You probably never thought this would happen to you, but here we go, 20 yrs after you bought that 2nd house, you are faced with selling it but it needs a lots of repairs… you used it as a rental, the tenants pretty much destroyed most things in the house, regardless of how new or old, and now you are getting close to retirement and you don’t really want to deal with repairs or even cleanup. It would be nice to sell the house and get some cash though. So, what’s the best way to go about it to maximize your return?
Start Rehabbing It
Yes, I know you may not want to do a rehab, but that’s one of the ways to go about it – put money into the house, call up all of your friends and relatives see who can help fix it up, or hire construction workers – rehab the kitchen, bathrooms, roof, HVAC, floors, windows, etc. If you are Ok with spending 40-60k, then this may be a viable option – it will give you the best return on your money. If you do a full rehab, the house will sell for top dollar, by you calling an agent and listing it. That is the ONLY way to get the price you see for your house online. Most online websites will show an approximate price for a house like yours, in your neighborhood, but beware, these numbers are for a rehabbed house, not one that needs work… So, rehabbing is expensive and you need to hire and watch all of those workers, to make sure they do everything right, or it will cost you more time, labor, and materials to fix up any mistakes they made…
Fix Up A Few Things and Then Sell It
You can fix up some things in the house and you may just do carpet and paint, or so-called cosmetics. Some people may have told you this could work. Well, not by much. Cosmetic repairs will not raise up your Hampton house’s price significantly. People are smart- they will know the house needs all the major items replaced (which are expensive) – kitchen, roof, HVAC, bathrooms, flooring, windows. Just to give you an example, a kitchen rehab of medium size and quality today (2023) in Virginia may cost you around 15-17k…
Sell Your House “For Sale By Owner” (FSBO)
Ok, this option is for those of you who like the Do-It-Yourself idea. This way, you can do or not do repairs, but sell your Hampton house without an agent – you will save about 3% of the selling costs. So, if your house is 200k, you will save yourself 6k. That is significant, but consider this – you will need to prep the house on your own for sale, staging, repairs, inspections, showings, paperwork, marketing – all that will cost you time and money. Also, as you may guess, since you have not been selling many houses lately :), you will not do as good of a job in any of these prep activities or negotiations, and you may not really benefit much from your savings. For example, if your sell your house for 200k, you will keep roughly 190k (you will probably need to pay the buyer’s agent commission (3%) and part of the closing costs assistance to the buyer (2%)). Now, imagine you hire an agent, they do a better job than you, and you will pay them a commission (3%), well, if they find you a buyer for a higher price, let’s say 215k, then you will keep almost 198k. Yo can do the math – sometimes it’s better to pay the agent anyway, as opposed to selling FSBO, because a great agent can probably get you more potential buyers and can negotiate better than you, because of their experience. But, you make your own choice. Now, is there even a better way to sell your Hampton house that needs many repairs?
Sell To A Direct House Buyer
Selling your house that needs repairs can be a big hassle. Whether you sell it by yourself or through an agent, you’ll probably force yourself (or be pushed by your agent) to do some repairs, inspections, staging, showings, etc. But why go through all of that? There is a better and faster way – sell your Hampton house “as-is” – no repairs, no cleaning, and leave of your your old furniture there, no need to trash or move it! You can sell today to a direct house buyer like Coastal Edge Homebuyers and you will get cash in 2-3 weeks. It’s super fast & easy! This is the best-kept secret of the real estate industry. Many people know to call an agent to sell their house, but only a few know that you can actually sell your house super fast, in any condition, for cash, by calling a company like us. This allows you to sell your house fast, no hassles, no repairs, no agents, no fees, no commissions, no staging, no failed mortgage approvals by potential buyers. Thee is NO faster or easier way to get cash from the sale of your house than to call a Direct House Buyer! Call us today for a free, no obligation offer based on the current condition of your house! You’ve got nothing to lose! Call 757-414-7117!