To Repair or Not to Repair: What to Know Before Selling Your Home

 

 

Trying to decide whether to sell your house as-is or invest in repairs? Your choice will likely come down to several factors beyond the home’s condition and state of the housing market. Before putting your valued property up for sale, it is important to learn which home improvements can boost value and improve the odds of a quick sale – and which may turn out to be a waste of time and money.

Here are a few key factors worth considering:

  • The current state of the real estate market.
  • Buyers may not want to purchase fixer-uppers.
  • Window replacements, siding, and other improvements can provide a high return on investment.
  • Think about repairing anything that is broken or worn-out, such as windows and light fixtures.

Many sellers spend too much time and money fixing up their homes before listing them. They repair flaws that a buyer might never notice or won’t pay to have fixed. Before making improvements, take a moment to think about the factors listed above. We will cover most of them briefly below.

The State of the Real Estate Market

When the real estate market is hot with high demand, homes may garner multiple competitive offers and sell in a matter of days. In this kind of seller’s market, you can usually get away with doing a few minor fixups before selling.

It is worth noting though that a home in need of repairs will typically yield a lower price in any market. When the market is relatively slow, buyers might be unwilling to consider a home that requires work.

The Condition of Competing Homes Up for Sale

A competitive market analysis (CMA) offers a useful overview of recently-sold homes in your area. We recommend obtaining one to get a sense of whether your home offers more – or less – than similarly-situated properties.

The Likelihood of a Return on Your Investment

Some home improvements and repairs are more likely to pay dividends than others. For example, a minor kitchen remodel can add over $18,000 to the value of a home, while replacing the garage door can boost resale value by over $3,000.

Swift Homes Pro Tip: You should talk to a professional regarding your particular home and personal situation before committing to any repairs.

Selling a House “As-Is”

There are some situations where it makes more sense to sell the property as-is. One such situation would be if the home needs a great deal of structural and/or electrical work, which would be quite expensive and time consuming to fix. Not having to invest excess time and money into your property when you are looking to sell your home is something that Swift Homes recognizes is a need in the market.

The Truth About Buyers Who Claim They’re Looking for “Fixer-Uppers”

Some home buyers claim they are passionate about fixer-upper homes. Often, this translates to seeking out properties that require only light cosmetic repairs. Buyers who gravitate toward fixer-uppers fall into one of two categories: those who do not qualify to buy a more expensive home, or those who want to make a quick profit by fixing up the house themselves.

Swift Homes will buy any property in its current condition, as-is, with no repairs needed from the owner. When you sell to us, you can save on the costs of repairing your home, remodeling, as well as the fees and costs of listing with a realtor. Please contact us today for more information.

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