So, you have explored your different options for selling your house, and you feel that selling your property to a “we buy houses” company is a good option. But the issue is that the house you want to sell is old and probably requires repairs in more than one department. Well, you do not have to stress much about it because we buy houses companies buy houses as-is. This means that a cash home buyer like a “we buy houses” will take the property without requiring any repairing or maintenance work done on the property. As a matter of fact, a cash buyer will probably take a house in any condition, whether it is old or even a rundown property.
Why “We Buy Houses” Buy Old Houses?
Now, one must think, why do these real estate investors buy old and damaged houses? The reason is that investors like “we buy houses” buy properties that are in less favourable conditions so that they can turn or flip these properties and make a profit off them.
This means that they will buy a house as-is for cheap, and then they can make a profit in a number of ways. In a fast-moving market, they can buy low and sell high. Or they can invest further in the property and repair it to convert it into a rental, thus providing a revenue stream. Or they can even repair and maintain it to sell in the real estate market, giving them a good profit.
All of these reasons are good motivation for “we buy houses” companies to buy old houses without much hesitation.
Drawbacks of Selling a House As-Is:
Selling a house as-is can be very beneficial in many cases, but there is also some risk involved. The risk involved can be an overestimate of the repair costs from the cash buyer. Most of the time, the repair costs given by the buyer are identical to actual repair costs and are also verified by concerned tradesmen. Still, there is always the risk of shady real estate investors trying to rip you off. Proper due diligence on your behalf can easily help you weed out such scams.
The value of an old house that requires repairs is also very low. The value can be improved significantly by doing some quick and easy repairs. Some easy upgrades to an old house can be:
- New paint can be done in a short time and increase value.
- Caulking work in kitchen and bathrooms
- Professional cleaning of the lot
- Improving the curb appeal can make a big difference in property value
“We buy houses for cash” companies can buy a house as-is, but that doesn’t mean that you have to settle for less. You can do some minor and quick repairs to get the most out of your house. It is always a good idea to have a complete survey of your house beforehand so that you can have an idea about the valuation of your house.
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