Before you sell your Virginia Beach, Chesapeake or Norfolk home, it’s often recommended that you take some time to fix it up so that it’s in pristine condition for potential buyers. After all, a home that’s move-in ready is often easier to sell than a home that needs some work. However, when your necessary home repairs cost too much, you may be stuck wondering what your options are. This is especially true when your repair costs greatly exceed your budget.
Common Repairs That Can Break the Bank
There are a number of repairs that can seriously impact your budget. For example, foundation repair can easily cost tens of thousands of dollars; your home may have damaged foundation if you notice extensive cracks along your walls and/or ceilings, or if your home has visibly begun to shift. Foundation problems are especially common in areas where soil is notoriously unstable.
Another potentially expensive repair that could break your budget when it comes to selling your home is a bad roof. This could be a roof that leaks, or simply a roof that’s more than 10-15 years old. If it turns out you need a new roof, you could easily need to spend $10,000. Still, this is a necessary expense because a bad roof can lead to leaks and water damage, poor insulation, and sky-high energy costs. As a result, you may have a hard time selling your home with a bad roof.
To Repair or Not to Repair?
So, when your repair needs exceed your fix-up budget, what are you supposed to do? Well, in some cases, you may actually be justified in leaving your home repairs for the buyer to take care of. Of course, as a result, you’ll need to offer a hefty discount on the sale price of your home in acknowledgement that those repairs need to be done. Still, if you’re planning on doing this, you should be aware that your home may be harder to sell, especially considering the vast majority of buyers today are looking for home that are “turn key,” or move-in ready.
On the other hand, there are some repairs that you may be required to perform in order to pass a home inspection before the sale of a home can be completed. This is especially true if your buyers are looking to use an FHA loan to purchase your home; an FHA loan requires the home to pass a thorough inspection and meet minimum property standards. If it doesn’t, then you and the buyer will need to negotiate the repairs that need be done before financing can be secured. This is where it will probably be worth it for you to shell out the money in order to sell your home.
Selling Your Home to an Investor
Of course, no matter what kinds of repairs your home may be in need in or how much they cost, you always have the option of selling your home to an investor as-is. An investor will be able to pay cash for your home, so there’s no need to worry about securing financing and passing a home inspection. Instead, your investor will make you a cash offer for your home without any stipulations in terms of maintenance or repairs. You might even be surprised by just how much you’re offered. And from there, you can sell your home without having to put another dime into it.
Now that you have a better idea of what your options are, how will you choose to sell your home when it’s in need of repairs? If you’re interested in selling to an investor, and you live in Norfolk, Chesapeake or Virginia Beach, contact us today to make your life easier. We buy houses for cash and fast, no matter their condition and you can close the sale on the day of your choice.