If you’re thinking about selling your house, you want to attract a buyer quickly and get as high a price as possible. Making repairs may help you sell your house, but you don’t want to spend more than you will get back at the time of sale.
What Is Your Home’s Overall Condition?
Although many buyers want a house that they can move into immediately, some are willing to make minor fixes. They may be turned off, however, by a house that needs a lot of work or by a negative appearance that makes them assume there are more serious issues.
If your house just needs cosmetic repairs, such as fresh paint and new carpet, you should make those upgrades to avoid giving buyers a negative impression of the entire home. If the house has hardwood floors, having them refinished can help you attract a buyer.
The kitchen is a primary area of focus for buyers. If it’s outdated, you may have trouble selling your home. Focus on repairing or replacing broken appliances, replacing damaged countertops, repainting the cabinets and installing new hardware.
When it comes to more serious problems, it may be in your best interest, and even necessary, to fix them before you list your home. If the house is not up to code, a home inspector will discover those issues eventually and you will have to make repairs. You should address any safety issues, such as broken window glass or fire hazards.
If the house is in a state of overall disrepair and needs major work in numerous areas, you may be better off selling it as-is. The amount you would have to spend to fix all the problems would likely be far more than the potential increase in the sale price. A flipper or a contractor may buy the house for a low price, make repairs and sell it for a profit.
What Is the Local Housing Market Like?
Comparing your home’s condition to that of other houses for sale can help you figure out whether you should invest money in repairs before you sell. If comparable homes in the area have been updated and yours hasn’t, you may have a hard time attracting a buyer, especially if the kitchen is outdated.
If your area is in a buyer’s market, with more homes listed than interested buyers, you may have a hard time selling your house if it doesn’t measure up to others available. In the case of a seller’s market, with more interested buyers than available homes, you may be able to get one or more offers without investing a significant sum of money in upgrades.
Your real estate agent can provide information on the condition of comparable homes in the area and the state of the local real estate market. Discuss the types of work your house needs, the potential return on investment, which things you should fix and which you should let the new owner deal with.
