Wondering what to fix before selling a house, and how to pay for it?

If the cost of getting market-ready caught you off guard, you're not alone.

Selling a home often takes more work and money than homeowners realize: 1 in 6 said they didn't understand the selling process and over 1 in 3 didn't budget for the costs it took to sell their home.

Before your home hits the market, there may be repairs to make, paint to touch up, landscaping to tidy up, or staging to help buyers visualize their next potential home. Then you might think you're closing in on a buyer, but the inspection surprises you with a non-negotiable repair before selling.

In today’s market, the condition you sell your home in matters more than ever: "move-in ready" ranks as the #1 priority among buyers, and homes that "need work" can sell for 8% less than expected.

What is a pay-at-close loan?

A pay-at-close loan is a way to fund home-selling expenses now and repay what you used when your home sells. You don't pay out of pocket upfront, and you don't make monthly payments while your home is on the market.*

For many sellers, it's an alternative to dipping into savings, moving investments around, putting large purchases on a credit card, or taking out a HELOC, which is a secured loan that places a lien on your home.

Read: HELOCs, savings or pay-at-close: which one is best?

What is Notable? Notable is a pay-at-close loan provider built specifically for homeowners preparing to sell. Eligible sellers can access up to $50,000 to get their home market-ready, then repay what they used, plus interest and an origination fee, when the home closes.^2

That means homeowners can make the improvements they need to list and sell competitively without taking on more upfront costs during their home selling process.

Is it worth fixing up a house before selling?

For many sellers, yes. The right prep can help your home compete with move-in-ready listings or stand out in a competitive market. Every home is different, though, so talk to your agent about which updates make sense for your market. Here's how homeowners have used pay-at-close funds:

1. Quick cosmetic updates to list more competitively

Sometimes a home just needs a few finishing touches to list more competitively and get noticed by buyers.

Fresh paint, landscaping, decluttering, deep cleaning and staging can change how buyers see a home, both online and in person, and help create the "move-in ready" feel buyers are looking for.

2. Must-do repairs when selling a house that needs work

If you're figuring out how to sell a house that needs work, some repairs aren't optional. Plumbing, electrical, roofing, HVAC and inspection-related fixes can be dealbreakers for buyers.

The costs of these projects can range greatly and cause headaches for homeowners who weren't expecting to spend so much on repairs (an air conditioner replacement can cost as much as $28,000).

Pay-at-close funds give sellers a way to handle these repairs before listing, and a plan for the unplanned if the inspection turns up a surprise.

3. Strategic upgrades to maximize your sale

Some homeowners want the best possible outcome on their biggest asset.

Instead of selling as-is, they make strategic updates to kitchens, bathrooms, lighting or curb appeal on top of needed repairs. For many, a pay-at-close loan is simply more convenient than moving money around.

4. Paying for repairs on an inherited home before selling

Selling an inherited house often means several family members have to agree on who pays for what before the home can be listed. That can add delays and friction to an already emotional process.

A pay-at-close loan can take the question of who pays upfront off the table. Funds cover the prep, and the balance is repaid from the sale, which can help heirs, trustees and executors get the home listed with fewer hard conversations.^1

How does a pay-at-close loan work?

Applying takes a few minutes online. Here's the process from start to finish.

Step 1: Apply online

Complete a short application from any device.

• Applying uses a soft credit pull, so it does not impact credit scores.

• Homeowners can access up to $50,000 to fund home-selling expenses.

• There are no vendor restrictions, meaning homeowners can work with their preferred contractors, stagers, painters, movers, or agents.

Step 2: Use funds to get market-ready

Funds can be used for nearly every expense related to preparing or selling the home, including:

• Pre-listing inspection

• Staging

• Painting

• Flooring

• Landscaping

• Repairs

• Kitchen or bathroom updates

• Cleaning and decluttering

• Moving expenses

• Temporary housing during showings

• Buyer inspection-related repairs

• And much more

Read: The surprising home-selling expenses Notable can cover

Step 3: Repay at closing

There are no monthly payments while your home is on the market. The balance, meaning the funds you used plus interest and a one-time fee, is due when your home sells or twelve months after origination, whichever comes first.^2

That means you can prep your home without:

• Disrupting your cash flow

• Carrying a credit card balance with monthly payments

• A hard credit check

• Taking out a secured loan that puts a lien on your home (like a HELOC)

Why more sellers are using pay-at-close with Notable

Most buyers today expect homes to feel turnkey, so pre-listing prep is more important than ever. Selling a home costs money before it makes money, but the prep can pay off.

But the reality is that selling a home costs money before it makes money, but the investment in your home is worth it:

Based on Notable data across 40,000+ homes prepped and $1B credit issued, homes that take advantage of the program on average sell 31% faster and for 9% more, with a 4x return on home prep investment^3

Pay-at-close financing gives homeowners access to the funds they need for the potential to put their best foot forward when selling their home.

Frequently asked questions

Does applying affect my credit?

No. Applying with Notable uses a soft credit pull, which doesn't impact your credit score.

Is a pay-at-close loan a lien on my home?

Unlike a HELOC, Notable doesn't place a lien on your home. You can compare your funding options here: HELOCs, savings or pay-at-close: which one is best?

What can the funds be used on?

You can use funds for virtually anything that helps get your home ready to sell — from staging and painting to repairs, landscaping, or even things like storage and temporary housing.

Is there a cost if funds aren't used?

There is no cost to you if you no longer need your funds. You can simply request your loan be closed.

What happens if my home doesn't sell?

You have 12 months (1 year) to sell your home. If it hasn’t sold by then, you can request an extension or set up a payment plan to give yourself more time to sell.

If you choose to no longer sell your home, the loan will need to be repaid.

Can I choose my own contractors?

Yes. There are no vendor restrictions, so you can use your preferred contractors, stagers, movers and agent.

What are the qualification criteria?

• Meet a minimum credit score of 680 (640 in CA)

• Be an owner of the property (or be able to act on behalf of the owner)

• Have at least 20% equity in the home

• Signed listing agreement with a real estate agent

• Property list price under $4M

• Additional criteria may apply

Does pay-at-close work for homes owned by an LLC, Trust, Estate, or POA?

Yes! We can work with homes owned by an LLC, Trust, Estate, or under Power of Attorney (POA). We may ask for some documents to verify ownership during the application process.

How is the loan repaid at closing?

Once your closing date is set, let us know by logging into your Notable dashboard and adding the home close date. We will send you and your agent a final payoff statement and, if needed, an escrow demand along with clear repayment instructions.

How do I get started with a pay-at-close loan?

Head to the link below to estimate your funds. When you're ready, you can apply for funds using the same link.