To fix or not to fix?
Here are some common areas for repairs: foundation, paint, carpet, HVAC, bathroom, kitchen cabinets, roof, landscaping, etc., however, There are many good reasons not to do any repairs on your home before selling it. While many sellers feel that getting repairs done will make their house more attractive to a potential buyer, allowing then to get a better sales price, research does not bear out the sellers will recoup the repair costs when the house sells. In fact, most sellers do not recover the full cost of repairs when selling.
The better indicators of what your sale price might be, is looking at what your local market will bear. Here are some factors to consider:
1. How hot or cold is the market in your area? Are homes being snapped up after the first open house, or are they languishing on the market for months? In a buyer’s market, expect to do more work to make a positive impression on buyers.
2. How fast are you looking to sell? If you have more flexibility, and you feel uncomfortable making too many pricey changes to your home before selling, it may make more sense to focus on cleaning, decluttering and making small cosmetic changes.
3. What is the condition of comparable homes on the market? It can be quite helpful to know a little about the homes that buyers in your area are looking at. Examine photos of homes for sale in your area or even attend a few open houses, and make a mental note of how the other homes compare to yours.
4. Does the needed repair give the impression the property has not been well cared for? At an open house, people often zip through quite quickly, and do not even notice what might need to be repaired.
5. How much will you realistically need to lower the price if you don’t fix it? If you have a lot of costly repairs to tackle to get your home ready to sell, you may be considering selling it as is. But keep in mind that there will be some prospective buyers looking for a fixer-upper.
6. Could it be a deal breaker? Some home repairs, like a new roof, are just so major that they will scare off all but the most determined buyers. If the market in your area is hot. Keep in mind that here many buyers looking for a fixer -upper that the can buy quickly and then make repair or updates according to their preferences.