Should you renovate your home or sell it as-is?

“Is it smarter to renovate a home or sell it as is?” All sellers have asked themselves this question at some point.

Either choice is viable depending on your situation. Since it’s a seller’s market nowadays, buyers are more willing to overlook necessary repairs as long as they are not major ones. At the same time, there may also be comparable properties that might not need any fixes, thus putting you at a disadvantage.

To help you decide which path to take, keep these considerations in mind.

Extent of repairs

The vast majority of houses require some fixes before being sold. The bigger question, however, is deciding what to repair and what to leave as-is. At the bare minimum, things like broken windows, missing shingles, smashed tiles, and leaky plumbing should be fixed ASAP. However, if the repairs are prohibitively expensive — like replacing a sagging roof or a busted HVAC system — it may be smarter to just sell as-is to cut your losses. Accounting for repair costs is crucial because you’ll be spending a lot of money buying and moving into a new home once you sell your current one.

Return of investment

Chances are you have only a limited budget for repairs and renovations. If so, be sure to spend your money on fixes that increase your home’s value the most. For instance, even a minor kitchen remodel can yield an impressive return of 72%. Even seemingly small repairs, such as replacing a broken garage door or putting in new vinyl windows, can markedly increase your property’s asking price as well. Luckily, you can consult your realtor about which fixes are truly worth spending money on.

Timeframe

How soon do you want to sell your house? Doing repairs means waiting until the contractor finishes everything before selling your house, which can take anywhere from a few weeks to a few months. If you’re selling your property as-is, however, the process may prove faster — with a few caveats. The more extensive the repairs needed, the longer it will take to find a buyer. Likewise, the more fixes are required, the bigger the price concessions a buyer will demand. Are you willing to wait a little longer to maximize your asking price or are you willing to give a discount to sell your property quickly?

Personal circumstances

There are a few situations where selling as-is might be the best option. If you’re behind on your mortgage, selling your property without repairing it might help you avoid foreclosure. Likewise, you may have landed an out-of-state job that requires you to move as soon as possible. In either case, you don’t have the time to fix your home and list it on the open market.

Ultimately, it’s up to you to decide which path to take. Whether you do repairs or sell as-is, however, having a trusted realtor like Coldwell Banker Cascade Real Estate to assist you will make the process smoother and faster. We cater to all clients in Wenatchee, Leavenworth, Cashmere, and Lake Chelan. To learn more, simply call 509.888.8887 or send an email to info(at)cbcascade(dotted)com to book an appointment.