Should You Fix Up Your Home Before Listing It?
Trying to decide whether to sell your house as is or invest in repairs? Don’t make the mistake of investing too much money into fixing up your home before listing it. Here are some factors to consider!
What Is the State of the Real Estate Market?
In a hot real estate market, most homes may sell in just a matter of days with multiple offers and even bidding wars. This is known as a seller’s market, and it means you can usually get away with fewer improvements before selling.
However, a home that needs repairs will still deliver a lower price in any market. Fixer-upper buyers will discount the price of the home to allow for the repairs, then discount it a bit more for the inconvenience. In slower markets or buyer’s markets, buyers might not even bother to look at a home that needs work.
What Is the Condition of Other Listed Houses in Your Area?
Your real estate agent will be able to give some critical advice on what the best options are for selling your house. One of the ways they can guide you is by doing a competitive market analysis which is an overview of recently sold homes in your area. This will help you get a sense of whether your home offers more (or less) than similarly situated homes.
What Is the Potential Return on Your Investment?
Some repairs and home improvements are more likely to pay off than others. Again, your realtor can assist you in weighing the pros and cons with your home and your improvement budget.
Some improvements might not be warranted if an upgrade won’t provide a good return on the investment. Some home improvements that carry a high ROI include:
- Replacing siding with fiber-cement or vinyl
- Replacing windows
- Adding a deck
You might also want to tour other homes in the neighborhood with your agent and compare them to your house. Keep in mind that these listings are your competition and note the condition and amenities in those homes.
Before you decide to sell your home as is, learn as much as you can about the housing market and other homes for sale in your area.
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