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5 Reasons That May Reduce The Value Of A House

We know there are many reasons to enhance the curb appeal of your house and increase its resale value. Many homeowners, although, are not aware of the reasons which may reduce the house’s worth. Selling your house needs a lot of attention either with the upkeep or the functional aspects of the structure. A buyer on the other hand will check the aesthetical appearance as well as the condition of the house.

Factors like bad location, old construction and crime rates can potentially lower the value of a house. It is a well known fact that a good house will never sit in the inventory for long time. If you are a seller and want to sell properties online, you must check the ‘5 Reasons That May Reduce The Value Of A House’.

Following are the points which may reduce your home’s worth –                                  

A Shabby Exterior Facade

If you want to sell home fast for cash, a good looking exterior is must. Potential buyers pay attention to the exterior surfaces as nobody wants the extra maintenance cost while buying a house. As wisely put, ‘The first impression is the last impression’ it applies in home sales as well. According to a survey, potential home buyers only take 10 seconds to like property, just by looking at its exteriors. Conclusively, it is always a good to maintain the home’s exterior beauty to sustain its value in the market. By adding a fresh coat of paint, mowing, and cleaning the lawn may make a huge visible difference.

Inefficient Energy Ratings

Since 2018 energy performance certificates were introduced in the market to comprehend the energy efficiency of a house. Energy efficiency is correspondent to the pricing of a home, higher the ratings higher the property prices will be. It is illegal to sell or put your house on rent if your energy-efficiency rating is below ‘E’ on the unit. Many buyers end up purchasing the property and paying huge electricity bills reason being the poor energy ratings. A good energy rating can shoot your home’s worth by approximately 14%, which is a great profit margin for home-sellers.

Poor Locality

A locality is a compilation of good schools, hospitals, departmental stores, no crime rates and easy access to multiple places. To sell your house fast for cash in NY it becomes essential to have basic amenities accessible. A study shows how proximity to certain places can decrease your home’s worth by specific amount of percentage (sources).

  • Bad school – 22%
  • Strip clubs – 14.7%
  • Homeless shelters 12.7%
  • Cemetery – 12.3%
  • Funeral homes – 6.5%
  • Power plants – 5.3%
  • Shooting ranges – 3.7%

If your home is around these places you’ll have to work more on the aesthetics so that no one walks past by your house. Additionally, foreclosures in the neighborhood make a bad impact on the home sale. While selling your house, appraisers look at the comparable selling price in the neighborhood. The comparable price plays an important role in estimating your property’s worth and foreclosed houses may turn down the appeal.

The Escalating Mortgage Rates

The formula of home selling predominantly depends on the mortgage rate in the market. High mortgage rate means fewer buyers whereas; low mortgage rate means more buyers. Potential buyers usually start their hunt when mortgage rates are low as the monthly repayment fits in their budget.

Home affordability decreases for buyers when the rates are high as they pay extra over the life of a loan. As a seller, increased mortgage rates don’t help you to sell your house fast. Your home isn’t valuable for buyers because they pay extra on the home as well as the mortgage repayment.

Additional Points To Consider

We’ve spoken about the aesthetics or the curb appeal of a house, which plays a huge role in home selling. There are certain things which lower your house’s worth like installing a pool, doing excessive DIYs, cluttered rooms, poor HVAC systems, etc. 

There are specific things to keep in mind before listing your home in the market –

  • Take care of the plumbing and upkeep
  • Remove the shabby wallpapers
  • De-clutter your house; get rid of the extra things in your home
  • Keep the decor to minimum
  • Remove the carpets which covers the whole floor
  • Mow and clean the lawn, whether it’s a front or a backyard
  • Get rid of invasive plant species or climbers
  • Keep your pets at pay (while walkthroughs)

We comprehend a house is not just a structure it also has many memories attached to it. Suicides or violent deaths in a home can be a big reason for people to back out from buying it. It is advised to disclose little details to build transparency with potential buyers to avoid hassles later.

The Takeaway

Selling a house is a daunting task and there are multiple things which may add and reduce the value of your house. If you want to sell remodeled houses or you want to sell your house as-is, get in touch with Elite Properties. We buy houses for cash which allows you to employ the yields of the sale as per your preferences. Additionally, we buy houses in any condition that eludes the hassles of maintenance and legal processes.

If you have other queries related to the topic or you want to know more about home selling process call us today 718-977-5462.

Selling your house doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get a less than the desired value. You might be thinking that selling a house will be an expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.

Sell Your House for Cash

Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks like, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are proposed with an all-cash offer which means you have immediate cash for your next purchase.

Avoid Real Estate Agents

As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them. Why? Hiring a real estate agent has many pros, but in the specified situation there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast paced sale which will again cost you dollars.

For Sale By Owner

A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitch.

Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies into an expenditure of more than a hundred dollars.

Sell House With Repair Discounts

Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in a bad condition or requires a little more than repairing, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as is condition to we buy houses for cash companies it is one of the best option rather than doing repairs by yourself.

Consider DIY

As stated above doing things on your own will save you from bleeding dollars from the pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman and for minimal repairs probably a plumber. Hiring people for each job can be time, energy and most importantly money consuming. Consider the ‘Do It Yourself’ technique, you can perform many things on your own like painting, cleaning, staging (if required) and repairing. This will work like magic on your estimates, as a result you’ll save thousands of dollars, which helps in retaining your equity. Although, DIYs are fun to do, you also have to keep in mind it will require all your efforts and time which you are surely running out of.

Sell Your House As-Is

Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your house as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you the fair market value of your house by considering the condition of your house as well. They will also propose you with an all-cash, no obligation offer which is a cherry on the cake.

If you want to sell your house fast for cash or have any query regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide with quality solutions for all your problems.

When you are stuck in a rut and have no money to do the existential repairs, opt for selling your house as-is. Selling house as-is doesn’t require improvements before selling to companies that buy houses in any condition. You might be thinking how do I sell my house as-is fast? We have a complete plan of action that serves your purpose of a quick home sale. Scroll down below to see how selling as-is the best option in your tough times.

Selling Your House As-Is, What Does It Mean?

Selling your house as-is means: a seller selling the house in its existing condition with flaws and undone improvements. As-is defines “as it is”, which means the seller won’t pay any additional costs in doing the costly repairs. While transaction the seller and buyer should be in complete mutual agreement of the deal. The buyer has to sign a legal document which indicates he or she comprehends the conditions of the contract and is ready to buy house in any condition.

Why Selling Your House As-Is Is An Option?

There are many reasons why people choose selling house as-is as an option. Home sellers opt for this option where they find themselves in a situation where they cannot afford improvements or have a tight timeline in terms of migrating due to work. In such cases, people tend to sell house fast to exclude the troubles of getting into legal processes, additional closing and repairing costs. Some instances are also emotionally drowning where selling your house as-is is a wiser pick.

For example: when a couple ends up having a divorce or a family which is going through a financial crisis will prefer selling house as-is to avoid foreclosure. Financial distress, migration, unaffordable repairs stand to be the topmost reasons to sell house as-is.

The Best Mode to Sell Your House As-Is Fast

The only best way to sell your house as-is fast is to sell it to we buy houses for cash companies. ‘Elite Properties’ aids you in selling your house fast for cash. Companies tagged under the label ‘we buy houses any condition’ proposes you with an all-cash offer. It is really important to avoid soaring your expectations from the deal. As a seller you have to keep in mind, you are selling your home in its existing condition without performing required improvements hence, you will be proposed with a low-balled offer. The good point here is that these companies provide you with an offer based on the current fair market value of your property. 

Benefits Of Selling a House As-Is For Cash

As stated above financial uncertainty leads you to an emotional trauma where the only option to get out of the problem is to sell your house as-is. Choosing the option of selling home as-is for cash provides you with multiple benefits. As you are not selling house by owner or with the help of a real estate agent you don’t have to perform a pre-listing inspection.

When they say ‘cash is the king’ it is certainly true. Although, you might achieve lowballed proceeds of the sale, it still covers your basic requirements. When you sell your house to cash buying companies it eases out the complicated home selling process. We would like to shed light on some benefits of selling your house as is for cash –

  • When you choose we buy houses any condition company, you eliminate expenditure on costly repairs
  • They don’t ask for any legal documents except the seller’s agreement, which eludes the hassles of legal documentation
  • Company like ‘Elite Properties’ allows you to sell your house within 3 days, this enables you to work according to your planned framework
  • The company proposes you a no obligation and fair all-cash offer
  • The company provides with the closing costs

Last Words

When you choose ‘Elite Properties’ you don’t get the need to deal with a realtor and get yourself in the lengthy home selling process. You can sell your house in any condition, any location to us and we will provide with an all-cash offer. Call us today on 718-977-5462 and sell your house as-is quickly at a fair price.

Losing your home in a fire is a traumatic situation for any home owner. Such situations can leave people in emotional and financial drainage. As the amount of loss is high and the scope of improvement is naught. The amount of tangible destruction that these items cause to the property is devastating. In such instances people often tend to ask a question, how do I sell my house fast with fire damage? First off, ask a question to yourself do you want to repair and sell your house? Or sell it directly to cash buying company?

Fire damage can be a serious thing to tackle as nobody is prepared for the later consequences of the loss. The destruction caused can be to such extent that homeowners prefer selling fire damaged property rather than spending dollars in repairing. First off, get a home inspection done to get the actual worth of your property post the accident. Once you know the value and the percentage of damage you can calculate the amount required for improvements. As you have chosen selling as your option you can list your property by yourself which will evidently cost a lot. Else, you could sell your house as is to cash buying company and save yourself thousands of dollars and time.

How to Sell Your Fire Damaged House Fast?

Selling a house with fire damage could be difficult but companies that buy houses in any condition makes everything easy. These companies do not ask you for any legal documents for closing the deal. Although, it is advised to keep a copy of your insurance, claims, police reports and repairs that you made. Selling house as is slashes many hassles of paperwork and saves you a lot of time and money inclusively. We buy houses companies like ‘Elite Properties’ buy your house for cash in any condition. As stated above choosing such companies will save your time as they close the deal within 3 days. Choose for yourself if you want to spend money on repairs and rehabilitation of your property or gain a cash offer by selling your house with fire damage. Selling your house in as is condition will additionally provide you with the Fair Market Value of your house.

If you are thinking to sell a fire damaged house, you need to do home improvements and home repair to make it ready for sale. Scroll down below to follow the things need to be done

Get To the Cleaning and Improvements

Repairing your home promises you a better sale but it also comes with a price. Relying on the ratio of the damage repairs can be relatively expensive or even unaffordable. If your home has gone through structural damage, you’ll be bleeding thousands of dollars from pocket. Whereas internal damages can be less expensive. If the majority of damages are claimed you’ll probably only need a little amount to cure the burnt damage.

Fire causes extreme damages to the property, some damages leave the house in an uninhabitable condition. Although, it can be worked out if you have time and dollars to spend. A fire hit house can set you back by 4,000 to 40,000 dollars minimum. The costs vary with the amount of damage caused, in most cases you might need to reconstruct the entire home which is double the retail value of the property. Additional costs will play a massive role in repairing the roof and ceiling if it had caught fire.

Furthermore, repairing requires a lot of your time which goes into the monitoring of the improvements. It takes a toll on your head if you hire contractors to do the needful and creates unwanted hassles. Here the best option to save yourself from the situation is to sell your house as is.

Isolate Damaged Items and Coordinate with Insurance Companies

An insurance claim can cover repair costs or can provide you with the payment for your new home. Although, they have certain restrictions and factors to be assessed upon, which doesn’t aid in anything but energy consumption and stress. As per the policies, some insurance companies might ask you to do a proper documentation of the damage caused. You are expected to click pictures and write descriptions in detail for the inventory. Some mandatory things required to put in the list are –

  • Model number
  • Serial number
  • Purchasing date of the item
  • The amount
  • A short description of the item

Fire damage claims are the top priority for insurance companies. The company sends an inspector to inspect the damages within a few days so the claims are processed as soon as possible. It is advised to organize the documents promptly to avoid chaos. If you are providing the given details then it becomes easy for the company to document it and claim for the rest. 

There are three mandatory steps to claim an insurance –

  • Reporting of the incidence
  • The company sends an insurer to evaluate the loss and how much you will be paid
  • Post the above step the company sends the check through the mail or transfers the amount directly to your bank account

With the ever increasing fire damage property cases it becomes crucial for you to thorough the fire insurance claiming / filing process. In situations where you need to empty the property quickly, you’d leave your vital items in the home. Here, you can urge the insurer to provide you with the advance amount from the insurance to cure the loss.

Find a Temporary Livable Place

As your home is not in a habitable condition you would want to move out until the damages are cured. Such situations are really excruciating as you are already paying for repairs and rent just adds on the expense.

Selling Your House with Fire Damage

A cash home buying company might be your single source of receiving profit and getting rid of fire damaged property with no improvements done. You do not require a realtor to sell your home for cash you can do it yourself and get provided with a no obligation cash offer.

Although, if you choose the traditional way of the home selling process it is suggested to be prepared for a time and money consuming course. If you are stuck with any other real estate related crisis, Elite Properties New York will be at your rescue. Call us on the number given here 718-977-5462 to learn ‘How do I sell my house fast with fire damage’.

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