consuming. Sometimes you may think that you will only do a simple update, but then challenges arise (like hidden mold, termites, etc.) and the project may take much longer and cost much more.
Your needs will ultimately determine whether selling as-is or updating and remodeling is the best for you. It is best to weigh up all the pros and cons before making this very crucial decision.
Need help determining whether the first or second option would be best with your specific house, depending on the area it’s situated in?
Contact us today and we will assist you in making the best decision possible for YOU!