Pros And Cons Of Fixing Up An Inherited Home Before Putting It On The Market

Real Estate Blog

When you list a house for sale, it won't always be the one that you're currently living in or have recently lived in. Sometimes, you'll find yourself looking after the sale of the home of a recently deceased family member. Perhaps the family member left the home to you in his or her will or asked that it be sold with the profits divided among you and your siblings. Whatever the case, you'll likely want the home to sell quickly. Depending on the current condition of the dwelling, you may be considering fixing up the house before listing it. Here are some pros and cons of doing so:

Pro: You Should Get More Money

Arguably, the biggest reason to fix up a house before selling it is that it should sell for more money. Whether you get to keep the proceeds of the sale yourself or you're splitting the money with your siblings, you obviously want to sell for as much money as possible. The right renovations, whether it's modernizing the kitchen, putting new windows in, or painting the entire residence inside and out, can all equate to a heftier sale price.

Con: Renovations Delay The Sale

Sometimes, you'll just want to sell the residence as quickly as possible. Perhaps you need the money or maybe you just want to move through this process rapidly because it's emotionally taxing to think about the house that your parents lived in for decades, for example. One drawback to fixing up the house is that doing so takes time. Depending on the work that you want to be done, you could be looking at several months of renovations until you're ready to list the price. This delay in selling the house can be unfavorable to some people.

Pro: It Could Likely Sell Quicker

While there are lots of buyers out there who are seeking as-is properties to buy and fix up themselves, more people want a house that needs minimal work. A newly fixed up residence stands a better chance of selling quickly than one that needs a lot of work. Even though it will take some time to complete the renovations, you could be looking at the house being on the market for a very short time after you've fixed it up.

Con: Fixing The House Up Is Time-Consuming

Whether you plan to fix the house up yourself or hire contractors for the work, you'll have a significant time investment on your hands. Even if you're not physically doing the labor, the process of getting quotes from contractors, arranging the projects in a sequential order, and overseeing the progress of everything can eat up your available time. If you're already busy, this route might not be the best thing for you.

Contact an agent to help you find single family homes for sale in your area. 


15 October 2017

Sarah's Renting Tips

Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.