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When selling a home, many decisions need to be made. Should the home be sold as-is? Should you make some repairs but skip others? What repairs will guarantee a worthwhile return on investment? We’ve got the answers to some frequently asked questions.
What are the benefits of selling as-is?
Selling a property “as-is” means the buyer will purchase the home in its current condition. This strategy tends to work better in a seller’s market. Home buyers go into the home sale with the understanding they will not be able to ask for repairs during negotiations or after home inspections.
For the seller, there are a few reasons why something may be sold as-is. First, it eliminates the need to undertake large expenses, such as replacing an aging roof. Or, perhaps the seller is in a time crunch, and their moving timeline will not allow for major repairs or projects. For other sellers, the simple convenience of selling a home as-is may be reason enough to forgo big projects prior to selling.
What are the cons of selling as-is?
Selling a home as-is could result in less profit. Another possibility is that the home could sit for a longer time on the market. If the buyers require financing, they may face challenges from their lender. Some mortgage loans require certain repairs to secure financing if the home is in poor shape.
Take into consideration Bainbridge Island market conditions when deciding whether to sell a home ‘as-is.’ An experienced real estate agent can also conduct a Comparative Market Analysis to price the home correctly. Homes that are properly priced generally sell faster. Your detailed CMA report will evaluate similar homes sold in your neighborhood to estimate your home’s value.
What upgrades give me the most bang for my buck?
Each year, the trade publication Remodeling releases a Cost vs. Value report. It compares 23 remodeling projects and compares their value at resale. There are four investments with a high return on investment for the Seattle area. Siding replacement (fiber cement siding or vinyl siding) can have a Return on Investment of up to 150%. An HVAC conversion, a fiberglass front door replacement, and a garage door replacement are other profitable projects for our area. Check out their list to see if a kitchen or bathroom remodel is worth your time and effort before selling. You’ll also want to discuss specific potential projects with your local real estate agent. They will know what is worth it based on their local market expertise.
How can I fund home updates with high up-front costs?
If you have decided to invest in some home repairs or upgrades, but they come with a hefty price tag, consider the Windermere Ready program. With guidance from an experienced real estate agent, this program’s goal is to allow you to invest in high-impact repairs and home updates to sell your home for more. It offers up to a $100,000 loan and includes a customized consultation, an action plan, and professional staging.
Which repairs are necessary before selling?
While high-end upgrades and home projects might make the home more aesthetically pleasing, essential home repairs should also be kept in mind. The repair and cleaning checklist in our Guide to Selling a Home is a comprehensive document for prepping your home. Simple repairs include fixing loose trim and fencing, stopping leaking faucets, and applying a quick coat of paint to cover small knicks.
Similarly, don’t forget the outdoors. A working doorbell and a functioning front porch light will leave a good impression, even if you’ve decided to sell the home as-is.
What’s the least I can do to ensure my property looks presentable?
Whether you’ve decided to sell the home as-is or invest in some upgrades, still ensure it presents well. A decluttered space will leave a good first impression. Clear countertops and store extra items out of sight. Pull up your sleeves and start scrubbing or invest in getting your home deep cleaned. Get rid of any unwanted odors and pay attention to details that buyers and their agents will notice, such as dirty window sills and ceiling fans. Then, ensure the exterior is clean too. Wash windows, clean your porch and/or deck, and make sure you keep your lawn mowed and tidy.
What do I have to tell buyers about the condition of my property?
When it comes time to disclose the condition of the property to potential buyers, follow all rules and timelines to complete the Washington State Seller Property Disclosure. Also known as Form 17, it is required by Washington state law (RCW 64.06.020). The form includes typical property issues that may arise.
Who can I talk to so I can decide if I want to sell as-is or make repairs?
We have a team of experts who are willing to review your selling needs, timeline, and budget. Our agents would be happy to discuss whether selling the home as-is would be most beneficial to you. Or, perhaps a few home upgrades would be worth the time and effort to sell your home for top dollar.
