It’s time to move on. You may have outgrown your current home or it has become too much for you to handle. You might have received a job offer in another city and need to sell your house so you can start over in a new city with a new mortgage. HGTV has led you to believe that you need to stage your home “just so” before you sell it. Are they right? Have you refinished hardwood floors, installed new carpet, painted every room, and rented furnishings worthy of a model home?
Short answer: no — not always. There are times when it makes more sense to sell your house exactly as it is.
1. When it is Inherited
Imagine you inherit a house. If you don’t have the time, energy, or money to put into the house, it makes sense to sell it “as is.” You may not get as much money for it as you would have if you had updated it, but after you factor in how much time you would have spent, you may find that the trade-off is worth it. Additionally, if the inheritance came to you and a few other people, you won’t have to share repair work.
2. When You Should Spend your Time Elsewhere
Consider the case of someone who owns a small business and earns an average of $75 per hour. You’re ready to Sell your home in Burbank California, but several rooms need to be painted, the exterior needs to be power washed, and the bathroom cabinets need to be refinished. The extra funds you need to pay someone else are not available, so you are planning to do it yourself. You estimate supplies will cost $350 in total. Although you will need 15-20 hours in total, it should not take as long as you think. You won’t be able to focus on your business for 15-20 hours, which will cost you anywhere from $1,125 to $1,500 in addition to the $350 for supplies.
You may be better off selling your house “as is” if those small changes won’t bring in enough money to cover the cost of making said changes. This applies especially when home inventory is low and prices are high.
3. If a Home is Likely to be Torn Down
In some cases, the property surrounding a house is worth more than the house itself. In such a situation, renovating the home makes no sense — especially if your agent suspects that whoever buys the house will tear it down.
4. When you Want to Attract Cash Buyers
There are some areas that attract cash buyers. Some areas are more attractive to cash buyers than others. The “as is” condition of your house will likely encourage an all-cash buyer to purchase it at a discount, but all-cash home purchases tend to be fast and easy to complete.
5. Feeling a Little Queasy at the Thought of a Home Inspection
When selling a house, one of the most stressful periods of the process is waiting to find out how the home inspection turns out and if the buyers want to renegotiate due to problems identified during the inspection. You may be able to skip this step depending on how your house is listed. Imagine that your listing states that you will only consider offers without a home inspection. Therefore, buyers come into the transaction knowing you will not be responsible for any needed repairs discovered after or before the sale.