Home maintenance and repairs can be expensive, and it can be tempting to put projects on the back burner if you don’t have the necessary funds. Delaying repairs may make it difficult to sell your house in the future and get the price you want.
Ignoring an Issue Allows it to get Worse
If you nip a problem in the bud, you can limit the damage. If you let things go, the problem will likely become more serious. For instance, a small leak can turn into a bigger one. Drywall and insulation may get wet and may need to be replaced. Mold may develop, which can create a health hazard. The cost to address all those issues will be much greater than the cost to fix a minor leak.
Issues That You Ignored may Turn off Buyers
Potential buyers will form an impression of your home in seconds. If they see stained carpet, for instance, they may immediately decide not to buy the house. Replacing the carpet or paying for a professional cleaning may make a world of difference.
Buyers want houses that are modern and ready for them to move into right away. If your home is outdated, especially in the kitchen and bathrooms, potential buyers may choose to keep looking since there are probably plenty of other houses out there that have been updated.
A Buyer May Want a Price Reduction
Before a deal can proceed, the buyer will request an inspection to learn more about the house’s condition. If the inspector notes problems, you and the buyer will have to decide how to address them. You may agree to make repairs before you sell the house or to lower the price.
If you let a problem go for years and you’re finally forced to make repairs, the price tag may be steep. If you and the buyer agree to a price reduction, you may have to give up more than the actual cost of repairs because of the inconvenience to the buyer.
The Deal May Fall Through
If your home has serious problems, the prospective buyer’s lender may refuse to approve a mortgage unless repairs are made, or the buyer may choose to walk away. You may have to go back to square one and look for a different buyer.
State laws require home sellers to disclose any problems they are aware of that can affect a home’s value. If issues were noted in an inspection, you will have to reveal them to other potential buyers. That may make it difficult or impossible to sell the house, unless you shell out money to make repairs.
Talk to Your Agent
You don’t have to fix every problem before you sell your house. Your agent can discuss your home’s condition, estimated repair costs, the local housing market and whether you should pay for repairs now or factor those costs into your asking price.