Thinking about selling your home this spring or summer? Have you thought about the repairs and improvements needed to make your home marketable? Do you know what it would cost? Do you know which improvements will yield you the best return on investment?
First of all, repairs to your home’s deficiencies should be top priority. Why? Because potential buyers will turn away by your homes deferred maintenance or they will discount your home for the deficiencies in their offer to you.
If you don’t know what your home's deficiencies are, my suggestion is to conduct a home & pest inspection, that will reveal the deficiencies of your home. The reports can be extensive, but not every recommendation for repairs need to be addressed.
When selling a home I counsel my clients to make the repairs and improvements that make my clients the best return on their investment and at the same time are appealing to a mass audience of potential buyers.
Some examples of repairs and improvements I commonly see in taking listings are: dry rot to the structure, leaky roofs or skylights, non-operational appliances, damaged floors, etc. These items can easily be repaired, sometimes for a nominal cost and sometimes for a large investment. At the end of the day, these items need repair and without repair you won’t get top dollar when selling your home.
What do buyer’s look for when purchasing a home?
First and foremost, a well maintained home. Your home could be a ‘Brady Bunch’ dated rancher, but if you have lovingly maintained the home and there is no visible signs of deferred maintenance, a buyer will appreciate your home. They will happily tear down the 60’s wall paper as long as they know that they are buying a structurally sound home.
Next, buyers look for ‘move in ready’ condition type homes. Homes that have had upgrades: new windows & doors, roof, paint, flooring, kitchen, baths, landscaping, good floor plan, etc.
Costs to make repairs or improvements could range from 5k to 75k, depending on the extent of work needed in selling your home in today’s market.
Focus on what buyer’s want in a home, not what you want in a home. You might not know what that is and that is okay. Hire a Real Estate Advisor that can help you. Caution: Most Realtors sell homes; they don’t consult on designing or remodeling homes. Be sure to find a Realtor that has the experience and has the credentials to help you with your project. At the end of the day, more money in your pocket!
In addition to providing counsel to my clients on investing in real estate, I provide counseling on repairs, improvements and design. Many times I act as project manager for those improvements when taking on listings – and for free. Ask my clients about my service. I have many success stories I would love to share with you. Feel free to contact me with ideas, questions or advice. I would love to hear from you.