If you are selling your home soon, it’s important to take a critical look at the condition of your home and make needed repairs before you put your home on the market. Sellers often want to sell “as is” and leave improvements or repairs to the next guy. However, sellers need to remember a couple of key points.
Here’s Why You Should Make Home Repairs Before You Sell
Most buyers are looking for turnkey homes in great condition because they do not have the skills or the money for improvements. In addition, your home will need to pass a home inspection to be sold. The National Association of Realtors estimates that 23% of home sales fall apart over inspection issues. Smart sellers will make improvements and repairs BEFORE they list. Getting an inspection of your own before listing is often a fantastic idea. You will be able to address problems before the buyers show up!
The market matters
If you’re selling your home in a red-hot seller’s market, the condition of your home may not matter as much. Buyers are more willing to overlook deficiencies knowing that someone else may come along and snag the property. Less inventory drives up competition and price.
If you are selling in a buyer’s market, condition and correct pricing are key. Buyers have many homes to choose from and will pick homes that are priced properly and in the best condition. No one wants to sit on the market forever. The longer a home sits, the more likely it is that you will sell for less than you hoped.
Your real estate broker is your best resource for information about pricing your home appropriately. They are also trusted advisors who will provide straight talk about the items needing attention before you put your home on the market. Listen to them.
Make ALL necessary fixes
Fix items that are obviously broken like leaky faucets. You and your family may not mind the quirks of your home, but a buyer will. Too many repairs can give the impression that the home wasn’t well cared for. This will be detrimental to you in negotiating a sale.
Be prepared to repair major items that can cause additional damage to the home or are dangerous. For example, a damaged roof is both dangerous and has the potential to create many other problems for your home. Leaking roofs can cause water damage and issues that impact the structural integrity of your home. With water damage, you open yourself up to rot and mold. Over time, these issues can create problems that are expensive to repair. Most buyers will not want to tackle those problems. If your roof is approaching the end of its life expectancy, be prepared to repair or replace it.
Bottom Line: Tackle Those Repairs!
In closing, heed the advice of your real estate broker. They are market experts and will provide information about the competition and how to present your home in its best light. Make needed repairs before you list your home.
Once your home is on the market, listen to showing feedback that other agents provide. If you are getting comments about broken items or the home’s condition, take it to heart. The agent showing the property who provided the feedback is trying to be helpful and honest about their showing. Take time to improve the things you can!