Selling your home for cash is easy and quick, but you might be wondering if you will really come out ahead financially. Yes, it’s entirely possible when you consider the costs associated with selling your house the traditional way. A transaction with a cash buyer can be worth it.
No Costly Repairs
For top dollar on the open market, your home needs to be in prime condition. Before listing, you’ll have to invest thousands of dollars into making repairs, replacing broken appliances, and fixing small problems. Major repairs, such as putting on a roof or fixing the septic system, can run into tens of thousands of dollars.
A cash buyer will buy your home “as is,” with no repairs needed. You won’t have to deal with someone who will quibble about a squeaky door or leaky faucet. Whatever the condition of your home, it’s sold.
No Staging Necessary
In a traditional sale, you must make a good impression on potential buyers. Your house must be clean, uncluttered, and staged in an attractive way. Many people hire expensive professionals to help them with staging.
Even if you stage it yourself, you’re investing time and money into cosmetic upgrades like fresh paint, shampooed carpets, and trimmed hedges. You can skip all of this with a cash sale. Home buying companies don’t care what your house looks like, interior or exterior.
With a traditional sale, you will have to pay commission to your sales agent from the proceeds of your house. To figure out how much, take the amount you think you will get on the market and subtract 5 to 6 percent (or the going rate in your area). Now add to that a couple thousand dollars more in closing costs. That’s the amount you’ll actually receive, if you’re lucky enough to get your asking price.
There’s no commission with a cash sale and no closing costs, either. What you are offered is the amount you will get, no subtractions necessary.
Adding it all up, it can be expensive to sell a home the traditional way. You may not be happy with your proceeds if your house isn’t in the best condition or you need to sell quickly. You could come out ahead with a cash sale. Find out how a cash offer on your home can benefit you by visiting WNY Home Buyers.