So you want to sell your home, but you’re stuck with a dilemma. Do you sell as-is or put in extra money to fix minor home repairs?
The first step you should take is to consult with your real estate agent. They can guide you regarding the specifics of your situation and your neighborhood so you can make the most informed decision.
However, there are a few simple home repairs that will give you the biggest bang for your buck. Here are items to consider when you’re getting ready to put your home on the market and move away.
Fix-It Up or Sell As-Is?
When you want to sell your home for a move, the first question to ask is whether you should do some home repairs or sell it as-is.
Your real estate agent should be the first person you talk to about this question. Your agent will be able to determine whether your house will have a higher resale value with repairs. They’ll take into account items such as current market trends and the area of your home.
If your home needs an extreme amount of repairs, it’s better to sell it as-is and lower your price to attract buyers who want a fixer-upper. If the roof needs replacing, your electrical needs rewiring, every faucet leaks, and flooring need installation, it’s best to sell as-is.
On the other hand, if your home only needs minor repairs, it’s better to fix it up.
Keep in mind that most buyers are willing to complete minor repairs, such as painting a room or adding a new sink faucet. They will not want to install a roof, however. It’s better to fix the roof and sell your house for a reasonable asking price.
Should you leave your roof as-is, potential buyers will factor in their cost to fix it for you. They will also factor in the inconvenience and any unexpected expenses they might encounter as a result of roof installation.
In the end, if a buyer wants a house with a roof that needs to be replaced, they will probably take $25,000 off of your asking price.
Where to Start
So, your house needs some repairs. How do you decide whether you should fix them?
First, figure out the total cost of your repairs and how much value those repairs will add to your house. Second, decide which rooms should be given priority for repairs.
Kitchens and bathrooms will always give you the highest rate of return. Upgrade your kitchen, and you’ll almost always increase your home value.
The next item of business is to list everything that is in disrepair. List items by room, then prioritize them in order of what needs fixing the most. If you have a closet door that doesn’t entirely shut, but you also have a garage door that won’t open, priority should go to the garage door.
Plan out items you will fix according to your priority list and your budget. If two repairs are of equal importance but you can only fix one, ask your real estate agent for advice.
Fix-it projects that should always take priority include:
- Patching holes and cracks in walls and ceilings
- Fixing broken appliances
- Updating or servicing your HVAC system
- Fixing leaky faucets
Repairs That Increase the Value of Your Home
If you want the best chance of selling your home for your asking price, here are some repairs that are worth making before you list.
Refresh tired rooms by giving them a fresh coat of paint. Light or neutral tones appeal to most homebuyers. Painting is a quick and inexpensive method of updating your home to increase its appeal.
Think of the exterior as the welcome mat of your home. The outside is the first thing potential buyers will see. You want the outside of your home to invite people in, not send them away.
Make sure your grass is thick and mowed, bushes are neatly trimmed, fences are painted and intact, and personal items are moved out of the yard.
Kitchens are a significant selling point for buyers. While you may not want to do a complete remodel, there are ways to give your kitchen a fresh feel. Paint walls and cupboards, update old lighting fixtures and modernize countertops.
Bathrooms get a lot of heavy use, and they often show it. Refresh your bathroom by fixing leaky faucets and showerheads. Clean the grout and repaint walls. Clean all surfaces with appropriate cleanser to make these rooms bright and shiny.
Hardwood flooring is the most desirable flooring option on the market. If you already have hardwood, make sure they look their best. Should you have the budget, refinish your floors to give them a freshly installed look.
If your floors lack hardwood, ask your real estate agent if it would be a good idea to install hardwood flooring before you list.
Replace old, worn, stained, or thinning carpet. If carpets need to go, consider installing hardwood flooring instead. Wood-grain vinyl is another good option if hardwood is outside of your budget.
Assuming that your carpet still has plenty of life, hire a carpet cleaning service. Cleaning your carpets will have them looking like they were just installed.
Make sure doorknobs work, light switches and sockets are safely behind covers, doors close tightly, locks latch, and windows open and shut as they should.
Buyers want to walk through your home and enjoy a flawless experience as they picture themselves living in your space. Don’t give them a reason to lower your asking price or even walk away unsatisfied.
One Last Note
While there may be other important things to repair before listing your house, these are some of the most important. The best part? They won’t break the bank.
When deciding which repairs to make, it’s essential to determine which will give you the best return on your investment. The last thing you want to do is waste money. Which items have made it onto your fix-it list?