Imagine you are a buyer looking at your home. What do you think needs repair?
Money spent on repairs can make a difference in the final sale price because buyers tend to overestimate the cost of performing repairs. Then they reduce their offer by an amount higher than necessary to compensate. If the lender requires the repairs to be performed before closing, the seller can, in effect, end up paying for repairs twice: first in a lower sale price and second in the out-of-pocket cost of the repairs themselves.
A better strategy is to perform the repairs before putting your house on the market. Simple repairs that make a huge difference in marketability and offer price are:
• Replace cracked windows and torn screens;
• Fix or replace any broken stairs or handrails;
• Fix plumbing fixtures, leaking faucets, and so on;
• Replace exterior lock sets and garage door openers if damaged;
• Repair worn or damaged flooring;
• Replace broken or leaking gutters and downspouts;
• Remove any soil or landscape mulch from contact with wood;
• Clean, repair, or replace the roof;
• Repair or replace any worn boards on decks or porches;
• Have your heater and air conditioning units serviced and filters replaced.
First impressions are key. Taking care of the necessary repairs before putting your home on the market is important to yielding top dollar and ensuring a quick, hassle-free sale.