Selling Distressed Homes - Part 2
Updated: Feb 8
2. Fix it up
Some distressed homeowners who are needing to sell may think that it would be a good idea to fix up the home a bit before they sell. This could be beneficial if you intend to fix the home close to 100% complete. If you’re not able to a
fford this because of material costs, carrying costs while home sits empty or other reasons it may be better to just sell right away.
Most likely you will be looking for an Investor buyer who will be needing this home at a discount to fix and flip, even if you fix it to a certain point they will still need a discount and you may lose money from time and materials you’ve put in to your home.
You are better off to not let any extra cash come out of your pocket and sell.
Many selling homeowners don’t believe this to be true and they end up sitting on their property for months, maybe years while its sitting empty and essentially costing them in more than one way.
Take the cost of repairs you were intending to do to your home and take it off your selling price, this way your not taking money out of your pocket and risking not selling fast and your home sitting.