Q & A: “As Is” Sales and Remodeling
- What is considered an “as is” home sale?
- How does a buyer view an “as is” sale?
- What are some guidelines to follow when hiring a contractor?
- What kind of return can a seller expect on remodeling jobs?
What is considered an “as is” home sale?
When a buyer purchases a house “as is,” the buyer is waiving any contractual rights to request repairs or credits from the seller. For example, if the buyer elects to perform a home inspection, any deficiencies found during the home inspection must be covered by the buyer after the closing, not the seller. Consult your Magnificent Manors Realtor®for the pros and cons of an “as is” sale.
How does a buyer view an “as is” sale?
An “as-is” property will be viewed by buyers as a property that requires repairs or renovation. “As-is” houses can be found in all areas and neighborhoods, and in all price ranges. These homes are generally priced below market value to accommodate the cost and time needed to update them.
What are some guidelines to follow when hiring a contractor?
When hiring a contractor it is important to do your due diligence. Friends, colleagues and family members can be a good source of referrals. Your Magnificent ManorsRealtor®will provide you with our Magnificent Manors Referral Directory which includes an extensive list of professional, trusted contractors who have performed work for our clients and for us. Prior to hiring any contractor, it is important to interview at least three candidates and discuss with them their business history, experience and pricing. Also, ask for proof of insurance and references and be sure to reach out to them to confirm the contractor’s information. By researching the contractors first, you will be able to make a well-informed decision that you can feel confident in.
What kind of return can a seller expect on remodeling jobs?
Returns vary depending on market conditions and local areas, as well as the specific type of remodeling that is done. Consult with your Magnificent Manors Realtor®who will advise you on the remodeling projects that will optimize the price of your house in your specific neighborhood. The key is to make smart investments at the most economical cost possible to maximize the sales price of your house. We have many trusted contractors who will work with you any remodeling projects or even the simplest repairs.