How to Sell an Old House That Needs Work in Chicagoland
If you are the owner of a home that has some years behind it, it’s normal that it may need repairs or renovations before being put on the market. Competing in today’s real estate market can be even more difficult when trying to sell a home that needs work, but it certainly is possible! Read on to find out how you can easily sell your old Chicagoland home no matter what condition it is in. We will be going over five different options available to homeowners like you:
1. Perform Major Repairs Only
If you are dead set on selling with a real estate agent, you will first need to submit to a presale inspection. This will help to identify any issues that must be addressed, such as roof repairs, plumbing repairs, hazardous material removal, electrical or HVAC repairs, and even pest control. Since most private buyers are unwilling to take such extensive work on with a newly purchased home, it can be difficult selling a home in need of serious repairs. That being said, some prospective buyers may be willing to purchase a ‘fixer-upper’, if the price is right and it passes a thorough safety inspection.
2. Renovate Your House
This is, without a doubt, the most time-consuming and expensive route available to any prospective homeowner. If you decide to try to fully renovate your home, you will most likely invest a sizeable portion of your income into it, but that investment can pay dividends! Buyers are attracted to homes with brand new upgrades, which means a relatively cheap renovation can turn into a huge boost on your market price. The cost of pursuing a full renovation can be daunting, however, so it is not for those with any financial or time constraints.
3. Perform Cosmetic Repairs
Even if your Chicagoland & Naperville home is older, the major components may still be operational and safe enough to pass inspection. If this is the case, consider limiting the improvements to cosmetic upgrades. You will not have to make a large investment when performing cosmetic repairs – even several thousand can spruce up your property! Shrewd homeowners should keep in mind that there is no guarantee that these cosmetic upgrades will yield a larger sale price. You will also have to pay commissions and closing fees if you hire a realtor, so your profit could be negligible.
4. Sell Your House in As-Is Condition With a Realtor
If you do not want to perform a renovation, major repairs, or even cosmetic upgrades, there is always the option of listing your home as-is with a real estate agent. What this boils down to is that you will list your property without performing any repairs and without any implied or explicit warranties or assurances.
Homeowners that pursue this avenue will most likely have to settle for a much lower offer than they would prefer. In general, prospective buyers will shy away from outdated or damaged homes unless they are explicitly looking for a fixer upper, or can afford the required repairs. To offset the added cost, the buyer will generally offer low. This is not always the case, however, as your location may dictate a higher asking price if you are able to wait. Those who find themselves in need of quick cash should consider our last option.
5. Sell Your House to a Cash Home Buyer
Our last option is to sell your Chicagoland home to a cash home buyer like Tony Buys Homes. Companies like ours are made up of real estate investors that have the resources to repair homes and even to hold off on selling them for years if necessary. If you are thinking about how to sell my house fast in Chicagoland there is no catch; we have the money to pay you right away for your home in as little as seven days, so we will generally offer you less than a traditional realtors’ offer. What you get in exchange for that is that you get paid exactly what we offer you: no closing costs, repair bills, fees, or commissions. You do not even need to clean the home!
Simply agree to a short appraisal of your property, allowing Tony Buys Homes to determine the value of your home in its current condition. For many in the Chicagoland community that are owners of distressed homes, a cash home buyer can often be the best option. The best part is, our offers are no-obligation, meaning that even if we perform our free inspection and give you a cash offer, you are not under any obligation to accept it. Call 815-488-6373 to get started right away, or fill out our short form below and we will get in touch with you in as little as one business day.