Want to sell your house but it needs repairs?

Want to sell your house but it needs repairs?

How can you afford to fix your house when finances are tight? What if you want to sell a house that needs work? Whether your home has small cosmetic issues or bigger structural problems, there are ways to sell it successfully, and sometimes to fund the necessary improvements. Learn about your options for getting money for these projects, how much some common fixes cost in Boston, and how to sell your house if you don’t want to make any changes. 

Common Boston home repairs:   

• Replacing a broken hot water heater: Hot water heater replacement requires a permit and professional plumbers, so this isn’t a job you can do yourself. According to home renovation expert Bob Vila, “…the average water heater replacement cost ranges from $874 to $1,765, with the national average at $1,293.”

• Repairing a house foundation: The cost to repair foundation problems depends on the type of problem, where it is located, and the severity of the issue. According to HouseBlue, “Foundation repair cost in Boston, Massachusetts ranges from $3,000 to $31,300 depending on the severity of the problem.” Get quotes from several contractors or foundation repair specialists. They will come to your house and inspect the damage to give you an estimate.

• Replacing exterior siding: Siding replacement costs on your Boston house depend on the materials used and the square footage of replacement. This can possibly be a DIY project. 

  • According to Forbes, “On average, vinyl siding costs $11,100 but ranges from $6,000 to $16,400. The type of vinyl siding you purchase, and the size and style of your home, will determine the total cost.”

  • “Aluminum siding costs $6 to $10 per square foot installed or $12,000 to $25,000 on average for a house of 2,000 to 2,500 square feet. The cost to replace aluminum siding depends on the home size and design, the panel thickness, and whether you use pre-painted or unfinished panels,” according to HomeGuide.com

  • Cedar siding is a popular choice in the Boston area. According to Bob Vila, “Most cedar siding costs average $13,000, but homeowners can expect to spend between $8,000 and $45,000.”

• Updating electrical system from old knob and tube wiring: Many homes built before 1940 have knob and tube wiring. This type of wiring can’t handle the amount of electrical current in most modern homes, and it may be damaged from age. It’s best to have an expert licensed electrician inspect it. The wiring may need to be replaced, as well as the electric panel and breakers. According to Networx, “The cost to replace knob and tube wiring is typically somewhere between $4,250 and $9,000+ for a 2-story home, and will increase about $2,000 for each additional story.”

• Fixing a sagging floor: Sagging floors can generally be fixed, but it’s important to find out why they’re sagging and have an expert come and inspect them. According to Home Advice Magazine, “The average cost to fix sagging floors is between $1000 and $10,000, with the labor cost coming in at around $75-$125/hour.” 

Choices for selling or funding repair costs for a Boston house 

When financial resources are low, it’s time to think outside the box to figure out what might work. Below are a few choices that you can consider, including skipping repairs by selling to one of the direct house buyers in Boston: 

• DIY: If the repair is an easy one and doesn’t involve wiring, plumbing, or structural changes, you might be able to do it yourself. Examples include patching sheetrock or replacing missing tiles. There are plenty of DIY videos on a wide range of fixes available on YouTube. 

• Cash out refinance: Getting a new home loan for more than you owe on your house is a cash out refinance. The balance between what you owe and the new loan amount is the cash you could get to make repairs. 

• 401(k) emergency: According to NationalLawReview, “Effective for plan years starting on or after January 1, 2024, 401(k) plans (along with 403(b) plans, 457(b) plans and IRAs) may allow participants to access up to $1,000 of their account balance (including pre-tax contributions) without penalty, in the event of an ‘unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses.’” However, there are certain requirements, so it’s important to talk to your 401(k) representative. 

• FHA 203(k) loan: This government-backed loan is designed to pay for repairs and updates on your home. To see if you qualify, visit the HUD website and follow their instructions.

• Government assistance loans: Boston has programs to help income-eligible homeowners get loans for home improvement projects.

• HELOC: A home equity line of credit (HELOC) may be a choice for getting repair funds if you have enough equity in your home to use as collateral. Factors taken into consideration are your equity amount, your credit score, and your debt-to-income ratio. HELOCs generally have lower interest rates than credit cards or personal loans.

• Credit cards: These are an option, but one that charges a lot of interest. Think it over carefully before taking this route. 

• Sell to one of the reputable off-market house buyers in Boston: You may want to avoid repairs altogether and just sell your home “as is” to a premier direct house-buying company in Boston like We Buy Ugly Houses^®. 

The benefits of selling your Boston house to We Buy Ugly Houses^® “as is” 

If you want to sell your house that needs repairs, We Buy Ugly Houses can be a great option. We buy houses in almost any condition and don’t need you to fix, update, or clean anything in order for us to buy your house. We see potential in every home and don’t shy away from big projects. 

Call us for a free, no-obligation consultation. We’ll meet at your house, tour your property, and answer your questions. Our friendly, Boston property specialist can sometimes give an offer the same day. If you accept our offer, we can close quickly, sometimes in as little as 3 weeks. If you need longer, we’ll try our best to accommodate you. 

You can count on a stress-free, “as is” house sale with us. The sellers who completed a post-sale survey have very positive things to say about us in our seller reviews, and top-notch customer service is our hallmark. Contact us today to see how we can help.