Inheriting a house can be an unwanted burden, especially if that house is in disrepair. Navigating the sale of a probate house that is a fixer upper can be difficult, but the following tips can help you master the process.
Gauge how much repair is actually needed
Are all the fixes merely cosmetic? Do you know of major issues that need work? No matter the situation of your particular house, there could be other problems flying below the radar that you have no idea about.
An inspection by a certified home inspector is vital to determining just how much work a house needs. Although it will cost you a few hundred dollars up front, it can save you thousands in unknown damages down the road that the buyers will take out of the sale price—and it provides the peace of mind that comes with being sure you know all the issues.
Pick your course of action
Now that you know where you stand, you can decide how you will approach a sale. Every house and financial situation will yield a different result, so just do what is best for you and your future. If you aren’t sure what is wisest, don’t hesitate to contact a real estate agent to help you do whatever they feel is right for your situation.
Remodel before listing
If you can afford an entire house overhaul, it might be your safest bet. Your buyer’s pool will be wide open with traditional homebuyers who aren’t looking for anything they have to overhaul (or tweak) themselves. Remodeling might include adding or removing rooms, changing the home layout, or updating counters and appliances. But, of course, remodels will take significant time and money.
Repair only big problems
If fixing everything that’s wrong with a house isn’t a viable option, it may be easier to just repair big problems or hazards. Big repairs can often make or break a deal with a potential buyer who’s willing to navigate later renovation; a fixer upper is manageable, but a fixer upper that has major water damage or needs a new roof might be too much to tackle. Getting rid of mold or termites, replacing the roof, removing hazardous materials, or making any structural changes to make the house a safe environment will make the home more attractive to those looking for a lower price point or are willing to put in a little elbow grease.
You can also simply not change the house at all. If it’s not financially feasible to do what needs done, you can sell the house as is. Of course, this will lead to a few sacrifices in other areas—it won’t sell at the highest price point—but it saves you the stress of renovating and hoping your work pays off.
Cash buyers are pretty common in today’s market, and they do offer unique perks that you don’t get by selling another way. The sale will close quickly, you receive payment almost immediately, and most cash buyers are pre-approved. Selling as-is won’t earn you the big-ticket price you might get after a remodel, but it saves you in renovation costs and gets money in your pocket fast. Ryan’s Buying is the best cash buyer option in Southeastern Wisconsin because he will offer you the most money for the house.
Selling a probate house that is not in optimal condition comes down to a consideration of priorities. Is your budget the biggest factor you need to plan around, or the total amount you want to make from selling the property? Do you have timeline restrictions? Figuring out what your specific situation yields is key to finding the best way to sell a house. Ryan’s Buying can help you sell the house with no hassle and will give you the highest fair market value for the property. Don’t call your agent call your buyer!