When it comes to selling a home, the dream scenario is to complete the transaction as quickly as possible while still getting the full asking price. Of course, home sales don’t always work out this way. Occasionally, a house languishes on the market, prompting price reductions that erode profit margins. Such scenarios can be frustrating, to say the least. (1)Even in the best circumstances, selling a home is time-consuming, stressful, and costly.
Unfortunately, when you sell a house in poor condition, these issues only worsen. Selling a house in poor condition can be difficult. These homes frequently struggle to attract buyers because they do not meet the standards that most buyers expect. Homes in poor condition can be found in a variety of states, but they typically fall into one of three categories:
- Outdated.
- Repairs are required.
- Nearly uninhabitable.
The key to making a good decision when selling a home in poor condition is determining what condition your home is in and whether it is better to put time, money, and energy into making repairs or simply sell it in its current state. The best advice is to speak with a real estate agent who can help you understand your options and determine what is best for your specific situation.
Categories of Houses in Poor Condition
Below are the categories your house could fall into if it is in poor condition.
Completely Uninhabitable
Houses that are considered absolutely uninhabitable have several issues that make it impossible for people to live in them because of safety concerns. Such concerns may include the following:
- Serious electrical problems
- Severe plumbing issues (leaky, corroded pipes)
- Extensive roof damage
- Mold
- Asbestos and/or lead beyond removal
- Infestation of termites
- Widespread foundation problems
- Significant chimney damage
- An HVAC system that isn’t working
Major Repairs Required
According to buyers, major repairs can put a home in this “poor condition” category. Below are some major home repairs.
- A few electrical problems
- Some plumbing issues
- Major roof damage
- Significant rot in the wood
- Major foundation issues
- HVAC that is failing but still working
- Outdated kitchen
- Bathroom with issues
- Ruined flooring
- Faucets and light fixtures that are damaged or no longer work
Could Use Some Updating
Some items that can put your house in this category of “poor condition” include:
- Old-fashioned kitchen
- Cluttered home interior
- Out-of-date bathrooms
- Stained flooring
- Peeling paint
- Outmoded finishes on light fixtures
- Overgrown landscape
- Weathered exteriors such as peeling paint and wood rot.
How to Get a Fair Price when Selling a House in Poor Condition
If you feel like your home falls in any of the above categories, here are the options you will have for the sale of your home.
Sell As-Is
If you don’t want to put any money or effort into your home before listing it for sale, you can go ahead and sell it “as is” to a we buy houses Kansas City company. You must still disclose any known issues in accordance with your state’s requirements. The we buy ugly houses, Kansas City buyers enter the home sale knowing that they will be responsible for fixing these issues and any additional problems discovered during the inspection. You can still negotiate with a buyer if they have specific requests, such as repairs or concessions, based on the property’s condition.
If you choose this path, don’t be fooled by the “do nothing” mentality. While you do not need to spend time or money on major repairs, making minor improvements to your home before listing it for sale is prudent. For instance, you can clean up the property. Or take the extra step of cutting the grass or trimming the bushes.
This makes the property more attractive to we buy houses in Kansas City companies. A major merit of selling your house to a we buy houses Kansas City company is that you don’t need to complete any repairs. Furthermore, you can sell your home within two weeks because cash buyers and investors focus on making a quick profit.
Complete Cosmetic Fixes Only
Before selling your home to Kansas City we buy houses companies, you should consider completing low-cost cosmetic fixes to make it more appealing to potential buyers. Low-cost repairs can be an excellent way for home sellers to increase the value of their homes without committing too much money or time upfront. They include replacing old faucets, refinishing existing cabinets, repainting the interior, and replacing outdated light fixtures. However, if your local real estate market is currently favorable to sellers, even homes in poor condition may sell at the asking price, even if no repairs are completed.
Examining market conditions and your competition can help you determine which repairs are worthwhile. This can be accomplished by analyzing real estate trends across multiple online property sites or by consulting with a local realtor.
Invest in Major Repairs or Upgrades
If your home is actually in poor condition, it may have extreme problems that are too complex for the average buyer to bear when all of them are considered. While you may not want to invest tens of thousands of dollars, it may be worthwhile to make one or two major repairs to bring your list price closer to what your home is actually worth. Choosing which needed repair or two to perform necessitates an honest evaluation of what work your home requires some research on how much each job will cost and the average return on investment (ROI), and discussions with your agent. Some of the major repairs you should complete include garage door replacement, a minor kitchen remodel, siding replacement, or window replacement.
Endnote
When selling a home in poor condition, you should know its value. You should understand that selling your home as-is will give you low offers because you will not be required to complete any repairs. When selling your home, you can talk to a qualified agent to understand which repairs are essential and which ones are not. You can also complete some of the repairs by yourself if you’re on a tight budget.
However, before selling your home in poor condition, you should read through all the information above to make an informed decision.