There are plenty of hidden costs when selling your house. Zillow estimates that the hidden costs of selling a house starts at around $6,500 and can even reach over $20,851 on average. While costs like sales and transfer taxes are unavoidable for everyone selling their properties, fees like agent commission, remodeling, staging, and cleaning costs can pile up.
But one option exists for those wanting to sell their home without having to invest in your house just to spruce it up and put it on the market: selling your house “as is,” or selling your property without having to pay to spruce it up. There are plenty of real estate companies that buy homes in Dallas as is. But should you decide to go that route, here’s what you need to know.
Selling Your Home As Is
When you sell your home as is, you’re selling your property in its current condition. You won’t repair anything, make improvements, or allow buyers to haggle the price so you can get it fixed before they buy it. If a house has no need for repairs or has no signs of wear and tear, sellers do not have to call it “as is.”
The term “as is” serves as a warning to the buyer that there is some wear and tear that may need a fresh coat of paint or there may be major repairs required before they can move in. Homeowners that choose to sell their home as is do so because they either can’t be bothered to make repairs and want to sell the property fast, or they can’t afford to fix these problems. It’s also possible that “as is” homes in the market are in that state because of foreclosures or because someone inherited the house and needed to sell it but do not know how far the extent of the damage may be.
By openly selling your house as is, you’re basically telling the buyer to take it or leave it. You won’t be responsible for any problems they encounter (though it’s your responsible for disclosing all the problems) and the buyer will be responsible for fixing it. Negotiations are still possible, but usually for as is homes the price is much lower than what it would be if the house had no damage since the buyer will have to shoulder the cost of repairs.
Benefits of Selling As Is
One of the biggest benefits is that the costs of selling are much lower. You’ll still be required to pay applicable taxes depending on where your property is, but you can forego the costs of repainting, lawn care, professional house staging, and real estate agent commissions.
Second, you can sell your house much faster. There are plenty of real estate companies that buy houses as is, which means you won’t have to spend time finding buyers. So, you don’t have to put your home up on online real estate listings as there’s already a business willing to buy your property for a fair cash offer. And unlike most buyers who have to take out a loan to purchase your property, these companies can pay out of pocket.
Finally, if you want to get money out of selling your house quickly, it can be possible. Aside from the fact that real estate businesses can pay you for your house, if you’re looking to sell your house as it, it is possible to list your house for cash offers only. This is because your house may not be qualified for your buyers trying to secure home loans, so serious buyers will have to give you cash for your house.
The Cons of Selling As Is
Houses with no damage or no need for improvements sell higher than as-is houses. This is because buyers will be burdened with the costs of repairing the house themselves, which is why they’re not willing to pay the market value price of a house that needs major repairs. So, if you’re looking to make the most out of your property, you’re much better off paying for the repairs yourself and then pricing your property much higher.
Aside from the much lower price, if you’re more concerned with the time it takes to sell your house, you may be better off selling it as is. That way, you reduce the hidden expenses of having your house sold and can make the most out of your property’s condition.