Although the cost of living in Indianapolis and the surrounding metropolitan area is lower than many cities in the U.S., with residents spending less than the average American, it can still be a challenge to keep up with maintenance and minor repairs on your home while paying other daily living expenses. If you're itching to move out of your family's starter home but can't afford the new paint, flooring, landscaping, and other improvements that may be necessary to fetch anything resembling fair market value, you may be wondering about your less labor-intensive options. Read on to learn more about selling your home to an "ugly house buyer" for cash, as well as the factors you'll want to consider before embarking on this venture.
Who buys ugly houses?
In many residential real estate transactions, you'll stage and sell your home to another couple or family who plans to use it as their primary residence. But when you're selling a home that needs some cosmetic improvements to gain much curb appeal, you'll often find your best offer is cash from a real estate firm that buys ugly houses."Ugly houses" can also include those with major structural issues, those that are located in high-crime parts of the city, and even those that are used to secure a mortgage worth more than the house itself.
Because it can be difficult to sell homes during the winter months, especially when you're dealing with other marketability challenges, selling your home to an ugly home buyer can give you the quick cash you need to put a sizable down payment on another home without sinking thousands of dollars (and hundreds of hours) into home renovations. There are a number of other scenarios in which using an ugly home buyer may make the most financial sense.
What should you do to get started when selling your home for cash?
Even if you're not sure whether your house qualifies as "ugly" or whether you're ready to move yet, you can get a no-obligation cash quote for your house at any time. This can give you an idea of what you'll need to charge on the private market (after adding in costs like realtor fees and commissions, repairs, and renovations) in order to make traditional sale a sensible financial deal. By crunching the numbers on both sides of the transaction, you'll be able to determine whether the advantages of a quick cash sale outweigh the potentially higher sale price you could recoup if you made improvements to your home before listing.