Selling? How Much Should You Invest in Repairs?
If you’re selling your home, you may think that investing money into repairs before you sell is unnecessary. But, did you know that those house repairs could actually affect your resale value and the sale itself depending on what they are? Invest time and thought into the best repairs to get you the most out of the sale.
Making Repairs Before Sale
Not all renovations/repairs are necessary and if you’re wondering if you should sell your home as is, take into consideration how it will impact your resale value. If the home you’re selling were in absolute disrepair, it would be wise to talk to your realtor about marketing it to people who flip homes or are in for a huge renovation project. However, if there are issues that can be addressed, like replacing flooring, which will more than likely yield you a return, you should definitely consider tackling them.
When you decide to sell your home, make a list of all the things that you know may be wrong. You will want to include everything from the small, like a door that sticks, to the large, like a leaky roof. More and more sellers are also getting a home inspection done on their home prior to putting it on the market in order to avoid surprises and this can be a great way to find out what needs to be done.
So, how do you know which repairs to make? From the serious to the minor, read the repair lists’ suggestions to tackle before selling your home:
Larger and more costly repairs can seem unnecessary to deal with before selling your home, but a good rule of thumb is: if you wouldn’t want to deal with it, the homebuyers won’t either. Decide which bigger fixes are the most important to tackle, create a budget and cross off the ones that are most likely to increase your home’s value and be attractive to homebuyers. Many of these repairs can cost thousands of dollars but it is important to consider the impact to buyers and how they may perceive the property if they are left undone.
- Roof – An old or damaged roof can be a major red flag for some buyers. It is also seen as a major expense for buyers in the near future and they may expect to bring down the price to accomodate for that.
- Heating – A new furnace or air conditioner is not an expense that a buyer wants to incur. Also, newer systems are more energy efficient and may be more appealing to buyers as it will likely lower their utility bills.
- Wiring / Electrical – Wiring and electrical issues are serious and need to be addressed immediately as they pose a safety hazard.
- Flooring – If the flooring in your home is in rough shape and you need to replace all of it, it can be quite costly. Flooring is an aesthetic feature in the home so it doesn’t pose a safety risk if it’s in rough shape but it may not be appealing to some buyers to have to replace.
If these are in good condition or have several years left before replacing, see our Minor Repairs list below:
If you have a list of minor repairs that you can make (i.e. leaky faucet, updating lighting, etc.), it would be a good idea to cross those off too. You would be surprised at how all of the minor repairs add up to really impress potential buyers.
- Painting Interior Walls – It is always recommended to get a home freshly painted before listing. A new coat of paint can go a long way in the presentation of a home.
- Kitchen Cabinets – If your cabinets are in rough shape or outdated, you could consider painting or refinishing them. This is less costly but can be time consuming.
- Sinks / Faucets – Consider changing out your plumbing hardware to something more modern and new. Also make sure to take care of any leaky faucets or toilets that run.
- Update Lighting – Buyers love a well-lit space! Choose new light fixtures to give your home a modern and updated look.
- Kitchen Counters – If your kitchen is older but you don’t want to do a full renovation, new counters could be the way to go.
- Landscaping – The outside of your home is the first impression that buyers will have. Make sure that it looks clean and well-maintained.
What’s the Takeaway?
Ultimately, the amount you will spend on repairs will be in direct correlation with how much needs fixing, what the assessment of current damage is and what the work will be. To help make the sale run more smoothly, it is a good idea to address bigger issues that will turn off prospective buyers. Luckily, a lot of minor repairs can be easily handled on your own and won’t need you to pay out of pocket for the work. Go around your home and write a list of things that need to be repaired or replaced and prioritize the list before tackling any repairs.