“I’m selling a House in Poor Condition. What Should I do?”
If you own a property that’s not in the best condition, it can be tempting to delay your decision to sell for fear of it not attracting serious buyers. While this is a genuine concern, there are many options you can explore to get your house on the market.
Before that, you have to determine first if your home is in poor condition for instance some of the following:
Uninhabitable: the house has termite infestation and mold growth
Structural issues: Roof and wall damages
Visible repairs: Damaged floors, non-functioning lighting, or outdated kitchen
How to sell an old house that needs work?
These can be challenging to list with a realtor and will require costly repairs before entering the market. Even so, it’s still possible to sell your house as it is and get a good bargain without the hassle of inspections and lengthy negotiations.
Here are some of the benefits of selling a house in poor condition.
1. You Don’t Need to Incur Renovation Costs
Most homeowners looking to sell their houses often overlook the cost of repairs and renovations. Most buyers in the market are savvy or at least hire agents who are good at what they do.
After the inspection, they will create a list of specific repairs, some of which may be out of your budget. This will not only compromise your power to sell but may also force you to source extra money to complete the renovations with the hope of fetching a reasonable price.
It’s not uncommon for the buyer to negotiate further repairs only to back out of the deal without any financial consequences. To avoid this, you should consider selling your house in poor condition to real estate investors for a cash offer.
2. No More Costly Maintenance and Upkeep
Whether your home is in excellent or poor condition, you’ll still have to pay taxes and service charges in the form of monthly maintenance fees, and homeowner’s fees. If you are not currently living in the property, this can be an unnecessary expense, which you can avoid by selling the house.
Staying in the house may also pose some health risks, and you may incur unnecessary costs to make it more habitable. Mold infestation, for instance, can be costly and tedious to get rid of. Selling the property and moving out to somewhere habitable may be a better alternative, which leads us to the next benefit.
3. It Allows You to Explore Other Options
No one likes to stay in a poorly maintained house, and the option to sell and look for a better option is always welcomed. However, buying a new home soon after may not necessarily be an option, especially if you don’t have enough money or the house prices are very high. You may choose to rent or share a home with a friend as you plan to purchase your new home. The goal is to sell your house and move to a more habitable place.
Regardless of your reasons for selling your poorly-maintained house, you want to close the deal as fast as possible and get paid what the property is worth. To avoid scams and exploitative house flippers, you should choose to work with a reputed real estate investor, such as Oak Street Properties. This way, you’ll sell your house in poor condition for cash, faster and conveniently. You also have the option to negotiate for better prices that would beat the money and time used to renovate and list your property with a realtor.