It’s hard out here for a proprietor.
You may find buying an out-of-state home beneficial if you live in an expensive area and can only afford to rent or want to diversify your investments. You may also find yourself suddenly bestowed with an inherited house in another state with no idea what to do with it or how to take care of it.
Things can come up at an out-of-state property, such as routine maintenance or emergency repairs, that are hard to manage from far away. You can do your best to handle the issues from where you live or you can start looking for alternatives.
Here’s what to do if your out-of-state property needs repairs, how to control the situation from a distance, and what to do if you just don’t want to deal with it.
Being able to take care of repairs on a property while living in another state depends on the funds and effort you’re willing to put into the project.
If you have major repairs to do, and you have the time and money to spend, go ahead and get the big issues taken care of. If you decide to sell, your future buyer will be pleased they don’t have to deal with any huge renovations and can move into or rent the home immediately.
If you have minor repairs to address, knocking out these little problems will take up less time and not cost as much money. You may even be able to find a buyer who is looking for a project and willing to do the heavy lifting to make the house their own.
If the repairs are non-negotiable, those are likely major safety issues that will stand in the way of a sale. It’s best to take care of these repairs while you can. Otherwise, you will probably struggle to find a buyer or risk a deal falling through.
Unless “out of state” just means a short drive for you across the state line, you need to plan on spending some substantial time on the property in order to do the work. Or you could hire someone to do the work for you. If you can’t or don’t want to do the repairs yourself, you can look into recruiting workers (e.g., a property manager, contractor, electrician, plumber, etc.) to get the job done.
Even though you’re not directly involved in the renovations, you need to make an occasional visit to the out-of-state property to make sure progress is being made and an inspection is done after the work is finished. In the end, you must ensure that everything is up to code with the various property, homeowner, rental property, and landlord laws in the state.
When you don’t want the property anymore and doing repairs to sell it at a good price is just not feasible, you have to sell as-is. This means you will have to price the home low so that potential buyers see it as a good deal.
Selling out-of-state property by listing it the traditional way on the real estate market may take weeks, months, or even years if the home is not in good shape. You may be able to find someone who wants to buy a fixer-upper, especially if your home is in a popular neighborhood. But who knows how long that could take?
Instead, consider working with an investor who will purchase your home for cash. It’s a quick process that takes the property off your hands and can be done even if you live in another state.
Now you know what to do if your out-of-state property needs repairs, how to manage the work from far away, and why offloading the home in a hurry may be the better option.
Attempting to take care of a home from a distance is difficult. A cash buyer can purchase your house—even if you don’t live in the area—and relieve you of the responsibility of repairs and homeownership. It doesn’t matter what condition the place is in.
Contact New Again Houses® today if you’re interested in selling out-of-state property. We can give you a fast and fair cash offer that may help make your decision easier.