Selling AS IS vs. AS REPAIRED
Dear Phyllis,
My mother has lived in her 1,500-square-foot home for more than forty years. Unfortunately, she now has dementia and can no longer live alone. As a result, it is time for me to move her into an assisted living facility.
At the same time, I need to determine how much work should be done to her home before putting it on the market. For example, the home needs a fresh coat of paint, the floors need refinishing, and the lighting fixtures should be replaced because they are mismatched.
Meanwhile, I work full time and have only one brother, who lives out of the area. Therefore, most of the responsibility will fall on me, including selling the home, coordinating repairs, and securing appropriate senior housing for my mother. Given everything that is happening, I am feeling overwhelmed. Consequently, I would like to understand the pros and cons of selling the home AS IS versus selling it AS REPAIRED. Kelly
Dear Kelly,
I am so sorry about your mother. Many sellers have extreme anxiety over the thought of having to declutter and spruce up their home. Often the anxiety is so great that it can prevent them from putting their home on the market. In your situation, you have much more to deal with, and obviously your priority is your mother.
It will cost approximately $10,000 to have the interior painted, the yard spiffed up, the floors refinished, and new lighting and installation by an electrician. However, spending $10,000 should gain you at least $30,000 in increased value, or it may not be worth the trouble. Or you may opt to simply have the yard spiffed up and the home professionally cleaned once it’s empty.
Contact a real estate agent. Ask them to provide you with two values, one selling AS IS and the other AS REPAIRED. Have the Realtor obtain estimates for the AS REPAIRED value. Once you have all of the facts, you can decide which route to take.
If you do choose the AS REPAIRED route, make sure the real estate agent you hire will oversee all of the work so that you can focus on your mother.
Best of luck to you and your mom!
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