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Selling a house that needs repairs

Selling a house that needs repairs

Hey, guys, this is Alex from Coastal Edge Homebuyers.

In today’s video, I wanted to show you several options for selling if you have an older house that needs work and you’re wondering – what can you do about it? Should you fix it up first? Should you just sell it as-is, should you sell through a real estate agent or maybe FSBO, as we call it – for sale by owner?

So, each one of these options has different Pros and Cons. And it’s about talking to a professional such as someone like from our company – from Coastal Edge Homebuyers to help you out, figure out what’s the best option for you, we’ll be happy to help you out, even if we’re not the end solution for you.

We buy houses anywhere in the Hampton Roads Area

And we buy them in any condition, it doesn’t matter what it is, or what’s in it. We’re looking mostly at the structures of the houses when we evaluate them. So, if you have an older house and for different reasons, the repairs were not done when they were supposed to. Maybe the house has been rented out for years, maybe the renters didn’t really take care of it that well. You’re a landlord, but you’d had the house for a long time it’s been rented out. Or maybe it was inherited, but the repairs and the updates were not done through the years.

Options for Selling an Inherited House

Regardless of what the situation is, you may be facing a case where you either inherited or have a house now that you want to sell. But you’re wondering, what do I do now? Do I sell it as it is? Do I need to do some repairs. Now, if you want to go the route of repair the house and put it up on the market, if you’re able to do that, if you have the time and the money to do it, you’re going to get maximum dollars in the end, there’s no question about it, but you will only if you do a full rehab – all the way through. And you’re going to get the best dollars at the end when you list with an agent and sell on the MLS, on the open market. And that’s it, it’s really that simple. Well, it sounds simple, but a lot of things are easier said than done.

When you’re working on fixing houses today, and this is September 2022, repairs would be, could be a challenge. Because, it’s not that easy to get contractors to work well/promptly, it becomes a full time project management work, which may take anywhere between one- to four months, depending on how extensive the necessary work is, and you have to hire different contractors. There are contractors that do general construction work, then there’s electricians, then there’s plumbers. Then there’s termite moisture inspections and other things like that. So, it’s a very involved process. And if you’re wondering how much it costs, here it is, I’m going to give you a very wide range, please know that it will vary very much. Depending on the size of the house, the location, and the level of rehab, if you do a very light rehab, it can run anywhere between 10,000 to $20,000. Medium rehab can run around 20,000 to $40,000. And if you want to make it really nice, you can go up to all the way up to 80,000 to $90,000. For a rehab, these numbers are not unrealistic these days. They’re very real, based on the project labor costs today, and the parts & materials costs. So, when you’re looking to rehab a house, please bear that in mind. Just a kitchen can run very easily of 12,000 to $14,000. And that is not even at top tier, such as a large high-class kitchen may be. So those are some numbers for you, so you can get an idea of how much it may cost to fix up a house today. And believe us, we know the business, the prices have gone up tremendously over the last two years. If you don’t mind doing those repairs, if you have the time and the money, by all means go ahead and do the repairs, then listing the house with a realtor, and then you’re going to get maximum amount of dollars at the end.

Now what other options do you have? Well, you can still do some/all repairs and list it as-is, maybe sell it yourself as FSBO or For Sale By Owner. You can sell it this way, which is again, a rehabbed house sold retail through you, without the use of an agent, you’re going to save yourself the cost of an agent commission. But you have to do all the work to advertise it, work with sellers, contracts, inspections and all of that, which may or may not be the a cup of tea for everybody to do. Some of these savings may come out to be something really unexpected at the end, and you may still end up paying money and hire someone at the end to help you sell it. So that (FSBO) is another option. But what else could you do? Well, there’s another way you can handle this – you can sell the house as-is, even if it’s partially rehabbed, or not at all. With this option, it can still be sold through a realtor, or you can grow at a faster route with someone like us. We are investors, we buy fast for cash, it doesn’t matter what the condition is, closing in 2 weeks. So, what’s really  the convenience of working with someone like us? Well, the conveniences are: you’re going to choose your own closing date if you like, which is super convenient if you have to move somewhere or you need to time the move out with moving into a new house or something of that nature. Choosing your closing date is very powerful. Second, we have no agent commissions, no fees of any kind. And last but not least, we really are buying the house as-is, no complicated inspections, there is nothing really to for you to worry about as far as cleaning or repairs, which is amazing, because at anytime you talk to a realtor, you’ll probably be asked to do repairs and fixes and cleaning and other things of that nature, staging, landscaping, you name it, everything. So, if you don’t want to deal with any of that, you can sell your house quick and easy. And the quick and easy comes with some type of convenience cost associated with it. And this is where the cash offers come in that we make. But, one thing that I need you to know is that we do not only make just straight up lump sum cash offers, depending on your situation, and especially mortgage situation. Sometimes, we can offer you more, but over time, so there are several different options that we usually put on the table and we can help you choose the best one based on your exact situation. So, if you have a house that you need to sell, whether it’s partially or not rehabbed at all, give us a call. We’ll be happy to help you out, regardless of what you decide to do in the end. We’re Coastal Edge Homebuyers, and you can reach us at 757-414-7117.

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