There are life instances that ended in a decision of selling your property, specifically your house. Whether you decide to sell it for you need money, planning to move into another house or doing it for business (house flipping), there are several things to take into consideration before even putting your property in various listing sites and classified ads. A house with lots of damage certainly has lesser assessed value compared to a property that is pristine and has minor damages.
Importance of Home Repairs Before Selling Your Home
The first question that comes into the mind is whether home repairs or renovations before selling your home are actually needed. If you decided on doing repairs, take note of the overall cost of doing repairs, relative to the property’s selling value. This and many more factors must be considered whether you should fix your house or not. Elizabeth Weintraub of The Balance discuss this issue thoroughly and in-depth whether to do repairs or sell your house as-is.
Should You Fix Up Your Home or Try to Sell It As Is?
Repairs—or the lack of them—can affect a sale
You’re ready to list your home for sale…then you look around. Maybe you’ve spent time and money updating the exterior of the house but the interior is still in serious need of attention. Maybe there’s dry rot, or maybe it’s just outdated.
Should you spend more time and money on fixing it up or just try to sell it as is?
This is one of those questions where the answer depends on variables. What’s the condition of competing homes for sale? Is it a hot, cold, or neutral real estate market? What’s the likelihood of a return on your investment?
Many sellers put way too much money into fixing up their homes before listing them for sale. They repair flaws that a buyer might never notice or just won’t pay extra for.
Selling a Home in “As Is” Condition
Let’s say the property in question needs a lot of work. It has holes in the walls all the way to the exterior and urine-soaked wood floors. Much of the electrical system doesn’t work and the bathroom tub has fallen through the joists. All the faucets leak.
This is not a home that can be easily or economically fixed. A coat of paint won’t help. In this case, you might want to just price the house low enough to attract multiple offers. You can probably anticipate that only contractors and flippers will make offers.
Before Fixing Up Your Home
Smart sellers will weigh the cost of the proposed improvements against the home’s market value after the repairs or upgrades are completed. Such an improvement might not be warranted if an upgrade won’t return the investment. Before you decide to lift the roof and install skylights in the master suite, realize that kitchens and baths carry the highest return.
You might also want to take an afternoon off to tour other homes in the neighborhood of sale with your agent. Note the condition and amenities in these homes.
The Effect of the Market
If your real estate market is extremely hot—it’s a seller’s market—you can usually get away with fewer fix-ups before selling. But a home that needs repairs will still deliver a lower price in any market. Buyers might not even bother to look at a home that needs work in slow markets. Your agent has their thumb on the market pulse, so ask for advice.
In the real estate market, repairs, or the lack of it greatly affects home sales and its overall value. However, should you spend more on repairs, or just simply sell it on its current condition. One major problem of doing repairs is that the seller might put up way more money fixing up their homes before selling. They might also end up repairing areas where buyers might not even notice or of no importance at all. On the other hand, a house that is severely damaged, such as holes in the walls, already faulty electrical and plumbing systems, among others will definitely affect the house’s overall value, plus buyers will try to purchase a property of this condition at a bargain.
The rule of thumb is that smart home sellers must weigh the overall repair, renovations or home improvement costs, comparing it to the property’s current market value even after the repairs are done. Always remember that repair cost is part of the investment, and it would not be called a good investment if there’s no return profit. That is, know the most important areas in the house and focus the repairs in that area, going to the least priority in case you decide on doing repairs, renovations or improvements.
Now the next challenge is knowing the most important repairs to make before selling your home. Houselogic enumerates the most important repairs every homeowner must do before listing the property for sale. Check out below to know more about these repair tips.
7 Important Repairs to Make Before Selling A House
The most critical things to do to increase your home’s value before putting it on the market.
As a smart seller, you’ll want your home in tip-top shape — but you don’t want to eat into your profits by overspending on home improvements. You won’t be around to enjoy them anyway. The key is to focus on the most important repairs to make before selling a house to ensure every dollar you spend supports a higher asking price.
#1 The Most Important Repair to Make Before Selling: Fix Damaged Flooring
Scratched-up wood flooring; ratty, outdated carpeting; and tired linoleum make your home feel sad. Buyers might take one step inside and scratch the property from their list. Want to know how to increase the value of your home? Install new flooring.
If your home already has hardwood floors, refinishing does the job. Expect to spend about $3,000 on the project — and recoup 100% of the cost, according to the “National Association of REALTORS® Remodeling Impact Report.”
Consider swapping any old flooring for new hardwood. This project costs more at around $5,500, but you could recoup more than 90% of that at resale. If that’s not in the budget, any flooring update makes an enormous difference.
#2 Fix Water Stains
You’ve learned to live with the results of a long-fixed plumbing snafu, but for buyers, a water stain suggests there could be a dozen pesky problems hidden beneath the surface. That’s why this is one of the things to do before putting your house on the market.
First, make sure the problem is fixed: Bring in a plumber to look for leaky piping or poor yard drainage if your basement is damp. Diverting rainwater from your foundation may cost as little as $800, and repairing a leaking pipe costs approximately $300.
As for the repair work, replacing a water-stained ceiling runs about $670, and drywall costs around $1.50 per square foot.
All are cheaper than a lost sale.
#3 Repair Torn Window Screens
So super inexpensive — and even DIY-able. You can purchase a window screen frame repair kit from a home improvement store for $10 to $15.
Considering the simplicity of this repair, making the fix is always worth it — and so are other small but highly visible issues. When you’re debating how to increase the value of your home, nix any small problems, snags, or ugly spots that might make buyers scrunch up their brows. Read more tips here…
By knowing the most important repairs to undergo, you can save a lot of time and money from doing unnecessary fix that does not help or increase the property’s value. Repair works not mentioned in these tips are often neglected by homebuyers and only add up to the expenses and no ROI. Also, there are lots of contractors that offer affordable, but quality and reliable repairs, which could help you get the most out of your home selling.
Cheap doesn’t mean substandard quality, and Sarah Netter of ABC News provides us with some of the cheapest home fixes you can do-it-yourself, or serve as your guide in finding the right contractor for your home improvement needs. Read the article below to learn more.
30 Tips for Increasing Your Home’s Value
Learn ways to add value to your home no matter what your budget.
Home Improvements: Under $100
Tip 1: Spend an hour with a pro.
Invite a realtor or interior designer over to check out your home. Many realtors will do this as a courtesy, but you will probably have to pay a consultation fee to a designer. Check with several designers in your area; a standard hourly fee is normally less than $100, and in an hour they can give you lots of ideas for needed improvements. Even small suggested improvements, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.
Tip 2: Inspect it.
Not every home improvement is cosmetic. Deteriorating roofs, termite infestation or outdated electrical systems — you can’t fix it if you don’t know it’s broken. Hire an inspector to check out the areas of your home that you don’t normally see. They may discover hidden problems that could negatively impact your home’s value. Small problems (such as a hidden water leak) can become big, expensive problems quickly; the longer you put off repairs, the more expensive those repairs will be.
Home Improvements: $100-$200
Tip 1: Plant a tree.
If you aren’t planning to sell your house today, plan for the future with a landscaping improvement that will mature over time. Plant shade trees — not only will mature trees make your home more desirable but a fully grown, properly placed tree can cut your cooling costs by as much as 40 percent. Mature landscaping is also good for the environment, providing a necessary habitat for wildlife while adding valuable curb appeal to your home.
Tip 2: Low-maintenance landscaping saves you money now, adds value when you sell.
No question that shrubs and colorful plants will add curb appeal to any home, but when shopping at your local garden center, make sure that you “think green.” Purchase plants that are native to your region or plants that are drought-tolerant; these require less water and maintenance, which means more savings to you and more green in your wallet.
Home repairs on the cheap will always be the very first option since home sellers would want to keep the cost at a minimum for them to completely maximize their property’s return of investment. Regardless of the reason for selling the property, getting the highest price is the ultimate goal – and that can only be achieved by prioritizing the most important fixes, putting little weight on the least important home areas, and finding the cheapest, but quality home repair contractors to get the job done. Once all the needed repairs are done, then you’re ready to put your property on various homes for sale listings.
However, if you’re looking to sell your house fast for reasons that you need money for an emergency, Dependable Homebuyers can help you sell your house fast and hassle-free. We can help you find the right buyer for your home. To know more, visit us at https://www.dependablehomebuyers.com and we look forward to hearing from you.
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