For more information about what to do when you want to sell your home in need of repair, see our guide below.
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Selling Your Chicago House That Needs Repairs
Major Repairs: Why They’ll Slow The Process Of Selling Your Chicago Home
Common House Issues That Make It Harder To Sell
Foundation damage can be caused by settling or movement in the ground around the house. There are several indicators that the structure of your house may be damaged. Common signs are cracks in the walls, a roof that looks level from one end but not level at the other, or maybe you feel like you’re walking slightly uphill or downhill in a room. Foundations are usually expensive to repair, averaging around $10,000 or more, and cannot be fixed by a homeowner. When selling a house you must disclose foundation problems to potential buyers, and this is one of the biggest red flags inspectors see during the home inspection process.
Common signs of a bad roof are curling, faded, missing, or cracked shingles. You may have a leaky roof if you see water stains on the ceilings or water running down the walls or windows. Buyers often use roof condition as a way to negotiate a lower offer price because they don’t want to deal with this headache. Depending on weather & sun, and the materials used, a roof may need to be replaced every 15-25 years. Chicago weather can be extra tricky, being freezing cold part of the year and then extremely hot the rest. The way your attic is vented and insulated can help prevent—or contribute to—the well-being and lifespan of your roof. Replacement costs between $10,000-$20,000 and should be completed by a licensed, qualified roofing company.
Damaged / Old Windows
Say it with me: ‘Curb Appeal.’ You only get one chance to make a great first impression! When buyers approach your house they immediately notice the windows. Windows are extremely important for natural light, insulation, and energy conservation. Cracked or chipping paint on the exterior, missing or disjointed caulking, or inoperative windows are all signs they may need to be replaced. Malfunctioning windows may also allow cold air & water inside, which means more expensive heating bills, and possibly even lead to mold. Hire a professional who specializes in door and window replacement to ensure they are installed watertight and insulated properly.
Damaged siding on a house is easy to spot and a sure sign that it has reached its age limit. Water may be entering at a higher point and making its way down, and snow build up close to the ground or grade level of your house will rot the wood away faster. Though you may not see it until it’s too late, older/damaged siding can also let wind, air, and water into the house, increasing your chances of developing mold. Newer siding is easier to maintain and visually appealing to most buyers who are looking for move-in ready home.
Water Damage / Mold
Just the word mold makes a buyer cringe. Mold is water damage that develops inside your house through openings or improperly installed seals on the exterior of your house or roof. Eventually, the house builds up enough humidity and moisture which leads to mold. This can be very harmful to your health and those around you. Mold and water damage may not be visible right away—in fact it may take years before you notice because it usually starts to form in the attic, behind walls, or other hidden spaces. Mold remediation needs to be done by a licensed professional who will seal off all of the air from the entire house. The process can take a few days to a few weeks. Even afterwards, it’s a good idea to thoroughly clean everything else in your house such as furniture, appliances, etc., or consider throwing things away.
Outdated / Non-Working Mechanicals
Newer mechanicals are much more efficient and can save the homeowner a boatload on utility bills. Older, outdated furnaces, plumbing, and electrical items require more maintenance, and some parts may not even be available anymore. Galvanized pipes, which are common in older houses, typically rust and cause problems with newer filters, faucets, and showerheads. Water flow can also be restricted by the smaller size of older pipes. Older electrical wires may have cloth wrapping, which is flammable because it doesn’t protect the wires from touching each other. This is a fire hazard and these wires will need to be replaced before selling your house to a new buyer. Also common in older homes is a lack of ground wires. Do you see a lot of 2 pronged outlets in your house? That means you don’t have ground wires. This poses a greater threat to being shocked and will not pass an inspection. Updating mechanicals is a must, yet it can eat up about half of your repair budget. On average we find full replacements cost anywhere between $40,000-$60,000.
Selling Your House As-Is On The Open Market
Almost all home transactions will involve an inspection. Inspections are commonplace during the home selling process. Inspectors are paid to come to the house and uncover issues. It’s best to be upfront with your buyers from the start, rather than letting an inspector find issues.
IMPORTANT: Any known repairs that are needed must be disclosed in writing to a buyer. Making quick cosmetic repairs without proper remediation with the intent of concealing the needed repairs for the purpose of selling your house in Chicago will result in a lawsuit and your liability for all repairs when eventually discovered by the buyer.
Based on the results of the inspection, buyers will often request a price reduction to account for the needed repairs. They could also negotiate for the repairs to be made prior to closing on the house. They may even back out of the deal entirely. Some of the above repairs are quite extensive. As the seller, you’ll most likely need to spend money on repairs in order to get your house sold, or you’ll need to lower your asking price.
We Buy Houses That Need Repairs in Chicago IL
Property People is a local home buying company in Chicago IL. We buy houses all over Chicagoland 100% As-Is, in Cash. We can buy your home (even with the extensive repairs needed) and handle all the hard work so you don’t have to. If you are dealing with damage in your home and want to sell without having to make any repairs, get your No-Obligation All-Cash Offer today.
Our selling process is 100% free. Even if you are unsure of what you want to do, I encourage you to reach out for a free offer on your house. You have nothing to lose. 😉
“It wasn’t just about the transaction to them but about family and history! They helped make the transition easier and fair.“