Should You Do Some Repairs Before You Put Your House on the Market?
By: John Garcia | Date Posted: November 3, 2021
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Whether you should or shouldnât do some repairs before you attempt to sell your house is among the most challenging decisions anyone can make. We all want to increase the selling price and sell our homes faster. Some non-crucial repairs can get quite costly and become very time-consuming. In that case, you will waste a lot of resources and time on them. Meanwhile, the state of certain parts of the home can be enough to turn potential buyers away, especially if theyâre in poor condition.
Do Some Repairs Before You Put Your House on the Market
Other repairs are needed to boost a homeâs value or make it more appealing to buyers. Every home, homeowner, and potential buyer on the market is different. This is why we are here to tell you how you can decide if you should do some repairs before you try to sell your home.
Examine the Market
The first thing you should do to decide if home repairs are needed is to examine the market. Is the market hot or cold where you live? Find out how long, on average, homes sell after their first open house. You also need to take note of the selling prices. Are they typically near what the sellers ask for or do they end up selling for lower? Check out nearby listings and visit upcoming open houses to assess the level of interest. Are they bustling with people looking to buy, or are they as empty as a burgled room?
You can also talk to your real estate agent to get a clearer idea of the market. If the demand for homes is high, making it your market as a seller, then you may be good to go with a few minor renovations or repairs. The chances are that youâll find a buyer whoâs willing to purchase your property for the price you asked for. However, if there are more houses on the market than there are people who are willing to buy, which would make it a buyerâs market, youâll have to stand out from the rest of the listings.
Youâll probably have to make several home improvements to make your home more attractive to buyers. It can be a good idea to find out what people in your area are searching for in a home, as well as the things that the other listings lack so you can incorporate them into your own.
Are You in a Rush?
Are you in a rush to sell your home? If youâre starting a new job in a different city, committed to purchasing a new house, or are moving out of the country, you need to make sure that your house sells as quickly as possible for the highest price you can get. You canât afford to start renovations that may overlap with your plans or compromise your finances. However, if you have more time but donât feel comfortable making several costly changes, getting your home thoroughly cleaned, getting paint jobs where theyâre needed, and decluttering your home can be enough, especially if itâs a sellerâs market. If the offers youâre getting are below your selling price and you have more flexibility in terms of budget and time, you may want to make greater changes before you relist your home.
Budget and Profit
If you decide to do repairs before you put your house on the market, you need to make sure that theyâll pay off in terms of the selling price. You also need to look into the range of home improvement costs in your area before you decide which aspects of your home to improve to ensure that theyâre budget-friendly. Sometimes, people compare the price they couldâve sold for if they hadnât made any improvements with the post-improvement price to find out that the repair costs ate up a lot of their profit. Letâs say your home is valued at $320k pre-repair. You then spend $60k on repairs but your homeâs value only goes up to $370k. Not only did you not benefit from renovations, but you hardly covered the expenses.
Comparable Listings
Before listing your home in the market, you need to look into the other comparable homes in the area. Getting an idea of what other options buyers are considering will help you know where you stand on the market. Look at photos and visit open houses to assess the condition of other homes. Are the tiles in good shape? How new are the appliances? Is the furniture worn out? Look at the features that other homes offer and compare them with your own to find out if your home is lacking in any way. Your home doesnât need to be a carbon copy of the other listing. You just need to make sure that other options are not more advantageous. If your home is in good shape and offers similar or better amenities, then you should go ahead and list your home.
Consider the Impression
While some minor faults can easily pass, others can give off the impression that youâre a careless homeowner. Donât leave your tiles cracked and faucets leaking. Make sure to maintain and mow your lawn, fix broken appliances and flickering lights, and repair squeaky doors. Anything that gives the impression that you donât take good care of your home can instantly turn buyers away.
Cheaper Alternatives
If you believe that your home needs an update but canât afford to make costly repairs, always remember that small refurbishments can go a long way. For instance, if other homes on the market seem to have new and fresh kitchens but you havenât touched yours in 15 years, you donât need to get a whole new kitchen. Repair broken cabinets, replace your knobs and handles with newer models, get a polished paint job, add a few decorative pots, plants, or candles, and change the light fixtures. If your appliances are outdated, you can replace them with a newer model (it doesnât have to be cutting-edge or anything). These updates can change the look of your entire kitchen without breaking the bank.
When youâre preparing to list your house on the market, there are several things you must keep in mind. This includes whether you should do some repairs before you try to sell your house. This can be a very challenging decision to make. To help you out, weâve listed a few things that you need to consider before itâs time to sell.
Thank you for reading!
