If you have a house to sell, is it worth spending the money to fix it up, or does it make more sense to just sell it as it is? It depends what you’re looking for.
Fixing Up a House
If you’re hellbent on getting top dollar for your home, a recently repaired, renovated, and updated house is definitely going to fetch more money than one that needs work. If you have the money to spend and want to be sure you’re getting the absolute highest possible price for selling your home, then it may make sense to you to pay for major repairs or updates like new appliances, a new roof, professional landscaping, repainting, or bathroom upgrades.
You should be aware, however, that big improvements like remodeling are virtually guaranteed to not recoup the money you put into them. So, is it worth it to get a higher price for your house while losing money on your “improvements”? Doing them for your benefit in a house you live in and plan to occupy for a while is one thing, but doing them purely to raise the value of your home almost certainly isn’t going to be worth it in the end.
The other option is to simply sell your home the way it is. There are a multitude of cash home buyers willing to buy your home as-is, even if it’s not in perfect shape. There are lots of advantages to selling to a cash buyer. You won’t have to deal with any repairs or renovations or have to maintain your house in model home condition while house hunters show up at all hours of the day. A cash sale is typically much faster than a traditional one involving banks and loans. If you need cash quickly or need to move as soon as possible, this may be a good option for you.
What’s right for you?
The decision of whether to fix up a house or sell it as it is really depends on what you’re looking to get out of the work, how much effort you’re willing to put in, and of course what resources you have available to you. If you’re barely getting by, then doing expensive home repairs is not even an option for you. For those who have the cash, it may be worth it to you to spend some money to make more money, but it is by no means guaranteed to pay off.
Spending a couple hundred dollars on relatively cheap improvements like painting, cleaning, or landscaping may be worth it to you by way of attracting more buyers and higher offers, but big, expensive improvements are unlikely to even gain back the money you spent, let alone turn a profit.
For a house you plan on living in for some time, enjoying the fruits of your labor in a nicer, more comfortable home adds immeasurable value, and you’ll be able to make back a chunk of the money you spent when you sell. But if you’re simply looking to maximize your profit on the sale, then spending a lot of money doesn’t make sense because it is unlikely to gain you more than you lost.
Don’t assume that doing costly repairs is mandatory in order to sell your home. Selling as-is may well be a better choice.