So, you have a damaged property in Portsmouth. What can you do about it? Is it livable? Do you want to live there anymore? The first thing is to assess the damage. Hopefully you’ve had home owners insurance and you can do a claim for the damages. This could have happened for a number of reasons – fire, termites, tree falling on the house, even a vehicle of some kind can hit the house. Regardless of what the reason is, we hope that everyone was safe during and after the incident. Also, you’ve come to the right place to read this article, where we go in some details as to what can you do next. We’d also add that we at Coastal Edge Homebuyers are very experienced in fixing up properties that needs lots of love and care.
Don’t worry, we’ll give you all your options so you don’t have to dig through many articles and options on what to do with the house going forward.
Your Selling Options
List As-Is
So, if your property is not too badly damaged, you may just list it with an agent, as is. This work Ok if the house does not have extensive damage. In this case, you can get a larger pool of buyers, including retail (end) buyers. In some cases even a bank loan may be given, providing that the inspection does not find many serious repairs to fix. So, if the damage is fairly small, listing it is a good option. Even if the damage is average, you can still get the house sold, but it will probably end up with a contractor/investor as an end buyer, which is a smaller pool of people compared to a retail buyers pool.
Fix It
Obviously, fixing up the house will give you more(and better) options, such as listing it with an agent to sell for a high price. Please note that, if you only repairs the damage and the rest of the house has not been updated in the last 5 yrs, it will not sell at top price no matter what. In case you are wondering, the highest priced houses are the ones that were renovated within the last 3 months. That’s the highest prices you will see on the popular online websites. If your rehabbing is limited to only fixing a recent damage, your house will sell for significantly less, such as 20-40% less.
Sell Directly
If your Portsmouth house needs work, you can always opt out to sell directly to an investor (direct buyer) like Coastal Edge Homebuyers. This way, you can sell as is and never have to worry about anything. Repairs today are very expensive and time consuming. If you have another place to move to, then selling directly to an investor is the fastest and easiest path to cash.
So how do you determine the right course? Ask Yourself This…
How Much Do You Want To Spend Upfront?
As we mentioned earlier, repairs today are expensive, especially if your home owners ins. company will not pay at all or only partially for the repairs. Even if the damage is corrected, if your house has not been renovated in the past 5 years no matter how you try to sell, the house will not fetch top dollar. So, your Portsmouth house may sit on the market for a while. On the other hand, if you have extra cash and you are willing to go the extra mile and do a complete rehab, you will either live in a much better house yourself, or you will be able to sell it for the highest possible price on the retail market.
Who Is Your Ideal Buyer?
At Coastal Edge Homebuyers we specialize in buying properties that need work or were damaged. It does not even matter if the house is livable or not. Think about it, if you want to sell a house “as is” on the retail market, your pool of buyers will be much smaller than if your house was in good shape. Are you sure you can handle the time and money needed to be spent to fix the house up to be able to attract a large pool of retails buyers? They would prefer a house in nice or perfect condition, and you will need to do staging and multiple showings. Even if you get the house to the pre-damage condition, you still couldn’t sell it for a high price if your house has not been renovated lately. Today, in order to get top dollar, everything must be redone – kitchen, bathrooms, floors, windows, A/C, roof. It may make more sense just to sell your Portsmouth “as is” to an investor like Coastal Edge Homebuyers and relieve your self from the stress of dealing with a damaged house.