Whether or not to invest in home repairs before sale is a critical decision. Fortunately, the right information can help you make a wise choice.
When you decide to place your house for sale, there are likely hundreds of questions dancing around your head.
“How much should I ask?”
“When should I contact realtors?”
“When can I expect the place to be sold?”
Another important question centers around repairs. When should you take the time and effort to make them? There are lots of factors involved in repairing your home before a sale, but when you are fully informed, you can make the right decision…
Factors to consider when trying to decide:
As any agent or homeowner can tell you, real estate is complex, and no two situations are alike. However, there are a few important factors to consider when trying to decide whether or not to repair.
How many homes are currently for sale in your region, your city, and your neighborhood? If you are currently in a market with thousands of for-sale homes just in your section of town, you may need to complete repairs in order to remain competitive.
Average time on the market:
Are homes generally scooped up after a week on the market, or have homes been listed for months or even years? If homes are being bought fast, it shows a high demand, so you may be able to get by without conducting repairs.
Return on investment:
First of all, you need to understand that almost no remodeling project will bring a positive return on investment. According to Remodeling Magazine, which conducts exhaustive annual studies on the cost of remodeling vs. the recoup in home value, only one project (fiberglass attic insulation) brings a positive return. Minor kitchen remodeling only brings 77% in the southeast region, and roofing replacement only returns 69% of the cost. It is still wise, however, to make repairs that have a decent return and will help sell the home. Just don’t make repairs as part of a financial plan to make more money on the home, as the numbers often don’t add up.
When to make the repair?
So, when should you absolutely make the repair, regardless of the market and the investment? In most cases, you’ll need to make repairs if the issue affects the habitability of the home. Your average homeowner can deal with making cosmetic changes and small revisions to the home, but they rarely want to purchase a house that needs structural repairs or significant, long-term renovations.
Roof repairs are a great example. Few people want to purchase a home that needs a new roof, so making the repair will likely help the home sell faster. The same goes for foundational problems, drainage issues, or gutters and soffit damage.
However, you should also consider completing many of the small repairs that are easy, fast, and simple. Painting the walls, trimming the hedges, and edging the sidewalks can help make the home more attractive, and all you need is a little motivation, a weekend afternoon, and a few basic tools.
Making the home-selling process simple!
It always helps to have the professional advice of an experienced real estate agent. Contact Dante Disabato today and we’ll help you decide whether to make the repair or sell as is.
We proudly serve Naples, Florida and the surrounding area, so contact us today and let us help you make a smart decision for your future. With or without repairs, we can help sell your home quickly while bringing the price you deserve!