Can’t decide on should you sell your fixer-upper property, or is it too much of a hassle? Can you even sell it? We’ll explain.
Many times people end up with a rundown property they don’t know what to do with. Should you invest in repairs? Should you give up and sell it? Is it even possible to sell a fixer-upper? The answer isn’t easy, and it depends on many factors.
Before you decide whether you should sell your fixer-upper or repair it, there are a few things you should consider. Here’s what they are.
The State Of The Real Estate Market
The real estate market isn’t constant. Its state can change, and sometimes this is looking good for sales, while other times it might not be a great time to sell. If you’re in a seller’s market, you can usually sell a home quicker. However, if you’re in a buyer’s market, even the best of homes might have a hard time selling. If you want to sell your fixer-upper, you might not have a chance if you want to do it the traditional way, no matter how well you repair everything.
Just as if you were to sell a regular home, conduct a competitive market analysis before you make a decision. A CMA will offer you an overview of all the recently sold homes in your Milwaukee area, so you can get a sense of what other people have to offer. Check out to see if there are other fixer-uppers and compare their condition to yours to get a better idea of how much money you can make.
Return Of Investment
If you’re selling a home, chances are you want to make some profit. This can be tricky when you’re trying to sell your fixer-upper, as the costs associated with the sale are far more greater than they would normally be. You need to count on all the repairs, remodels, renovations, upgrades, as well as the regular sale costs such as taxes, the closing of the sale, commissions, and so on. If your house needs a lot of costly repairs, listing it on the MLS might not bring you any return of investment, even if you manage to sell it.
Should You Sell Your Fixer-Upper As-Is?
On some occasions, it might be better to simply sell your home as-is instead of dealing with expensive repairs and making quick fixes that no one can guarantee will pay off in the long run. If a property is in need of many repairs, it might be better to simply contact a buyer who will be willing to take it instead of hoping that the repairs will make it sell for more.
Can You Sell Your Fixer-Upper?
If you want to sell a fixer-upper, your best choice might be to contact a local direct buyer, such as Sparks Property Investors LLC. These buyers will buy houses as-is, so you don’t have to worry about paying a cent for repairs and upgrades. Instead, the buyer will discount the cost of repairs from the buying cost. In other words, while they’ll buy your home for less money, you’d use the difference to repair your home before selling it. In fact, as Sparks Property Investors LLC will pay all the sale costs on its own, you will likely profit more than you would if you were to sell to a traditional buyer.
With direct buyers, there are no commissions, no closing fees, and no repair costs. What you’re offered is the amount you’ll get, and you won’t need to pay for anything. This is especially useful when you try to sell a fixer-upper, which might cost you a lot of money just to get in a good condition.
Also, direct buyers will pay you in cash. This means that you don’t have to worry about a sale falling through, while at the same time, they’ll finish the transaction much faster than a regular buyer. You’ll get money on your account in no time. Since they don’t have to deal with extensive financial paperwork, they’ll be able to close the sale fast – sometimes in just seven days. All of this means you’ll get your money fast and you’ll get rid of the home you don’t have the time to deal with.