Do you want to sell a damaged house in Memphis, TN, that you’re considering repairing and renovating first?
If so, prepare to spend hundreds or even thousands of dollars. According to Nerd Wallet, even low-end, minor renovation projects in the U.S. can cost up to $20,000. Higher-end ones could cost about five times as much, or a whopping $100,000 or more!
Although renovations can help boost your home’s value, they can be expensive and financially out of reach. The good news is that you don’t have to face high house repair costs just to complete a sale.
To that end, the experts at We Buy Houses Memphis put together this guide on selling a damaged house fast in the Memphis market. Read on for real estate tips to help facilitate and speed up your home sale.
Make a List of All Repairs
Before listing your damaged house for sale, consider assessing the full extent of all its problems. Determining what issues you’re dealing with (and how much it will cost to address them) can help you decide whether selling as-is is a wiser choice over fixing your house and all its problems first.
You have two options for identifying all issues with your Memphis home and its structure: perform a DIY inspection or hire a professional to conduct a pre-inspection.
The former will not cost you anything. Conversely, partnering with a pro can be safer and more revealing, as experts know what they’re doing and what to look for. According to RealtyTimes.com, general home inspections cost about $300 to $500.
Key Aspects of a Pre-Inspection
Whether you hire a professional inspector or opt for the DIY route, the inspection should cover the following areas:
- Exteriors, including the siding, external walls, and roof
- Structure, framing, and foundation
- Walls, doors, windows, ceilings, attic, and basement
- Critical systems, including plumbing, electrical, heating, ventilation, and air conditioning
If you do the pre-inspection yourself, you must note all problems with the above and their extent or severity. If you hire a professional inspector, they should give you a comprehensive report with all their findings.
Get Free Repair Quotes
After your pre-inspection, you should know the issues with your home, giving you time to decide whether to address them (or not). Before you choose not to, consider finding out how much it will cost to repair them by contacting the appropriate Memphis contractors.
For example, suppose you want to sell your home with a 20-year-old roof. If so, the roofing contractor may recommend affordable repairs if the damage is minor (e.g., a few missing shingles). However, they may suggest a complete replacement if the roof has severe problems.
Replacing your roof is a significant expense; Bob Villa says the typical range is $5,727 to $12,418, with the U.S. average being $9,072.
Either way, talk to several building and repair contractors and ask for free service quotes or estimates. The information they share can help you ascertain whether you should consider fixing your damaged house first before selling.
Prioritize Needed Repairs
Once you know the cost of potential home repairs, you can determine whether you have the funds to complete them. If you have a limited budget, consider allocating and using it to address the most crucial issues, such as those that may impact the house’s overall livability and safety.
Plumbing leaks are a perfect example. According to the U.S. EPA, these issues are so common that the average household’s water leaks can account for up to 10,000 gallons of wasted water yearly! In addition to wasting precious resources, such problems can lead to water and mold damage, which can be a health hazard.
Price Your House Competitively
Whether you repair your home before listing it or sell it in its exact condition, you must price it right. Otherwise, you’ll have difficulty finding buyers if you overestimate your property’s value and try to sell it for a higher price than it’s worth. However, you don’t want to underprice it either (even if it has problems) because if you do, you won’t be able to make the most of the sale.
Competitively pricing your damaged house requires the following:
- Researching comparable properties
- Accounting for repairs
- Factoring in your home’s “best” and most “marketable” features
Researching Comparable Properties
Comparable properties, or “comps,” are similar properties in the area that have recently sold or are for sale. They can help determine the fair market value of your property.
For properties to be “comparable,” they must share similar characteristics and features, such as:
- Location: Homes in the same neighborhood or vicinity are the most relevant
- Size: Similar lot size and square footage
- Bedrooms and bathrooms: Must have a similar number of bedrooms and bathrooms
- Age and condition: Overall age and condition, including recent improvements or renovations
- Property style: Similar property types (e.g., 3-bedroom Colonial or bungalow home)
- Amenities: Features like a garage or detached shed, a balcony, patio, etc.
Accounting for Repairs
If you plan to your Memphis home as-is, you must factor in its estimated repair costs. You can use the information from your local building and repair contractors.
For example, say that after researching comps, the closest ones you found are worth $250,000 but have no major repairs needed. On the other hand, yours requires plumbing or roofing work worth $10,000. In this case, you must deduct the repair cost from your selling price.
Your Home’s Best and Most Marketable Features
Just because your house isn’t in top condition doesn’t mean you should undervalue it. Many aspects and features, such as its investment potential, can help you sell your run-down home for a fair price.
Flippers and investors are always in the market for properties that need work. So, even if your house has significant damage, as long as it has one or more of the following aspects that give it an excellent investment potential, you can still sell it at top price:
- Closeness to schools or workplaces
- Proximity to essential services, such as police and fire departments, healthcare facilities, and pharmacies
- Nearness to amenities like shopping and dining
- Availability of nearby green spaces, scenic views, and other recreational spots
Sell Your Damaged House to We Buy Houses Memphis
If your sole goal is to sell your damaged house in Memphis as soon as possible without spending any money on repairs, consider working with our company, We Buy Houses Memphis. As highly experienced real estate investors, we’re the top cash buyer in the area. We can make a fair offer within 24 hours from the time we’ve seen your home.
Here’s what you need to take advantage of our quick house sales.
Reach Out to Us
The first step to selling your home as-is to We Buy Houses Memphis is to call us at 901-641-1895 or fill out the short contact form on our website. We just need relevant details about you and the property you want to sell (your name, contact number, property details, etc.).
We’ll assess your home as soon as we have the crucial information. Minutes after we obtain it, we’ll contact you.
Schedule a Walkthrough of Your Home
When we phone you the first time, our primary goal is to arrange a meet-up at the most convenient day and time for you. On the day you choose, we’ll:
- Visit you personally
- Examine your damaged house first-hand
- Assess your property’s overall condition
- Analyze the area’s current housing market
- Factor in the neighborhood
After the physical walkthrough, we’ll discuss your home-selling goals. We’ll listen to why you want to sell your home and when you want it sold. We’ll factor all these into our fair cash offer, especially if you wish to sell as soon as possible.
Receive Your Cash Offer
Within 24 hours of our meet-up, we’ll contact you and offer a fair cash offer on your damaged home in Memphis. If you’re happy and agree to our offer, you’ll receive the exact amount, as we don’t charge any commissions or fees. We’re a direct buyer, not a real estate agent, so we won’t take any cut of the price we offer.
Agree to Sell Your Home
If you like our offer, simply accept and agree, and we’ll schedule a second meeting as soon as possible. In this case, the appointment would be for the sale: We’ll go to a local title office, where you’ll sign your name and receive the money for your home.
After that, you can use the money however you want to. We’ll then take ownership of the house and complete the deal.
Ready to Sell Your Damaged House in Memphis ASAP?
Remember: No matter the number or severity of the problems your damaged house in Memphis has, it is still worth something, especially if it (or the land it sits on) has high investment potential. For this reason, you should never underestimate or undervalue your property.
Instead, partner with our trusted home cash-buying firm, We Buy Houses Memphis. We’re your reputable, friendly local real estate investment team ready to make a fair cash offer on your house (regardless of how damaged it may be). Our dozens of four and five-star Google reviews and positive testimonials speak for our high-quality, trustworthy services.
So, tell us your story and that of your home! We’ll then get back to you so you can schedule your walkthrough and receive your non-obligatory cash offer.
