First thing to consider is the definition of “As Is”.  This can range all the way from “there was a fire/flood and whatever issues that exist, you’re buying them” to “Some minor issues might come up in an inspection (outside needs to be painted/slight seepage in the basement of an older home/windows need sealing, etc.) and I’m not going to fix them”. It could also be something as simple as that the home has never been updated yet the structure and guts of the home has been very well maintained giving you a great investment opportunity especially if you’re able to perform the updates/repairs yourself.

SELLING: If you choose to sell your home “as is” consider noting in your advertising the nature of the issues and how you’ve taken that into allowance when pricing your home. If you aren’t really sure what the issues might be with an inspection, consider the cost of having one done prior to putting your home on the market and use that to explain your asking price. Don’t be afraid to show comparisons of what other homes have sold for that had similar issues or have sold for more than you’re asking to reflect the deduction you’re making with your price.

Options: (1) Decrease your asking price to reflect the buyer’s cost to make needed repairs.  (2) Offer an allowance to be credited to your buyer at closing. (ie: If you know the exterior needs scraping and painting, get 3 estimates from painters and offer the average cost as an allowance. Use the estimates to justify what you’re offering.

BUYING: Don’t shy away from a property you that meets all your criteria simply because it is being sold “AS IS”. It could just be that the owners can’t afford to or just are choosing not to make the repairs or updates prior to selling and so are using this manner to possibly get out of a bad situation or get a quick sale making this a great opportunity for you. Again, this is especially true if you’re a hands on homeowner with skills to do the repairs yourself. Even if the seller shows you an inspection they had done, you may want to consider bringing in your own inspector just to get another opinion. Even though the seller is not willing to pay for any repairs that come up in an inspection, you can still make your offer contingent on having an inspection done. Once you know what needs to be done, you can calculate your offer + cost of repairs and then decide whether or not you want to proceed.

Whether Selling or Buying, “As Is” can create both positive and negative situations so the key is to educate yourself, have a thorough inspection done, work the numbers and decide if this label benefits you and your home selling/buying goals.

So you want to get your home looking fresh and new but don’t have the big bucks to make major changes?  Here are a few ideas to help you look like you spent more than you did and create a market ready home!

• Can’t afford new kitchen cabinets? Give them a good cleaning with a product like Cabinet Magic, or even try a Mr. Clean Magic Eraser to remove the daily dirt, grease and splatters. Top with Old English or Murphy’s Oil. Then replace the cabinet knobs with more updated styles. Before you pay full price at a big box store, try shopping at a  “Restore” store which benefits Habitat for Humanity. However you buy them, count all the drawers and cabinet doors to ensure you buy enough to complete the job.
• To add a custom feel to your base cabinets, add roll out shelves (available at Container Store, big box stores and online).
• Can’t afford to repaint the whole kitchen or baths? Wash the walls. (Again a Magic Eraser is great for easily cleaning grease, oils and dirt from painted walls without scrubbing the paint off). Then clean and paint the door and window trim with semi-gloss paint. Just refreshing the edges will create a freshly painted look.
• Bathroom updates: Do the same cleaning and trim painting as you did in the kitchen. Then replace the faucets, showerheads, hardware, towel racks and toilet paper holders as needed. Make sure they all match to create a customized renovation. Scrub the tub, toilet and sink so they gleam. If they need to be replaced, do so and then promote as “brand new”.  Can’t afford a new tub? You can get one reglazed for a few hundred dollars.  Again, a stop at a Restore location can help you find some high end materials at a fair price and support Habitat at the same time.
• A new shower curtain will add a fresh look BUT make sure you replace the outdated, rusty shower rod and curtain hooks. Also, put up fresh, clean matching towels with no ragged edges or stains.
• Update your light fixtures. There are lots of places where you can find updated versions at a not so upscale price. New fanlights, chandeliers and ceiling lights can take your home from outdated to modern with minimal cost and effort.
• Now this might seem like an obvious notion, but is often overlooked. Take time to go through your home and clean all your switch plates and outlet covers. Hands leave lots of prints and dirt. A clean white switch plate against a freshly washed wall and trim can do wonders. If they’re too far gone, invest in new ones. It will be worth the minimal cost.
• Wash your windows. Then clean your curtains, draperies and blinds so your buyer sees only the beautiful sunbeams pouring through.
• Also clean your rugs or carpets. If they are too far gone and you can’t afford to replace them, consider offering a flooring allowance to your buyers. At least then they can look past how worn they are knowing they will be able to replace them once they purchase your home.

These should give you some great starting points and may inspire you to think of more things you can do that will cost you more in elbow grease than they do in dollars while producing very positive results toward achieving your home selling goals!