Buy Any House: What Happens When My Home Is Not In Good Condition?
Your home may not be in good condition. That is not a judgment; it may just simply be the reality. Any number of situations can impact your capacity to keep up with upkeep, so to speak. Losing a job, facing a reduction in income, having unexpected expenses to account for, going through divorce, inheriting a property that was already in disrepair, for example are all unfortunate circumstances that leave you with a bit of a dilemma when it comes to selling.
What happens when your home is in less than ideal condition? When it is not even in good condition? Here are some options to consider, from full scale renovations to working with a buy any house company.
Do Nothing and List It
This is an option. As they say, “There’s a pot for every lid.” Likewise, there’s someone out there who will buy any house. You are free to list the house as it is and hope to find a buyer who is willing to invest in the necessary repairs. To make it a bit more appealing, you should do a deep clean, declutter, clear away all personal items (e.g. family photos, knick knacks and the like) and ensure the exterior is as neat and tidy as possible (e.g. cut the grass, trim the hedges, straighten the house numbers, etc.).
The risk here is that it may take some time to find a suitable buyer. And, of course, you are going to have to accept a lot less for the home than you would like in a perfect world. Still, it is an option.
Put On Some Makeup and List It
Alternatively, you can do some cosmetic upgrades that are relatively low-cost. This may include:
- Applying fresh coats of a neutral coloured paint
- Replacing outdated fixtures
- Updating the faucets
- Deep cleaning the carpets or refinishing the floors
- Installing new landscaping features (even if just flowers)
- Patching a leak in the roof
You must still disclose any major issues with the house, so you are not trying to “fool” anyone when it comes to its condition. But a fresh face, if you will, can make it more appealing as the buyer can envision it as it could be with some repairs and updates.
Fix It and List It
Another option is to take the plunge and invest in some major repairs. You may be able to recoup some of this with a higher asking price, but keep in mind that it can be very expensive. A minor kitchen renovation, for example, can cost between £5000 and £14,000. Replacing a roof can cost £5000 on average, but can soar past £18,000 depending on the size and complexity of the roof. If you need to rewire a two bedroom home, it’ll set you back £1500 to £3000 or more. If you need to remediate mould, it can cost £14 per square foot.
You get the idea: this is tremendously costly. If you do not have the resources or the time to make these changes, then this clearly is not a great option for you.
With any of the aforementioned options, it is important to target the right types of buyers, disclose any significant issues (and comply with legal requirements for doing so), highlight the attractive features (e.g. location, development potential, quality of other components of the house, such as the foundation or plumbing, etc.) and price accordingly.
Work with a “We Buy Any House” Company
The reality is that virtually every house has value. It may be possible to renovate and resell, to transition it into a rental, to develop the land for residential or commercial purposes … Whatever the case, we buy any house companies specialise in this area of real property. They will purchase your home in as-is condition, meaning you don’t even have to apply that fresh coat of eggshell white if you don’t want to.
We buy any house companies typically offer between 75 per cent and 85 per cent of total market value. Keep in mind that you will not have to deal with expenses, such as estate agent and solicitor fees, on top of not being on the hook for repairs and updates.
If you need to get out from a house that is not in good condition, a we buy any house partner can be the best solution – and the one that saves you the most time and money.