Here’s the dilemma: you’re ready to sell your home. But you realize that it’s maybe a bit too outdated. Or there are repairs to be made. Should you spend more time and money on fixing it up or just try to sell it as is?
The simplest answer is: it depends.
Important factors include: what’s the condition of competing homes for sale? Is it a hot or cold 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. Talk to your agent before making any repairs to weigh the pros and cons with your particular home and your personal situation.
Weigh the Costs
If your property needs a lot of work, and it’s beyond the help of an easy fix, you might want to just price the house low enough to attract multiple offers. In this case, contractors and home flippers will likely come out of the woodwork.
Some homebuyers say they want to buy fixer-upper homes, but are mostly willing to do simple repairs such as paint the walls, put in new carpeting, or replace light fixtures.
Most buyers want a home that’s in move-in condition. You can limit the number of buyers who might be attracted to your home by not making repairs.
Before updating your home, weigh the cost of the proposed improvements against the home’s market value after the repairs or upgrades are completed.
Scope out the Competition
Take some time to tour other homes in the neighborhood of sale with your agent. Note the condition and amenities in these homes. Compare them to yours. If most of them have upgraded kitchens, you should concentrate on fixing the kitchen.
Where to Start
Make a list of everything that’s defective, broken, or worn out and make
the minimum improvements you might want to consider making before selling your home, like patching holes and cracks in the walls and ceilings and fixing broken appliances and HVAC systems. Repair leaky faucets. Replace broken window glass and repair the roof if necessary. Change any dated light fixtures or ceiling fans.
Replace worn or stained carpeting. Repaint dark or marred walls with a pale cover. Replace old window coverings. While empty homes don’t show as well as furnished rooms, but battered furniture can detract from your home’s appeal. Consider upgrading your furniture if it’s in bad shape. You can always take it with you when you go.
Take the Market Temperature
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.
Thinking about listing your home? Contact me, Paul Biagini of Biagini Realty and I can share my expertise on the updates that will give you the most return on investment for your home!