What to Do with My Distressed Tulsa Abode?
Does your distressed Tulsa home need a complete makeover? Maybe your home has a damaged roof, a kitchen with 1960’s appliances, chipped paint on the walls, old electrical wiring, and just a series of other problems. All this might sound too overwhelming and expensive for you to tackle. You’re probably worried that you’ll never be able to get your Tulsa home in a sellable condition so that a buyer would be interested in it. And even if you do have the money to make repairs, would you still be able to make a profit in the end after you sell your house? The cost of the repairs plus the price you paid for the house will be difficult to recover from a sale.
So What is the Best Way to Sell Your Fixer-Upper Home within a Month?
So, how do you sell your home without concerning yourself with all the repairs and renovation expenses? Simply put, you need to find a buyer who is willing to purchase your Tulsa house as-is within 30 days. We buy houses Tulsa! No fees or commissions. You might not think this is even possible, but it is. Keep reading to learn about the steps you need to take to sell your fixer-upper house quickly and affordably.
Examine Your Options
The average homeowner with a distressed house assumes that a makeover is the only way to get their home sold. So, the first thing they do is make repairs and enhance the aesthetics of both the interior and exterior. Their hope is that the repairs and renovations will increase the market price of the house in order to sell it fast in Tulsa.
The first area of a distressed home which gets updated is the interior. This could involve doing many different repair-related tasks. Some of the most common tasks include the following:
- Painting your interior walls and ceilings.
- Replacing all the ceramic tiles, carpeting, and hardwood flooring.
- Replacing all the faucets, sinks, counter tops, and cabinetry in your kitchen.
- Replacing the fixtures and flooring in the bathroom.
- Update the bathroom walls.
- Clean the walls, floors, and shelves in every room, including the garage.
If you perform all these updates inside your home, then your home will appear so much better to prospective buyers who come to see it. They may be willing to pay more to purchase your home if they see how wonderful it looks.
When looking for areas to fix in the interior of your home, look for signs of aging. Fix anything that is damaged. The more value you can add to your home, the better chance you’ll have of selling it for a reasonable price. If you can simply afford the upfront investment that it’ll take to make these repairs, then you’ll likely have a 100% chance of boosting your home’s resale value.
However, this doesn’t mean that every repair will help increase the value. A lot of homeowners have a bad habit of making repairs which they personally want rather than what a potential buyer would want. A lot of money could be wasted on needless repairs if you make this mistake.
Overspending on Home Repairs
There is a decent chance you won’t recover the money that you spend on repairs after you sell your home. But that doesn’t mean you shouldn’t make any repairs at all. The most important thing to potential buyers is that your home is livable and move-in ready. If that means upgrading the appliances or fixtures, then so be it. The repairs and upgrades are usually completed prior to listing the home on the market. That is how you attract buyers.
The more updates made to your home, the faster you’ll be able to sell it. If you can sell your home fast, then you won’t need to make your mortgage payments anymore. So, you’ll be saving money from that too.
Of course, there are several factors which determine how fast a house will sell on the market. House updates are factors you can control, but there are also other factors which you cannot control.
For example, you have no control over whether it is a buyer’s market or seller’s market. If it’s a buyer’s market, then the number of houses for sale exceeds the number of potential buyers. In this situation, it is not wise to spend lots of money on remodeling your home because the competition on the market is too great for it to matter.
Besides, there is the strong possibility that you’ll make updates which are not needed and that buyers don’t care about. This won’t boost the value of your property if this happens. It’ll just cause you more financial hardship, especially if you accumulate more debt as a result of your renovation attempts.
In addition, applying updates to your home could take months to finish. Meanwhile, you’ll still be making your mortgage payments and paying for your property insurance and taxes. If you’re only going to make a small profit in the end, is it really worth waiting a long time? You could sell your Tulsa home as-is within a week and probably come out further ahead.
Is it expensive to renovate your home’s interior?
If you have major repairs that need to be done to the interior of your home, there are several factors which will affect the cost. Some of the factors include the time of year, the location of your property, and the condition of your property. It is possible to figure out the estimated repair cost based on the average repair costs of other homes in your area with similar defects.
The minimum it usually costs to renovate a home is between $20,000 and $40,000. This cost would cover basic renovations, such as painting, refinishing, and landscaping. But if you wanted to go a step further and perform a bathroom upgrade or kitchen upgrade, then you could be looking at $70,000 instead of $40,000 in costs.
Perhaps your home has issues with its sewer line, foundation, or roof. To correct these issues, it’ll likely cost you more than $65,000 for sure.
Let’s take a look at some important interior areas that you should focus on.
Flooring – It is always a good idea to install new flooring, especially if your current flooring is old. Flooring installation costs anywhere from $2,000 to $4,500. Laminate flooring will be the cheaper option, which is usually about $2,800. Wood flooring is more expensive at around $5,000 – 10,000.
Painting – If you’re looking to repaint all the walls inside your home, then it is better to hire a professional house painter for the job. Their fees are based on the square footage of your home. For example, if your home is between 500 and 1,500 square feet, then a housepainter would charge roughly $1,000 for the former and $3,000 for the latter. Other factors which influence this price include the accessibility of your walls and other areas that you want to be painted.
Cabinetry – Kitchen cabinetry replacement is always attractive to buyers. The price depends on the kitchen cabinet size and material. You can expect to pay anywhere between $2,000 to $10,000+ for kitchen cabinets that are 10’x12’. Also, choose whether you want premium wood veneer cabinets, basic wood veneer cabinets, or laminate cabinets. The laminate would be the cheapest, while the premium wood veneer is the most expensive.
Exterior Renovation Expenses
Interior renovation expenses can add up quickly. Aside from that, exterior renovations may be necessary if you have an older home. Let’s examine some common issues that need fixing or replacing on the exterior of a home.
Roof – Older roofs may need to be replaced. The cost of new roof installation is between $8,000 and $15,000. But if you use high-quality materials, the cost could go up to $30,000. For most people, they end up paying about $7,500 – $10,000 to replace a standard size roof made from basic materials.
Windows – There is an average of 10 windows in a standard three-bedroom house. The cost of each window is between $300 and $700. If you replace all 10 windows, then you’re paying between $3,000 and $7,000. The cost could even increase if you want better quality windows or have structural damage which needs fixing.
Landscaping – New landscaping around the house will cost anywhere from $1,000 to $5,000 on average. This cost doesn’t cover any special outdoor decorations, plants, or rocks for the yard. If the design is more complex, or if it requires a lot of regular maintenance, these things will influence the price too.
Homeowners tend to forget about the simple maintenance tasks needed to update their homes, such as landscaping and window replacements. These are important tasks which cannot be overlooked. Remember that a buyer’s first impression of your home is everything. If you have a picturesque exterior to your home, then it’ll increase its resale value considerably.
Aside from painting walls and window replacement, your home’s exterior features must be in good shape too. Something like a leaky roof or faulty sprinkler system may turn away buyers because they’ll inherit these problems after purchasing the home. All your exterior features must be in great condition. That way, buyers know they won’t be spending lots of money replacing everything within the first few years of homeownership.
Between the cost of landscaping, roof replacement, and multiple window replacement, these expenses can easily add up to over $10,000. In addition to this cost, you may be spending more money on replacing exterior fixtures like siding or doors. If you have an exterior home that is 1,000 square feet, it’ll cost more than $18,000 to remodel it. And, of course, let’s not forget about the interior renovation costs too. That’ll be tens of thousands of dollars more in most cases.
As you can see, exterior renovations and interior renovations are quite costly. But you shouldn’t only focus on them before selling a home. You must determine how long it is going to take to remodel your home, and when you finally plan to sell your home. Some renovations are longer than others. Floor refinishing could take only 1 to 2 weeks while total kitchen renovations could last for as long as 3 months. If it takes longer to perform these various renovations, then it’ll take longer to sell your home. That means more mortgage payments and so forth.
The Costs of Selling a Home Quickly
Even if you’ve performed all the necessary renovations to get your house market–ready, that doesn’t mean it’s ready to show to prospective buyers. You need to “stage” your home in a way which attracts buyers and creates an emotional connection between them and your property.
Staging is a technique that real estate agents use all the time. Everything from the decorations to the furniture must be presented properly. You could even go so far as to spray air freshener in every room. The more pleasant a buyer feels inside your home, the more positive they’ll feel about the experience.
If you don’t stage your home, you could receive 20% less on the sales price. Not only that, but you could end up waiting longer for a buyer if you don’t stage your home. The average homeowner pays about $2,000 to stage their home. But if they own a bigger home, then staging may cost over $5,000.
Speaking of real estate agents, you’ll need to pay commissions and fees for their services if you sell your home through a realtor. The percentage you pay is about 3% to 7% of the total sales price. The realtor’s commissions and fees are paid at the closing by getting taken out of the buyer’s payment to you.
You probably won’t like paying such a huge percentage of your sales price to a realtor, but it might be necessary in some cases. After all, the realtor takes calls, answers questions, and schedules times for buyers to see your property. If you’re leading a busy life, you won’t have time to do these things yourself. So, it could be worth the money to have someone doing this work for you.
Despite the condition of your home, there is always the possibility that it won’t sell right away. It could take several months to sell your home, depending on the current market conditions and state of the economy. Meanwhile, you’ll be paying all the expenses for owning the home, such as your mortgage, insurance, taxes, and utilities. You simply can’t depend on a quick sale to happen by listing your home on the market.
How to Sell Your Property Quickly in Tulsa
Unfortunately, homeowners are not always in a position to pay for home improvements or put their home on the market for months while waiting for a buyer. Who has tens of thousands of dollars lying around anyway? Now you might think taking out a loan would be a good solution, but why incur all that extra interest without any guarantee of selling your home quickly? Then you’ll pay even more money for the renovations just because of the interest.
You shouldn’t have to take on all this risk without any guarantee of rewards. If you want to sell your distressed house faster and simpler than what the open market can offer, then you need to sell your home to a home buying company like ours. We purchase Tulsa houses in cash no matter what condition they’re in. You won’t need to pay for repairs, renovations, staging, commissions, fees, or anything else like that. You simply sign the contract and then receive a check for your home within 30 days. We also look for fixer uppers in the surrounding areas. We buy houses Broken Arrow! Reach out to us if you are in a situation where you just need to get a house off your hands quickly and we will do everything we can to help!
Get Fast Cash by Selling Your Home to Us
We are the home buying team which can pay cash for your Tulsa fixer upper property fast. This will give you the chance to get out of your homeownership responsibilities very quickly. You are no longer paying a mortgage for months while your house sits on the market without a buyer. You can sell to us and receive full cash for your house within 30 days.
We also buy houses in the surrounding Tulsa metro. If your thinking, “I need to sell my house fast in Broken Arrow,” then give us a call! If your in Owasso, Bixby, Jenks or any of the surrounding areas, we want to help you sell your property and get you a fair cash offer.
Simply contact us by phone and give us some basic information about your house. A few minutes later, we’ll provide you with an estimated cash offer. Once our homebuying expert comes to your home and looks it over, we can proceed with the preparations of the sale.