When thinking about listing your Louisville home, the thought of getting it ready to sell may be overwhelming if your house has a lot of work to be done. On average, 32 percent of homeowners have been putting off at least one home improvement job for 12 months or more — and the average American home has nine DIY jobs that desperately need attention.
Not to mention the median age of real estate in Louisville is 49 years old!
With those two factors, it’s no surprise that your property needs renovations. Deciding which repairs to make or if you should just sell as-is will be a big decision when it comes to selling a house that needs work in Louisville. But you came to the right place for more information. We’ll share how to sell a house that needs work in 4 steps and tips to sell a house as-is. That way, you have all the information you need before making a decision.
Selling a House That Needs Work
Steps To Sell Your House When It Needs Work
With those statistics mentioned above, know that you are not alone when needing home repairs.
The only issue, though, is figuring out where to begin. These 4 steps to selling a house that needs work in Louisville will help you get started.
Step 1: Figure Out What Repairs You Need to Do to Get Your House Ready to Sell
You may already be aware of some of the repairs that you need to do, but there may be other issues you aren’t aware of. The best way to figure out what repairs you need to do is to hire a home inspector to evaluate your home’s current condition. Hiring a home inspector in Louisville will cost roughly $320. But this will give all the information you need when figuring out what work you’ll need to do to your property to get it ready to sell.
After you get the report back from the home inspector, prioritize the most critical repairs you know will be an issue with the buyer purchasing your home. Also, take into consideration your repair budget. This is where things can get a little hairy. Home repairs are not cheap, especially when they are done correctly. Some people try to cut corners and hire unqualified repairmen or don’t apply for permits required to repair the home. As tempting as it may be, just remember cheap usually comes out expensive, and doing unpermitted work on your home can have legal consequences.
To give an idea of what the cost of home repairs in Louisville look like, here are some standard home repair costs:
- Foundation Repair: $450-$11,000 (even up to $40,000)
- Electrical Issues: $318 for basic repairs, up to $15,000 to have your entire house rewired
- Roof Repair: $650 (partial) up to $10,000 for full replacement
- Repair or Replace a Water Heater: $520 to repair, up to $1,000 to replace
- Water Damage: average cost of $2,300
- Repair Pipes or Installing New Pipes: anywhere from $550 for a drainpipe to $2,400 for a sewer line repair
- Septic System Repair : $1,400 average to repair, $5,500 for a new installation
- Heating or Air Conditioning Repair or Installation: $370 for A/C repair and $280 for furnace fix, to $8,000 for a professional furnace installation, new HVAC system between $1,600-$10,000
- Mold Removal: $2,100
- Termite Damage: average treatment cost $540, but termite damage to property can cost an average of $8,000
Step 2: Figure Out if You Should do Some Updates Around Your House
Doing repairs will be necessary to sell your home, but making some improvements to your house may help you sell in a competitive market. Looking at other available places for sale in your neighborhood would help you to figure out what your competition is offering. Do those houses have updated kitchens and bathrooms? If they do, your listing will be competing against that. So if your home doesn’t have any updates, it may be less attractive to prospective buyers. The only thing about home improvement is that they are expensive and time-consuming. So if you need to sell your Louisville home quickly and don’t want to invest more money into the property, making improvements may not be an option for you. Here are some common improvement costs and time frames to give an idea:
- Kitchen Remodel: Minor remodel $22,500, major renovation $66,000
- Time Frame: 3 to 12 weeks
- Bathroom Remodel: $3,300- $21,000 depending on half bath, full bath, or master bathroom
- Time Frame: 3 weeks or more
- Finishing a Basement: turning a basement into a livable space ranges from $6,500- $18,500
- Time Frame: 3 weeks or more
- Basement Remodel: to improve existing features tend to cost between $10,000-$30,000
- Time Frame: 4-8 weeks
- Granite Countertops: generally range between $2,000 to $4,500
- Time Frame 2-4 weeks (depending on availability of materials)
- Hardwood Floors: $2,400 to $4,000 to buy and install 200 square feet of wood flooring
- Time Frame: 1-3 days to install, materials several weeks depending on availability of materials.
Step 3: Figure Out Your Repair and Renovation Budget
The next step is to determine your repair budget and how much you have to spend. If your house needs a lot of repairs, those should be a priority over making updates. Refer to your home inspection checklist for what fixes you should make before listing your house. Starting with those repairs is important because when a buyer puts an offer on your property, the buyer’s lending company will require their own home inspection before loaning a buyer money to purchase your home. Once the buyer’s home assessment notes the needed repairs, they will become contingent upon the sale of your home. So you can either make the repairs before listing to save you the trouble of doing it later or be required to do them before a buyer closes on your house.
Using your home inspection assessment, make a list of the repairs by most critical to least, then figure out if you can do any of those fixes yourself. Lucky, how to do many simple projects can easily be found online or by watching DIY Youtube videos. Doing simple repairs on your own will help keep costs down.
The next thing you will need to do is get estimates for the critical repairs you cannot do yourself. Compare those bids with how much you have to spend. If there is some money left over, then start considering home renovations. Keep in mind that some home improvements have a better return on investment than others. Minor kitchen remodeling, bathroom renovations, siding replacement, and wood deck additions have better returns. But if there isn’t enough in the budget for costly renovations like those, you can make some less expensive improvements that also have a good ROI (return on investment). A fresh coat of paint on the interior or exterior always goes a long way. Adding curb appeal, replacing the front door, or painting it has shown to be a benefit too.
Step 4: Figure Out How You’re Going to Sell Your Louisville Home
The final step to selling a house that needs work is to decide how you will sell your home. There are several options available, like:
- Selling with a Louisville Real Estate Agent
- Selling By Owner
- Selling to a Local Home Buyer
Let’s look at these a little further to help you decide which option would best for you.
Selling with a Louisville Real Estate Agent
There are many types of realtors out there, top-selling agents and some who sell real estate part-time. It’s wise to pick an agent you feel comfortable with and also one that you can trust to sell your home. Working with a top agent may sound promising, but you may end up feeling like a number. To be a top agent requires you to work with multiple clients at a time. Would your listing be given enough time and attention to, like all their other listings they currently have?
Working with a slower agent may not be any better, though. They may have more time to dedicate to your listing but may not have the experience to sell your house quickly.
Either way, when you work with a real estate agent, they usually have you sign a listing agreement, giving them 3 to 6 months to sell your home, and upon the sale of your home, you are to pay them 5-6% of the final sale amount. For example, if your house were to sell for $250,000, your agent’s 6% commission will cost you $15,000.
That amount doesn’t change if your agent works hard to sell your home or seemingly with little effort. All things to consider when deciding on how you’d like to sell your Louisville home.
Selling By Owner
When people learn more about selling with a realtor and the cost of hiring one, they usually consider selling by owner instead. Selling by owner isn’t a bad idea; you would be in charge of selling your home and how much effort you put into it. But usually, people are surprised by how much effort it takes to sell a house on their own. To sell a house by owner, you will need to:
- Determine a competitive asking price.
- Make repairs and improvements.
- Come up with a marketing plan.
- List your home on the MLS.
- Advertise your listing and put a For-Sale sign in the yard.
- Take phone calls and answer anyone interested in the property.
- Schedule showings.
- Get the house ready for showings.
- Host open houses on the weekends.
- Talk to buyer’s agents interested in the home.
- Consider offers that come in.
- Negotiate with the buyer’s agents.
- Confirm buyer financing.
- Set up the closing.
And that’s just the tip of the iceberg. Many people just don’t have time to dedicate to selling their house on their own.
Selling to a Local Home Buyer
Another option to selling a house in Louisville that needs repairs is to sell to a local home buyer. Homebuyers are different from traditional buyers in that they buy houses for cash, in as-is condition, and don’t charge realtor commissions.
Paying in cash does not require approval by a lender, including being subject to all their contingencies.
This also means they can close on your property quickly, usually within 7-14 days. Currently, on average, homes in Louisville, KY, sell after 47 days on the market. And then escrow takes 30-60 days. So you could be looking at several months until your house officially sells, and you would be able to move out.
A home buyer can close so much quicker and get you on your way to your next home faster.
Since you’re selling a house that needs work, selling to an as-is buyer is an ideal solution. You wouldn’t have to go through all the steps, expense, and hassle of making repairs to sell your home. Instead, sell to an a-is buyer who can take on the cost and headache for you.
Home Improvements Before Selling
We’ve talked about home improvements a lot and repairs before selling your Louisville home. However, whichever option you use to sell your house will also influence doing renovations to your home. When selling with a real estate agent, he or she will probably advise you to make repairs around the house, and if you were to sell by owner, you would need to make fixes too. This is something to remember if you’re trying to sell your home quickly since repairs take time and money. And at the end of the day, that doesn’t guarantee a quick home sale. So why not consider selling your house as-is?
Selling your property as-is would be your best solution if your house needs a lot of work. Going through the hassle of hiring a home inspector, making a budget, getting estimates for the job, managing and supervising the project, and spending a lot of your time, money, and effort doesn’t sound worth it when you can sell your house as-is without all that headache. The only thing you would need to do to sell your home in as-is condition is to find a local home buyer.
How to Sell a House As Is
If you’re interested in selling your property as-is, contact Time Worthy Property Solutions today. They are an as-is homebuyer in the Louisville area that pays in cash and can close on your timeline. They do not charge agent commissions and even pay closing costs. Selling a house that needs work in Louisville has never been easier when you sell to Time Worthy Property Solutions. Their website goes over How It Works, Their Company, and answers your FAQs if you would like more information. They also have a 5 star Google rating and a FREE guide -The Pros & Cons Of Selling Your House To A Local Professional Home Buyer.
To get a Fair Cash Offer with Time Worthy Property Solutions, click here.
Hopefully, all of this information has helped you decide if you should do the work to your home or sell as-is. There are pros and cons to both options, but if you’re ready to move on with your life and not go through a home renovation, that is totally understandable. It’s nice to know there are options out there and that selling your house as-is can be so easy when you work with a home buyer like Time Worthy Property Solutions.