Why Do $5,000 Of Repairs To Sell My Home? I Can Just Drop The price $5,000, Not!

Are you thinking of selling your home?

Perhaps your home is already for sale or it has been for sale forever.

A lot of the time when people decide to sell a home they would rather sell it than fix it.

But there is a problem with that. Most buyers want a house that is move in ready. They do not want to fix anything. Fixing up houses is like having a second job. People hardly have the energy for one job much less two. They do not want Your Fixer Upper.

Yes, you can just lower the price to sell your home without making the repairs. However, it will not be a dollar for dollar trade and it will limit your prospect pool, which translates into your home being on the market much longer. The trade off probably will be more like 3 dollars of price reduction for each dollar of repair and the estimated repair dollar will be for a professional contractor. If you could do a good bit of the work yourself, the price drop may end up being a price drop of 6 to 8 dollars for every out of pocket dollar you would have incurred when doing a lot of the work yourself.

The good news is the cost to fix problems is often cheaper than you might think even if you have to hire someone to do the work. So maybe it really is in your best interest to make some needed repairs.

Here are a few hot repair buttons for buyers.

1. Lame bathrooms. If your baths are shabby and mildewed buyers will be grossed out. Fix the problems. Polish everything up and make it look new. A few new fixtures are not really expensive. Leave them all in original locations and just replace with stuff in neutral colors.
2. Old Wallpaper. People do not like wallpaper and they sure do not want to remove it themselves. Strip the wallpaper and paint with neutral colors. If you have good trim paint it a contrasting white to show it off.
3. Water stained ceilings. If you have leaks, fix them! Fix the watermarks too. Yes, you will have to prime and paint, both. Signs of water leaks are a big problem at resale. Water destroys houses. No one will buy a house in this condition unless they really want to be in your neighborhood. Either way they will make you pay!
4. Outdated or non-functioning kitchens. No, do not do a $50,000 dollar remodel. Paint and newer appliances that work are enough in many markets. You might even be able to by appliances second hand. Leave them in the same locations. If your counter tops are damaged or really dated get something better. Stick to a firm budget. Some granite and/or granite or stone tiles can be purchased reasonably. Maximum expenditure $3,000 to $5,000 for the whole kitchen. Less in some markets. Avoid replacing cabinets if possible.
5. Built in appliances and lighting that does not work or is very dated. These are easy fixes and cheaper than you think.
6. Old, filthy carpet. Did you know carpet is the cheapest flooring you can buy and have installed? Do NOT put or leave carpet in bathrooms. Carpet in bathrooms is another gross out for most buyers. Neutral ceramic tile works in baths. Get something that looks like stone in a neutral color. If you can afford hardwood many buyers like it, but be careful. It can get too expensive.
7. Bad curb appeal. Does your house look ugly from the street? This is a pretty easy fix. Get a local plant seller to help you. A friend or neighbor might have the expertise you need if you do not have it yourself. You might only need to clean up, trim some bushes and plant a few flowers. Make the place look as good as you can. Curb appeal matters a lot.

When you are done with these fixes you may find yourself taking pleasure in your home again. You might even decide to keep it. But the big issue is that you will have a more marketable property if you really need to sell.

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Comments

Tue, 27 Jan 2009 at 3:08 PM, by Asif Rashid
Some great tips for restoring bathrooms on here I found them very useful. Some things simply needed replacing though and I found a great cheap website for bathrooms if you're interested called http://onlinebathrooms.com

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