My Home Needs Repairs: Should I Fix It Up or Sell It As Is?
Your exterior now has new siding, and you recently installed a large, luxurious bathtub to a remodeled the master bath. Despite these improvements, there are still many parts of the home that need updating and several things that need repair and replacement.
Now that you’re planning to put your home up for sale, you keep wondering whether you should fix it up or try to sell it as it is.
The answer depends on variables, including the return on investment, the condition of competing inventory, and the state of your real estate market.
Selling the Home As Is
Weigh the cost of any proposed improvements against your home’s market value after an upgrade or repair. Your goal should be to get the highest return with any improvement. There are a lot of different reports and opinions, but kitchen and bathroom updates can often give you a 100 percent return on investment.
Tour the neighborhood and check the condition of the other homes. Make sure to also check the amenities so you can compare it with yours. If, for instance, most of the homes on the market have refurbished baths, then concentrate on fixing the bath.
You don’t have to make significant investments or drastic, expensive changes. A minor remodel should be good; sometimes, merely painting the cabinets a darker color and updating hardware can give the space a more modern look.
Rule Out Unnecessary Improvements
List everything that is worn out, broken, or defective. Note that if potential buyers spot a problem first thing, no matter how small, they might pass up the property.
For the extremely hot real estate market, sellers usually get away with fewer fix-ups before selling. A home that needs extensive repairs, however, will still deliver a much lower price. In cold markets, buyers may not even check a property that requires work, unless it’s a property belonging to the lender.
Nothing happens until someone comes through your doors. And if your house doesn’t look appealing from the curb, they never come into your house.
Although you may not get a great return on investment in putting in new sod or painting your home, it may mean selling your house more quickly. This will help you not have to make more mortgage payments and have the hassle of having more people coming through your home for viewings.
With over 90 years of industry experience, our experts at Klamen Real Estate can help you sell your home as is if you don’t want to have to do the improvements.
We have helped countless customers receive cash offers on their property without the usual lengthy inspections and repairs as well as any commissions and hidden fees. We are a Better Business Bureau accredited business, so you know you’re in safe, capable hands.
If you need expert advice on selling your home, fill out our form, and we’ll get in touch with you as soon as we can.