What Are the Pros and Cons of Selling Unrenovated Homes

Now that you have decided to sell your home, you may want to consider first whether to sell it in its current condition or if you want to sell your home in a “like-new” condition.

This is very important as the appearance of your home can affect its price when you sell it. In the same way, the money you’ll spend on fixing and renovating your home before selling it can also affect the overall value of your home. Now, if you choose to sell it without lifting a finger, there are many things you need to consider.

Depending on your reasons for selling your home, whether for profit or to pay your debts, it is imperative to consider the pros and cons of selling it in its current condition.

So to help you understand this scenario, here’s a quick guide:

Faster Sale

● Pros

If your reason for selling your house is just to get rid of it, then the selling price may not be really that important. Though you still want to sell it at a fair price, your main priority is still to sell it ASAP.

Realizing that the market value of your home in its current state is just a bit lower than the price when you make repairs, then you will probably not spend time and money fixing your home before selling it. You want to negotiate on reasonable offers and even those who want to buy your house at a lower price as you don't want to imply anything nor offer any guarantees to the buyer as well.

● Cons

Selling your house for a lower price than what you can sell it for when renovated is one of the risks of selling an unrenovated home. Aside from this, it will be hard for you to attract potential buyers as they might have a hard time asking for banks to offer them financing when they buy your property. Also, you might encounter unsatisfied buyers (who know exactly the current condition of your home when they bought it) as they still expect your house to be in a particular condition.

Specific Price

● Pros

If you set the price low, it will be easier for you to sell the house in no time. And your home may be something you can market as a "fixer-upper" property which is attractive to people who want to buy a house for a low price, make repairs, and then sell it for a higher price. In this way, you can get the money for your down payment for your next home. You also won't have to pay for

renovations and repairs. And you would not have to spend on other investments for your property.

● Cons

You may not have a chance of getting the price you have in mind. And if you have a debt to pay, then selling the house now at a low price may not be a good idea. Also, if your house is not located in a prime real estate area for "flipping " properties, then you may have a hard time selling your home.

Conclusion

Selling your house unrenovated is a quick way to do it, but that may not be the best option. If you intend to get a fair price, it is better to spend your time and money renovating your home first.