Hi, everyone. This is Alex from Coastal Edge Homebuyers. I just wanted to take a couple of minutes today to share some useful info with you. I’m here in Norfolk, Virginia not far from the intersection of E. Little Creek Rd and Tidewater Dr. Some of you are probably familiar with this area. So I just wanted to go over some information for you that will be helpful for those homeowners who either inherited a house, or maybe are dealing with a divorce situation, or perhaps an elderly parent that moved with family, or maybe a family member that has passed away. And the question is if you have a house that you don’t need, what can you do with it, especially in a situation when the house has not been recently renovated and it needs work?
In any case, you have several options to consider. One option is to fix the house yourself, to do a complete renovation. And if you’re good with your hands and you can do it yourself, or with friends or family, that would be the cheapest option – to fix it up, then put it up on the retail market and you’re going to get top dollar for it. Whatever Zillow or any of those popular sites show, you will get top dollar for your house. Now, if you would like to pay others to do it, you’re still going to need the time and the money to deal with it, and possibly the hassle to deal with contractors, get the house fixed up, and put it up on the market again. You’ll end up getting top dollar for it.
Now, if the house was renovated in the last 5 to 10 years, you may be able to sell it as is, but you’re not going to get the top dollar amount such as the one you’d see on the popular websites where you can see houses selling at retail. What else can you do? Well, you can rent the house out. This is always an option. And it doesn’t matter if you have full, or some equity. When you’re renting it out, obviously you’re getting the rental income. Rents are a pretty high these days, in 2021. So it’s not a problem to rent it out and often, you may be actually getting rent amount that may be a little bit higher than your mortgage amount.
Well, what are some of the pros and cons of that option? Pro – obviously you’re getting some cash. Maybe you can have a little bit of a positive cash flow in the difference between the rental amount and the mortgage amount. Or, if there was no mortgage owed anymore, the whole amount you’re getting from the rent is for you to keep. Well, maybe not so fast. Of course, you’ll have to pay taxes from that, and you have to do/pay repairs. With a rental house, you have to deal with all the repairs that come up. And if that’s somebody is you who has to deal with that, if the toilet broke on Saturday afternoon, yes, you’ve got to come out and fix it. Or, you have to actually pay to a property management company to do this for you, for a fee. This can be anywhere between 10 to 20% of the monthly income from that rental.
Now, what if you want to get rid of the house faster? What can you do? Well, the last option is actually to sell it to an investor – like us. We’re Coastal Edge Homebuyers. We buy houses locally in the Tidewater area in Norfolk, Virginia. So how can you do this deal? You call us, we come out there and take a look at your property. We do our due diligence, we do an evaluation and we’re going to give you a fair cash offer on the spot.
What’s a Con on that option? Well, a cash offer usually is the lowest offer you will get. What is a Pro on that offer though? Well, you get out of the house quickly. There’s no cleaning, no repairs to do. We can close in very quickly, sometimes in a matter of days. Our record is just three or four days for closing, or, we can set it up to happen in a month from today, or whatever date you would prefer. So there’s a lot of flexibility with that and you walk away with cash in your pocket, and the deal is done.
If you need any more information, you can further review our website, or you can just call us and we’ll go over your choices. We’ll be glad to check out your situation and inform you of your options, just call us at 757-414-7117. Thanks. This is Alex from Coastal Edge Homebuyers.