When it comes to home improvement projects like repairs and renovations, there are times you’re your house in Phoenix requires costlier repairs than it’s actually worth. Some homeowners are lucky enough to have insurance cover the costs of repairs from certain types of wear and tear. But if you’re uninsured, underinsured, or have a home in poor condition, you might find that completely repairing a home isn’t an option. Is resorting to selling your house fast the only solution you should look at?
You’ll be glad to know that you have several options on how to handle repairs for your house in Phoenix. Here are some of your options, as well as the pros and cons you should weigh out.
Selling Your Phoenix Home As-Is – Below Market Value
Most Phoenix homes on the real estate market undergo extensive repairs and renovations before being put up for sale. But if that’s not an option, you can opt to sell as-is. Things like market trends, location, and your target buyers can affect how well you can sell, but keep in mind that a house in poor condition is very unlikely get market value offers. As a homeowner, you’re required to disclose all the damage you’re aware of, which will affect the buyers’ interest. And since buyers will be shouldering the costs of these repairs, they’re going to weigh out the pros and cons of buying and repairing your Phoenix home versus buying a home that’s ready to move into.
One advantage of this option is that you don’t have to spend on anything for home improvements. However, there are still some costs associated with selling on the market. The disadvantage, however, is that you’re limiting the number of people interested in your home. Aside from the smaller pool of buyers looking for fixer-uppers, many mortgage lenders reject home loans in Phoenix for properties in poor conditions.
Take Out a Loan to Conduct Repairs
You might not have the funds to do repairs, but if you’re planning on selling your home in Phoenix, think of a loan as an investment on your sale. On top of fetching a better price on the market, you’re more likely to sell your house in Phoenix faster and for a better price close or above market value. The average home in Arizona can take less than 3 months to close the deal. If you want to avoid spending months on the market, your best option may be to fix your Phoenix property before putting it out there.
However, depending on the severity of your home’s condition, some houses may really be too far gone to profit from a sale after repairs. Also, depending on your financial situation, it might be difficult to find a loan. On top of that, you’ll have to deal with loan repayments even while your Phoenix house hasn’t been sold yet.
Choose Your Repairs
If you’ve got a limited budget that can’t fix the entire home, you could opt to limit your repairs to the most important parts of the home. After all, it’s hard to sell a house in Phoenix with a damaged foundation and a termite problem, but you could probably get away with outdated water fixtures. You might not get the attention of those looking for brand-new fixtures and features, but you’ll minimize the effects the major damages have on your property’s value.
Ultimately, it’s best to have a professional contractor and your real estate agent recommend which areas should be repaired to maximize your budget.
Sell to a Professional Home Buyer
Why deal with the hassle, uncertainty, and lowball offers of selling on the real estate market when you can get a fair offer on your home from a cash home buyer in Phoenix, AZ? Instead of listing your property and waiting months for someone to take your home as-is, you can get an offer within one week of processing.
With United Home Offer, you can experience a faster and more convenient home selling process that maximizes the value of your home. Our flexible timeline and fair cash offers can help you with a fast sale, regardless of the condition of your home.
Despite the condition of your Phoenix home, you may still have several options to consider. When selling on the market, you might have to manage your expectations in terms of offers and how long it takes to close a deal. But if you want a home selling experience that gives you a fair cash offer and flexible solutions, United Home Offer is the best way to go.
Contact us today to sell your home in Phoenix, AZ fast and for a fair cash offer that maximizes the potential value of your properties.