Should You Renovate Or Sell Your House If It Needs Major Work?


If the house you own and live in needs a lot of major work, you might be wondering whether you should invest a lot of money in the house and complete all the work or if you should sell the house just like it is. This is a big decision, but there are several things you can do to determine which option would be better for you.

Determine the home's value as-is

The first thing you may want to do is find out how much you could sell your house for in the condition it is currently in, and the best way to do this is by getting an appraisal of the house. If you do not owe a lot of money on the house, you might be able to make a decent profit by selling it as-is. If so, you could save yourself a lot of time and money by not having to make all the necessary renovations.

Determine the home's value if it were completely renovated

Another step you could take is to find out how much the house would be worth if you did complete all the work to the point where the house was ready for new owners to buy it and move in. To find this out, you may need to talk to a real estate agent. The agent would probably be able to give you an idea as to what the value would be simply by finding comps of your home. Comps are houses that would compare to your home if your home was renovated. Your appraiser might also be able to give you an estimate as to how much it would be worth if it was move-in ready.

Add up the costs to make all the necessary repairs

If you are still wondering if you should renovate the house before selling it, you will need to figure out exactly how much it would cost to do this. When you find this out, you can add this amount to the amount you owe to determine how much you would have to sell the house for to make money. When you compare this amount to the estimated value of the house in move-in ready form, you will be able to see if this would give you a larger profit than selling the house as-is.

If you decide that making all these repairs is not something you have time for or are interested in doing, you could always put the house up for sale just the way it is. To learn more about selling a house as-is, talk to a real estate agent in your city.


13 April 2017

An Unplanned Move

Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!