Updated: Jan 26
Here Are 7 Reasons You May Need to Sell Your House Fast
There are a few complications owning a home can throw at you; From the water heater exploding in the middle of the night, to a tree falling on your house during a category five hurricane.
Here are seven common reasons you may want to sell your house quickly for cash.
Reason One: You Own A Fixer-Upper, And You Don't Want To Do Any Repairs
Do you own a property in need of a ton of work? Maybe the roof needs to be redone, the bathrooms gutted, or the kitchen looks like it was ripped right out of the '70s.
If you own a fixer-upper, you can certainly opt to do the repairs yourself and resell it, but sometimes you either:
Don't have the time
Don't have the money
Lack the desire to renovate it
According to HomeAdvisor, it costs $23,858 to renovate a kitchen fully. Happy DIY Home also lists a basic kitchen remodel costing up to $21,000, and they back up their estimate with a comprehensive breakdown.
In addition to the kitchen, HomeAdvisor explains that the average bathroom remodel costs $10,388. And that's just an average bathroom. You'll be paying a lot more if you decide to do some top of the line bathroom renovations.
That's a substantial amount of money already, and we haven't even considered the rest of the house. Taking into account the other rooms, you could easily see a whole home remodel push $50,000 plus!
Sure, if you have the money, you could go through the process of renovating the home, but it's so much more convenient to sell quickly for cash and move on.
If you prefer to take on a remodeling project, I recommend reading this guide from Bankrate.com that will help you understand what you can afford, and how you can pay for it.
Reason Two: You Own A Vacant Property
Do you own vacant property that's sitting there and costing you money every month? Maybe you had plans for the property some time ago, but now you've decided the home has become more of a burden than an asset.
You're paying high taxes on a home you may not want or need.
Vacant homes can eat up a large portion of your budget with their increased insurance costs.
You might be paying two mortgages.
Squatters may find their way in.
Someone could hurt themselves on the property and hold you liable.