Should I renovate my house before selling it or sell it “AS-IS” to a ‘We Buy Houses’ cash buyer? If you are planning to sell your house in the near future, this is one of the questions that will always pop up.
The choice that you will make will depend on a number of factors such as the condition of your house, your financial status, time, and the prevailing market conditions.
Before listing your home in the local real estate market, it’s important to understand the specific home improvements ideas that can add value to your home and which ones may result in a waste of both money and time. When you can finally decide to make major home improvements and list your home rather than sell it “as-is” to an investor for cash, you need to consider the following:
The Home Improvements That Will Increase Your Home Value
Which Improvements Will Deliver The Highest Return
Your Renovation Budget
Final List Price After Repairs Vs Cost Of The Improvements
The Type Of Homebuyer/Current Real Estate Market
The Preferred Timeline For Listing Your Property
Home Improvements Projects That Increase Value
A small spruce up could include painting the kitchen and the cabinets, including new hardware, including new stainless-steel appliances, flooring, adding granite countertops, new kitchen cabinets, and a sleek sink. The average kitchen spruce up could start from $2,000 to a full renovation cost between $20-$30,000.
Upgrading your bathroom can involve minor upgrades such as repainting cabinet doors and walls, installing hardware, new mirrors, installing new shower doors, lighting, storage space, to a full renovation with new flooring, vanity, shower/tub enclosures. A small refresh may cost as little as $1,000 if you do it yourself, and as high as $10,000 for a full renovation.
The cost for a new floor can vary depending on the type and materials used. However, you should expect to spend about $6-$10 for every square foot.
A Fresh Coat of Paint
Painting your home’s interior and exterior is a great and economical way of adding value to your home. The paint applied should be neutral and you can spend an average of $1500 (painting yourself) when you paint the interior and exterior. Hiring a painter to paint the interior and exterior could run you starting at $7,000 on up based on the size of your home and the return you can expect is approximately 107%.
Upgrading the Garage Door
The cost of renovating your old garage door can range between $600-$1,500 and you can get up to 106.3% return on investment.
Lighting and Energy-Efficient Appliances
Today’s homebuyers are very keen on eco-friendly lighting fixtures and appliances. Replacing old models with new energy-efficient ones will add value to your home since buyers will save on utility bills and protect the environment.
Is It Worth Renovating Before Listing It?
Pre-sale home renovations can be costly and time consuming. You will be out-of-pocket on the expenses until your home closes escrow, which could be 3-6 months.
What if it takes a while to get a buyer? Even if you have the required budget, there is no guarantee that you will recoup all your renovation costs since the expected return on investment can vary depending on the prevailing real estate market conditions. You may be out of pocket, those expenses until your house sells and closes escrow. It is a lot to consider.
Benefits Of Selling Your Home AS-IS
If you don’t have a lot of free time and budget to make the necessary home improvements before listing your home for sale with an Agent, another option is to sell your house fast for cash to a ‘We Buy Houses’ cash buyer.
Sell Your Home AS-IS – No Cleaning or Repairs Required
If you don’t have a budget or maybe you are going through a financial crisis and repairs and renovations can’t even be considered, then selling to a ‘We Buy Houses’ cash buyer is a good alternative. You will not be required to make any repairs or do any cleaning. Most will let you pack and take what you want and leave the rest.
No Commission, Fees, or Seller’s Closing Costs
Unlike selling the traditional way with an Agent, ‘We Buy Houses’ cash buyers do not charge a commission and most will pay your seller’s closing costs, saving you thousands!
No Showings or Strangers in Your Home
Selling to a cash buyer, there is usually one or two visits and that is it. No leaving for the day for open houses or trying to figure out what to do with pets for the day.
No Inspections, No Appraisals, No Loans or Banks
‘We Buy Houses’ cash buyers generally do one visit to tour the property to get an idea of what repairs need to be done and this will help them calculate your cash offer. Because it is a cash offer, there are no banks involved, therefore, you don’t need an appraisal.
Close Within 7 Days
Because you are selling to a cash buyer, they can close quickly, usually 7-10 days. Most will close on your timeline, so you pick the date you want to close. If you need to close in 30-60 days, they will usually accommodate your schedule.
Before listing your home in the local real estate market, it’s important to understand the specific home improvements that can add value to your home and which ones may result in a waste of both money and time.
If you want to sell your house in California, consider We Buy Any House in California for a quick home closing and cash offer. Forget the hassle of making costly home improvements before listing your California home through a real estate agent by working with a reliable, local and family-owned real estate investor like We Buy Any House in California.
We buy houses in any condition, any reason and any situation, we have a solution for you. Please visit ourpage for specific information on how we formulate offers and our page to get to know us better.