It’s not uncommon at all for Americans to tackle home improvement projects. One recent survey found that about 40% of people spend money on these projects each year.
But if you own a house that is in constant need of repair, you might have a so-called money pit on your hands. A money pit is a house in disrepair that is going to cost a small fortune to fix up.
You can go through the process of making the necessary house repairs so that you’re able to bring a damaged house back to life if you would like. But more often than not, it’ll be a better idea to unload a money pit as soon as you can.
Today, we’re going to break down how to get rid of a money pit ASAP. It’ll eliminate your house-related headaches once and for all and save you a lot of money over time.
Learn how to successfully part ways with a money pit below.
Table of Contents
Start by Deciding If a Money Pit Is Worth Saving
Before you make the decision to sell a money pit, you should think about if trying to salvage it might be worth it. There are some instances in which you may be able to benefit from hanging onto a money pit.
For example, let’s say that you just so happen to own a money pit in an up-and-coming neighborhood. In this case, you may want to continue to fix up a money pit so that you can sell it for top dollar down the line.
More often than not, it won’t be worth keeping a money pit even when this is the case. But it is something that should be on your radar.
Figure Out How Much a Money Pit Might Be Worth
If you give it some thought and decide that you would, in fact, like to sell a money pit, you should kickstart this process by seeing what it might be worth. Even in its present condition, a money pit could still sell for a pretty penny.
You might want to have your damaged house appraised to see what its value is. Or at the very least, you might want to look around online to see what homes like it in your area are selling for.
By doing this, you can inch your way closer to deciding how to sell a money pit. It’ll give you a much better idea of what you can expect to get for it.
Decide How You Would Like to Sell a Money Pit
Just because you aren’t interested in keeping a money pit in your name doesn’t mean others won’t take a liking to it. There might be plenty of people in your area who would be willing to buy your house from you.
There are several different ways that you can sell a money pit. You can:
- Put a “For Sale By Owner” sign on it and attempt to sell it yourself
- Hire a real estate agent to help you sell it
- Sell it to a cash home buyer
If you like the sound of the last option, Google “sell my house fast” to see one example of a cash home buyer that can assist you. They might be able to make you a great offer for your home.
Look For the Best Buyers for a Money Pit
Regardless of how you decide to try to sell a money pit, you shouldn’t just settle for the first offer that comes your way. Your job is going to be to look for the best buyers for the house that you’re trying to sell.
This might mean waiting a little bit longer than you would like to get rid of your money pit. But it’ll be worth all the waiting when you’re able to get good money for your house when you’re selling it.
Try Not to Be Too Picky When Selling a Money Pit
While it’s smart to be patient when you’re selling a money pit, there is going to be such a thing as you being too patient. If you get to be too picky about who is going to buy your house, you might miss out on a great opportunity.
Many buyers will be wary about overpaying for a home that looks like it could be a money pit. So they might be apprehensive about making you an offer anywhere close to over your asking price.
You will want to ultimately take what you can get when you’re selling your house. The last thing you want to have happen is for it to sit on the open market unsold while you continue to waste money on it.
Move Out of a Money Pit and Count Your Blessings
As long as you follow along with all the steps listed here, you shouldn’t have to live in a money pit for much longer. You can begin to pack up your things as soon as you’re ready to sell it so that you can move out fast.
Just make sure that you count your lucky stars once you’re able to unload your money pit to a buyer. It’ll be their problem from then on and won’t cause you to want to pull your hair out anymore.
You Can Survive a Money Pit by Taking the Right Steps
Trying to salvage what’s left of a money pit can be very frustrating. You’re going to find yourself wondering what in the world possessed you to buy it in the first place at times.
But you should keep in mind that you won’t have to live in a money pit forever. You will eventually be able to locate someone who will want to take it off your hands. You just need to remain diligent and keep your fingers crossed when it’s up on the market.
Get more tips on selling a house by reading through our other blog articles.
