When we meet with home sellers, they often ask about making repairs before putting their house on the market. Is it worth it? Will they recoup the money spent?
While you may not always get back the actual dollars spent in making repairs, here are some things you should consider before selling.
Pros of Making Repairs
Removing buyer objections before they ever walk in the door. Today’s buyers, for the most part, don’t want to deal with someone else’s problems. Peeling paint, torn screens, an outlet that doesn’t work, the sink that drains slowly, a toilet that runs all of the time. These are all fairly small fixes that can easily be addressed before putting your home on the market.
Offers tend to be higher on homes without maintenance issues. With so much of our housing stock being similar, it’s a no-brainer that given the choice of a home with obvious deferred maintenance and one that’s been freshened up, a buyer will almost always choose the house that seems to be well maintained.
You’ll have a smoother inspection process. Inspections are not a chance to beat up on your house, but instead are to allow a buyer to uncover any hidden defects. That said, the home inspector will note Every. Single. Thing. that they find wrong, from a crooked cupboard door to a major roofing issue. Addressing items before going on the market means you will be less likely to be forced to renegotiate during the inspection period.
Cons of Making Repairs
The expense associated with professional repairs can be substantial depending on what needs to be done in your home. However, if you have issues with electrical or plumbing, we always recommend that you hire a licensed professional. DIY work is one of the most frequent findings in home inspections and can kill a sale.
When Not to Make Repairs
If you know that the target buyer for your property is going to be an investor who will more than likely do a major renovation, your best bet is to price it to reflect the need for repairs instead of attempting to do a mish-mash of small repairs that likely won’t improve your bottom line.