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Should I Sell As Is, or Repair a House?

Should I Sell As Is, or Repair a House?

Hi guys. This is Alex from Coastal Edge Homebuyers. In today’s video, I wanted to show you several options if you have an older house that needs work and you’re wondering what can you do about it. Should you fix it up? 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 are not the end solution for you. We buy houses.

Now, we buy houses anywhere in the Hampton Roads area, in the seven cities primarily, 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, for a number of reasons, maybe the repairs were not done when they were supposed to be done, maybe the house has been rented out for years, maybe the renters didn’t really take care of it that well. So maybe you’re a landlord that you’ve had the house for a long time and it’s been rented out, or maybe it was inherited, but the repairs and the updates were not done through the years. Regardless of what the situation is, you may be facing a situation where you either inherited or have a house now that you do want to sell, but you’re wondering, “What do I do now? Do I sell it as this? Do I need to do some repairs?”

Now, if you want to go the route to 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. There’s no doubt about it. You will. 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, 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.

So when you’re working on fixing houses today, and this is September 2022, repairs could be a challenge. Because it’s not easy to get contractors to work. 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. You have to hire different contractors. There’s contractors that do general construction work. Then there’s electricians, which is separate group of people. 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 note that it will vary very much so depending on the size of the house, the location and the level of rehab you will do. Very light rehab 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. They’re very real based on the project labor costs today and the parts and materials costs.

So when you’re looking to rehab a house, please bear that in mind. A kitchen can run you very easily of 12,000 to $14,000, and that is not even top tier large kitchen. So just so you know some numbers and where they are can get you an idea of how much it may cost to fix up a whole house. And believe us, we know. We’re in the business. The prices have gone up tremendously over the last two years. So if you don’t mind doing that, if you have the time and the money, by all means go ahead and do the repairs. List the house afterwards 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 the repairs and list it as is. Listed as is maybe by yourself, FSBO, or for sale by owner. So 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 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. So that’s another option.

So 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 or somewhat rehabbed or not rehabbed at all. In these options, it can still be sold to a realtor or you can go at a faster route with someone like us. We investors, we can buy it fast for cash. It doesn’t matter what the condition is. So what’s the convenience of working with someone like us? Well, the conveniences are, you’re going to choose your own closing date, which is super convenient if you have to move somewhere, or if you need to time the move out with moving into a new house or something of that nature. So choosing your own closing date is very powerful.

Secondly, 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 for you to worry about as far as cleaning or repairs, which is amazing because in any time you talk to a realtor, you’ll probably be asked to do repairs and fixes and cleaning and 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 it 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’s several different options that we usually put on the table, and we can help you choose the best one based on your 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 at the end. We’re Coastal Edge Homebuyers. And you can reach us at 757-414-7117.
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