Can you remember the day you got the keys to your first house? It was no doubt a glorious day, but the chances are that it wasn’t perfect. If you were trying to get on the property ladder, then your first house probably required a lot of work.
Even if you initially decided this would be your first home for a while, put your mark on it.
But as you become more experienced in the world of property, you wonder what to fix up when selling a house and what to leave as it is. You probably also realized there are many alternatives to the property ladder.
Here’s how our guide to doing a house up and selling a house as is.
The most important factor when considering selling a house as is is the profit margin. Can you make a good profit from this house from buying it and selling it on a few months or a year later?
If you can then it might be worth doing just that. However, you might make much more of a profit by changing it. Work out if the amount of money you invest is likely to get you enough of a greater return than selling a house as is.
After making the changes, you will then need to ask of yourself, how to sell my house quickly?
Repairing houses takes time and money. If you will do it yourself, then expect it to take longer than any estimate you make. Remember that you cannot work on any other projects.
If it is a complicated project where the profit margins are not very high, then it might not be worth it because of the strain it could take on you.
If you are hiring somebody else to carry out the work for you, it can still be a nightmare hanging over you. Even with a project manager in charge budgets can spiral and tempers can flare leaving you with very little reward or profit at the end.
A smaller project might be a better fit for you.
If a property needs structural repairs then you need to think carefully about whether to take it on. Unless the price you pay for it is very low then costs for structural repairs necessary to sell the property on could spiral rapidly.
The house could even collapse all together unless the right structural engineers or builders are involved costing you the entire project.
If you do embark on structural repairs be sure to consider the neighbors, unlike this neighbor who used power tools at 4am.
Know When to Fix a House Up and When to Sell As-is
If you are considering whether to fix a house up or sell it as is, then it is important to remember it is a calculated risk.
Do your market research but also factor in the likelihood of things not working out or being more expensive than you anticipated and decide if you can afford the risk.
If you are interested in house renovations then be sure to check out the rest of our blog.