Published November 10, 2020
How to Sell a House When You Can’t Afford the Repairs
There’s no way around it; you’re stuck.
Your home needs a lot of work, and you can’t afford to fix it up. You want to list it, but who’s going to buy a money pit?
There are things you can do to make your home more attractive to potential buyers without spending your life savings. There are also ways to get around making any investment and not forking over one single penny.
Here are some of the options involved in selling a house that needs a lot of repairs.
How Do I Go About Selling a House When I Can’t Afford the Repairs?
Just because your home needs renovations doesn’t mean you can’t sell it. There are ways around paying for big-ticket fixes. We’re going to explore what it would take for you to make some minor repairs, apply for a home improvement grant, or sell the house as-is.
Make Some Minor Repairs
If you can’t afford major repairs, focus on the minor fixes that may make the home more attractive to potential buyers. Tasks like adding fresh paint, installing new hardware, and updating the bathroom don’t have to cost a lot of money.
Curb appeal is a good place to start. First impressions matter. If a potential buyer falls in love with the exterior of the home, they may be willing to invest the money to make it look good on the inside, too. Simple activities like power washing your driveway or trimming back overgrown bushes can make a difference.
Making your home look bigger to potential buyers can also up the “wow” factor. Declutter your space, organize your belongings, and remove old furniture. Take a look at the floors once the clutter is gone and see if it’s worth spending a little bit of money on basic carpet that will give the house an updated feel.
Get a Home Improvement Grant
You may be eligible for a government-sponsored home improvement grant to update your property. This is not a loan, so you don’t have to pay the money back.
A good place to start looking for a home repair grant is your local Housing and Urban Development (HUD) office. The HOME Investment Partnerships Program, for example, is designed for low-income homeowners. Organizations such as the National Residential Improvement Association and the U.S. Department of Agriculture (USDA) also distribute home improvement grants.
Eligibility and requirements vary depending on which home repair grant you’re applying for. The details are usually tied to income, location, and the type of project. The USDA requires the property to be in a designated rural area and the money to be used to address health and safety concerns or improve accessibility.
Sell Your Home As-Is
It’s not impossible to sell your house as-is. Some buyers look for houses that need work so they can renovate and resell. Or they just like getting their hands dirty with a challenging project.
If you’re working with a real estate agent to sell your home as it stands, you’ll have to give them (and potential buyers) full disclosure on what’s wrong with it. You will likely get less money than you were hoping for. You may have to settle for a short sale. But you won’t have to foreclose and watch your credit suffer.
The way to best market your fixer-upper is to focus on the positives. Features like a great location, a huge lot, and an open floor plan can overcome the negative aspects. Be sure to price it appropriately and be aware of whether you’re selling in a buyer’s or a seller's market. Pay attention to your listing description and use attention-grabbing keywords such as “updated” and “landscaped.”
Sell Your Home to a Cash Buyer
When you sell your home to a cash buyer, there are no repairs to be made. There’s not a lot of back and forth on the asking price. And there’s little time wasted waiting for the deal to go through.
Selling to a cash buyer is a quick process that allows you to get rid of your home and put money in your pocket. The steps are simple:
From there, the closing process can take less than a week. You don’t even have to move out the contents of the home if you don’t want to, which is a great benefit if you’ve inherited a property.
- You contact the cash buyer.
- They evaluate the home.
- A fair cash offer is made.
I Can’t Afford a House That I Need to Sell!
Now you know more about the ways to sell a house when you can’t afford the repairs.
You can invest a little money in minor work, take advantage of home improvement grants, or try your luck with the real estate market and sell as-is.
Cash buyers like New Again Houses purchase homes in any shape or form. Contact us today to discuss your property and learn how fast we can close the deal!