Many homeowners choose to sell their homes as-is when they need to make a quick sale or when they don’t want to make renovations or repairs. Selling your house as-is can save you time and help you get your house off the market in record time, but will you make a profit? This article aims to shed more light on how selling your home as-is works. Continue reading to learn more.
How much do you lose selling a house as-is?
When you sell your home as-is, you could lose about 5-30% of your profit depending on the condition of your house and what renovations the buyer will need to make. So if you were to sell your home which is valued at $350,000, you could lose between $18,000 to $105,000 selling your home as-is.
Selling your home as-is doesn’t mean you may not make any profit when compared to selling traditionally, however, selling as-is comes with some expected losses, such as:
- 5% for a move-in ready house
- 10% for a house that needs minor renovations
- 30–50% for a house that needs major renovations
You might not lose any money if your house is in great shape and condition before selling as-is, otherwise, expect to lose some money when selling as-is.
Understanding the Cost of Selling a House ‘As Is’
The real estate market is not the same in every location. In an active market, buyers might be ready to buy a house and make repairs immediately. But in a slower market, they may choose not to buy a house in need of too many repairs.
The state of your house affects how much you might lose when you sell as-is. If your house needs minor repairs, you might not lose a significant amount but if your house needs major structural repairs, you might lose a substantial amount in profit.
Even when you’re selling as-is, you’re still obligated to disclose laws. Your buyer must know every detail about the condition of the property even if you’re selling as-is.
Things to Consider Before Selling Your House ‘As Is’
- Professional Home Inspection:
Selling your home as-is requires that you’re transparent with your buyer which makes getting a professional home inspection paramount. When you know every detail of the condition of your home, it gives you a higher bargaining power and helps you settle for the best price.
- Real Estate Agent’s Advice:
Hiring a local real estate agent can help you know more about the market conditions. A real estate agent can help you determine if selling your house as-is is the best option for you. They have insight into how buyer’s in your area operate and what they look out for in houses before they buy.
Before selling your house as-is, consider the cost of making repairs and renovations and compare it to the price at which you might be asked to sell it. Sometimes, making minor repairs in your home before selling as-is can increase the value of your home.
You may lose money when you sell your house as-is but it all depends on the buyer. When you sell to a reliable cash house buyer who buys houses at the best price, you don’t have to worry about suffering loss. At Austin All Cash, we buy houses in Austin and we close the sale of your house in record time. We’re Austin House Buyers and you can trust us to offer the best price for your house.
Contact us today to learn more about our services!