Selling AS IS vs. AS REPAIRED
Dear Phyllis,
My mother has lived in her 1500 square foot home for more than forty years. She has dementia and can no longer live alone. It’s time for me to move her to an assisted living facility. I want to know how much needs to be done to her home before putting it on the market. Her home needs a fresh coat of paint, the floors refinished and new lighting fixtures (they are mismatched). I work full time and have only one brother who is not local. All of this will be on me. The selling, the fixing, securing her senior housing, etc. As you can imagine, I am feeling very overwhelmed. What are the pros and cons of Selling AS IS vs. 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, 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.
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.
Or you may opt to simply have the yard spiffed up and the home professionally cleaned once it’s empty. 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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