When you’re stuck with an ugly house in ABQ, you want to know about the best way out. Should I repair the home? Sell it as-is or list directly with an agent? The answer is “neither.” There is a better way to sell your ugly house in New Mexico.
First, let’s get started with two calculations. What is the current value of your home? For a moment, forget about the repairs. You can talk to a realtor to analyze the price of your home without considering the potential repairs. Your realtor can give you an estimate of the price. That’s the price you’ll get minus realtor commissions and closing costs.
The next task is to get an estimate for the repairs. Which repairs are needed to make your house sellable? How much will it cost to remodel your home?
The 3rd step is to know the selling price in your local neighborhood. Review houses similar to yours in the local area. Now you have a few numbers in hand. Subtract the cost of repairs, commissions, and closing costs from the average selling price. On average, commissions and closing costs make up 8%-9% of the price. Let’s say the selling price of comparable properties in the area is $200k, and your home needs repairs worth $30,000. Commissions and closing costs become $18,000.
Next, you need to pay for holding costs, building permits, cleaning, staging, and photography. Estimate to spend another 2%-3% of the selling price. Subtract the numbers, and the result is approximately $146,000. That’s the amount you can make after repairing and selling the house. Now you have to decide whether you want to make repairs or would like to sell as-is. Keep in mind that if you sell as-is, the buyer won’t be able to offer you direct $146k. That’s because of the time they are spending and the risk they’re taking by buying as-is.
In many cases, a cash offer can come close to the original estimate. For instance, a cash buyer might offer you close to $140k with a quick closing, no hassles, and no repairs. You’ll get cash for your home within a few days. If that’s what you want, click here to get a cash offer today.
An ugly house is not just a property that has lost its appeal. Other situations make it difficult to sell your home in New Mexico.
Is it a good deal to list your home on the MLS and pay for the commissions? Your real estate agent can’t sell an ugly house for a better price. Traditional buyers can’t finance your home because of bank restrictions. Maybe it’s time to get rid of that ugly house and move on with life.
At Heritage Home Solutions, we buy ugly houses for a cash price. Have an ugly house that you want to sell? Connect with us because we would like to make a purchase. We buy ugly houses regardless of the condition or the circumstances. The cost of repairs or location doesn’t stop us from making a purchase. Contact us. Our team will run the numbers with you to come up with a fair price, and we’ll pay you cash for the house.