Selling your home: Are you fixing it up or sell it as is?

Published by cravat | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs, Uncategorized

When you have spent quite a lot of effort and money remodeling the master bath and the exterior part of your home, not only that, the bath on the second floor needs attention plus the kitchen; You would stop and suddenly ask yourself Do you still need to fix up my home or just try to sell as is?

Answer: This really depends on the variables like the market in the area, the competing inventory, the condition and of course the return of your investment. Here is something to help you weigh your choices before considering doing anything.

A Home in as is condition

A previous client called to say that her neighbor is selling their home right away. The property does not look like it is still fit to live-in, it had holes in the walls, wooden floors are soaked in urine, electrical did not work, faucets leaked, the tub had fallen through its support.

This is a perfect example of a home which cannot be fixed in a snap of your fingers. Even a coat of paint cannot do the trick, we decided to put in a market with a low price and receive multiple offers. The property is sold.

Fixers or Fixed Up Homes?

There are buyers who prefer to purchase a fixer upper home but usually these prospect buyers what a property that requires limited repairs. Buyers who prefer fixers are generally either do not qualify to buy a much expensive houses but there are those who want to make profit by having fixing it all by themselves.

In addition, a lot of buyers will not purchase a property that needs repairing. They still need to worry the work involved will slash them more of their funds more that what they have expected. A buyer would prefer a place that is in a move-in condition instead of limiting your prospects because of all the repairs that is still needed to be done.

Think, Before Fixing Your Home.

If you are a smart seller, you will be weighing the cost of suggested improvements against the property’s market value after the fixing or remodeling is done. If a remodeling will not return the investment, I do not think it is still worth the repair.

Create a list of all that is needed to be repaired or replaced. If a potential buyer sees the problem areas, they will be thinking what else in the home has been overlooked at. Here are a few list of improvements to consider before selling your home:

1.     Check and repair all leaky faucets

2.     Take off worn carpeting and have it replaced.

3.     Cover all holes and cracks in the ceilings and walls.

4.     Repair the roof.

5.     Replace all out date lighting fixtures and fans.

6.     Check all broken windows.

7.     Old linens and window covers must be replaced.

Remember, a seller’s market can get away with lesser fix-ups before selling; nonetheless, a property that needs fixing and remodeling will definitely deliver a lower price. In a much slower markets, a buyer’s market, potential buyers may not even view a home that requires work unless it is an REO.