No, you won’t save money by redoing the house first. Inheriting a house can be both a blessing and a burden. On one hand, it can be a valuable asset that can help you secure your financial future. On the other hand, it can also require a lot of maintenance and upkeep, especially if it has been sitting vacant for a while.
When it comes to selling an inherited house, many people are tempted to fix it up themselves before listing it on the market. The idea is that by making some improvements, they can increase the value of the house and get top dollar when they sell it. However, this is not always the case. In fact, it’s often a bad idea to redo the house first. Here’s why.
Overpaying for Contractors and Materials
One of the biggest mistakes that people make when they try to fix up an inherited house is overpaying for contractors and materials. If you’ve never hired a contractor before, you might not know what a fair price is for their services. This can lead to overpaying for work that could have been done for much less.
Similarly, if you’re not familiar with the cost of building materials, you might end up paying more than you need to. This can eat up a lot of your savings and leave you with little to show for it.
Over-Improving the House
Another mistake that people make is over-improving the house. This means putting in features that don’t actually add value to the house. For example, putting in a $90,000 pool might only increase the home value by $20,000. That means you’ve spent $70,000 for a feature that didn’t give you a good return on investment.
It’s important to understand which improvements will actually add value to the house and which ones won’t. This requires some research and understanding of the local real estate market. If you’re not familiar with the area, you might end up making costly mistakes.
Sell As-Is to Someone Who Specializes in This
So, what’s the solution? Instead of trying to fix up the house yourself, it’s best to sell it as-is to someone who specializes in this. Homeinc is one such company that buys houses in any condition. They will take care of any repairs or improvements that need to be made, so you don’t have to worry about anything.
Selling to a company like Homeinc is often a faster and easier way to sell an inherited house. You don’t have to spend time and money fixing it up, and you don’t have to worry about finding a buyer who is willing to pay top dollar for the house.
In conclusion, while it may seem like a good idea to fix up an inherited house before selling it, it’s often a bad idea. You may end up overpaying for contractors and materials, and you may over-improve the house on features that don’t actually add value. Instead, it’s best to sell as-is to someone who specializes in this, such as Homeinc. This way, you can save time, money, and stress, and get a fair price for your inherited house.