When it comes to selling a fixer-upper property, there are several routes you can take depending on your time, budget, and desired outcome. From tackling the renovations yourself to selling as-is, each option has its pros and cons.
Whether you’re looking to maximize your profits, avoid home improvement headaches, or simply offload the property quickly, it’s important to weigh your choices carefully. Here are five common strategies for selling a fixer-upper that will help determine which one best fits your needs:
Option 1: The DIY
If you have some time on your hands and perhaps some experience in the world of handiwork, you can choose to fix your property up yourself. This can be a passion project that can be a great deal of fun, but it can also be a lot of hard work. You may need to learn some new skills, and as a newbie, you risk messing up and needing to go back and repair certain areas of your home.
If fixing up your property on your own goes well, you can save money on labor costs. Without the need to hire a contractor and laborers, you can save money by not paying the hourly wages of these workers. You can work on your timeline at your own pace. You don’t need to worry about waking up to the sound of hammers and drills because the workers are still in bed. Doing your own work means no disappointing phone calls with your contractor telling you that the project will take longer than expected…again.
That said, DIY renovations don’t always go well and can be risky. If something goes wrong, you may need professional help to fix your mistakes. This can lead to your DIY that was supposed to save you money ending up more expensive later on.
Option 2: Hiring Contractors
If you don’t have the time or patience to fix up the property yourself, you may want to pay the cost of renovation up front and hire some professional contractors to do the job. This is an excellent option if you want it done right the first time or want specialty add-ons installed on your property.
This option can be risky and more expensive; you shoulder a great deal of money on the front end of a possible home sale that may not return the cost of the upgrades. You are also at the mercy of your contractors’ timeline and forfeit a lot of the privacy that you have in your home. However, with a trusted contractor, you can get the job done more quickly than if you did it yourself. They will also likely complete the work to a higher standard than yours, which prospective buyers will appreciate.
Option 3: Hire a Realtor
Whether you choose to renovate on your own, with a contractor, or not at all, you can sell your home with a professional. A real estate professional can help you navigate the intricacies of selling your fixer-upper, no matter the state it is in, advertise it, handle negotiations, and assist in closing a sale.
Hiring a real estate agent is an excellent choice for those who want to sell their home for the most money possible while doing the least amount of work and are willing to wait for a good deal to strike. It should be noted, though, that real estate agents typically charge high commissions, which can take a large chunk of change out of the final sale of your home.
Option 4: FSBO
If you want to avoid high realtor fees but still want to sell your home on the market, you can choose to list your home as “For Sale By Owner” or FSBO. While you can save money and eliminate the need for a third party to serve as a middleman in your home sale, it is worth noting that all of the jobs of a real estate agent fall on you. The advertising of your home, the legalities of a home sale, and the negotiation of a deal are your responsibilities.
When you sell your home on your own, you can also sell it off the market. This typically involves selling your house to cash home buyers in Baltimore who are willing to work with you to make an all-cash offer. Many buyers are part of larger companies experienced in fixer-upper buys and can strike a deal quickly.
Option 5: Selling As-Is
If renovating your home in any manner sends your heart rate through the roof, you should strongly consider selling your home in as-is condition. It may not fetch top dollar, but it will allow you to get the property off of your hands quickly and without needing to put a great deal of time and money into renovations. There are plenty of as-is home buyers in Baltimore willing to make you a cash offer on your home and seal a deal quickly, no matter the condition of your home. This is likely the quickest and easiest way to sell your fixer-upper, which is ideal for anyone looking to stop worrying about their fixer-upper fast.
Choosing the Best Strategy for Selling Your Fixer-Upper in Baltimore
The option you choose to sell your fixer-upper depends on your specific circumstances and skills. Whether you’re eager to tackle a DIY project, prefer the expertise of a contractor or a real estate agency, or simply want to sell the home as-is without any hassle, each approach has its benefits and trade-offs.
Consider the time, effort, and financial investment involved. You can make an informed decision that aligns with your goals and timeline. Whatever route you take, don’t worry–there’s a buyer out there for your fixer-upper.