Cracked roof shingles, a basement full of mold, walls with holes, a porch about to crumble on your playful teens does nothing but spell disaster. Repairs can be too expensive and living around here is far too dangerous. If this describes your house, then you might be considering selling it. Here are just a few reasons for doing away with your fixer-upper house.
1. You Inherited It And Don’t Want It
Sometimes you may have an inherited house but you’re living far away. You may be visiting the property once after a long time, making its maintenance almost impossible. Doing repairs may not make much sense as you do not live there much anyway. Since you never purchased it with your own money, it’s easy to let it go at a low price.
2. No Money To Make Repairs
Maybe your problem is not that you live far away. You’ve checked and found out that you can’t afford the repairs. Maybe you’ve gone ahead and looked for a loan from refinancing programs to no avail. Or you’re not comfortable with taking loans because of their mortgage insurance problems. If that’s your case, then just sell the house.
Fixer-upper houses are usually expensive to repair. Some can cost up to thousands of dollars. Fixing doors (or buying new ones), windows, and the roof can take a toll on you. Rather than take the burden upon your shoulders, just to let it go. Someone else can worry about that.
3. House Is Abandoned Or Vacant
If you deserted your house some time ago due to some reasons and do not want to return there, then the best thing to do is sell it. One of the major issues that might cause you to get rid of abandoned property is the presence of hazardous materials within the premise. In this case, you can sell it to someone who is willing to take the risk.
Besides abandoning, you may have rented out the property but it has been vacant for a while now. If there’s no indication that someone is interested in renting it, then you can sell it. It would be sensible to get a small return on your investment than to have something lying there doing nothing.
If you can’t keep up with mortgage payments for your fixer-upper house and foreclosure is looming, then the best thing to do is sell it. Your aim here shouldn’t just be to exchange the home for money but to do it as quickly as possible so as to avoid high foreclosure rates.
5. Need Cash Now
There are those times when you need cash so badly that selling your fixer-upper is the only viable option. Maybe you have an emergency such as a hospital bill or you’d want to buy something on sale that looks more valuable. According to your judgment, letting the house go would be a better option in such cases.
There are so many reasons for selling your fixer-upper house. Sometimes it might be that you inherited it but are no longer interested in it. At other times, you may be in serious need of cash. Whichever the reason, you need to weigh the options carefully before putting your house on sale.