How to Sell an Inherited House That Needs Repairs in Southern California
There’s nothing less appealing to buyers than a home in desperate need of repairs. From huge issues like roof or foundation damage to problems with the utilities, buyers may decide to steer clear of the headaches involved with fixing them.
Of course, if you’re trying to sell an inherited house, you may also want to steer clear of these headaches!
Selling a property that needs repairs isn’t always straightforward, and deciding when to go for an “as-is” sale can be tough. Let’s look at the challenges and costs associated with selling an inherited house without making repairs.
The Challenges of Selling an Inherited House That Needs Repairs
Selling an inherited property in poor condition isn’t impossible, but it can have its own unique challenges. Here are a few disadvantages to keep in mind if you choose this route:
Making Repairs Takes Work
If you do decide to spruce up the property, you may end up investing a lot of time, money, and energy into the work. Cleaning, repairing, and even staging a home can take longer than you’d think, so make sure you’re prepared to tackle a project of this size.
You Won’t Always Recoup Your Investment
Renovating and repairing can help you sell a house faster, but that doesn’t mean those repairs will pay off. Be careful not to spend more money than the house is worth!
You Might Struggle to Find Buyers
If you don’t make repairs, you may have a hard time finding buyers. As you can imagine, the majority of buyers are looking for a property they won’t have to put time, money, and effort into fixing. This often translates to houses that sit for longer on the market.
Estimating the Cost of Repairs in Southern California
Figuring out the expected cost of your home repairs can be tricky, especially if you don’t have real estate or home repair expertise. Worse, every property and repair is unique, which can make it hard to tally the individual costs of each problem you’ll need to fix.
An easy way to get around this is by checking for online estimates of major types of home repairs. Though the cost of a roof repair or mold removal may fluctuate, for example, most online guides can often give you a ballpark figure. You can also contact multiple contractors in your area to get a few estimates for a job, allowing you to figure out what a fair price for each project might be.
If you’re planning to do some of the work yourself, your estimation can become more difficult. You’ll need to figure out what types of supplies you need and check material costs at your local home improvement store.
Is Repairing an Inherited House Worth It?
Once you’ve inherited a home in California, you might wonder whether repairing it is worth your time. Here’s when it might be a good idea to repair an inherited home:
- You know you have the budget to complete repairs
- You think the repairs will increase your ROI
- The home needs only a few repairs
- You aren’t worried about selling the house fast
- You know you can maximize the sale price if you repair the home
- There’s a buyer’s market in your area, and you want to take advantage
Though this option isn’t right for everyone, you might want to consider repairing an inherited house if the statements above sound right for you.
Your Options: Sell As-Is or Fix Up?
Let’s make things clearer by going through the pros and cons of selling vs. repairing a fixer-upper home:
Pros and Cons of Selling As-Is
Selling as-is has a few obvious advantages. First, you’ll sell fast if you aren’t wasting time on repairs, especially if you end up working with a cash buyer. In addition, you’ll save money upfront because you aren’t splurging on the materials or labor for repairs.
However, there are also a few disadvantages. If you sell as-is, you might not make as much money as you could with repairs. You might also get fewer offers if you’re selling with a real estate agent.
Pros and Cons of Making Repairs
The main advantage of making repairs is clear: you’ll often make much more money than you would by selling as-is.
However, there are many more disadvantages. Repairs can take a great deal of time, meaning you’ll have to hang onto the house while paying all taxes and costs associated with it.
If you’re doing some or all of the repairs yourself, you’ll also have to factor in your own efforts via manual labor. In addition, the time spent staging, marketing, and showing a home can add up.
Last, while you’ll often make more money by repairing a home, you’ll have to pay for the repairs upfront.
Selling a Fixer-Upper to a California Cash Home Buyer: How It Works
If you’re only familiar with traditional real estate transactions, you’ll be surprised at how easy and efficient selling to a cash buyer can be. The home-buying process has only a few steps:
First, you’ll contact any cash buyers you’re interested in working with. There’s no need to make repairs; the buyers will inspect your inherited home in as-is condition.
Next, the cash buyer will reach out and arrange a time to visit the property. They’ll evaluate the property’s value on the spot.
You’ll then receive a no-obligation cash offer. Depending on the cash buyer, this may take anywhere from 24 hours to a few days.
If you accept their offer, you’ll sign the closing documents and receive your funds! This can happen within a few business days to a few weeks. In most cases, you can choose the closing date, if you prefer.
Sell a California Inherited House to Us
Deciding whether or not to make repairs can be tough, and every home and seller is different. However, if you choose to sell an inherited house in as-is condition, we hope you’ll trust our expert team to get the job done!
At Premier Property Buyers, we offer fast cash offers without commissions, fees, or closing costs. To learn more or to get an offer, contact us today.