Should You Fix It Before Selling? 8 Questions to Ask Yourself Before Starting Home Repairs
So you’ve decided to put your home on the market. Now it’s time to figure out what repairs and maybe even renovations you need to make before placing your home for sale. Since each home is different we can’t tell you the exact repairs you need to make in your home. We can, however, offer eight questions to ask yourself to help you decide what needs fixing and what you can leave as is.
Question #1 How Hot is the Market?
If you want to get away with making as few repairs as possible, sell your home during a seller’s market. A seller’s market simply means that the stock of homes for sale in your area is limited, making the market more favorable to sellers. A buyer’s market is the opposite of a seller’s market--there are many homes for sale in the area and buyers can be more selective about their choice.
Question #2 How Fast Do You Need to Sell?
If you want to sell fast, your best option is to do as many repairs and mods as you can as fast as possible. If you’re not in a rush to sell and are uncomfortable with making big changes before selling you can make smaller, more affordable changes like a deep cleaning and small cosmetic changes like paint and trim. If the small mods don’t get results, start planning bigger changes.
Question #3 What are the conditions of the comparable homes in your area?
Search for photos of the homes online through a site or app like Realtor or Zillow or visit the homes during open house. Do the homes have updated kitchens? Fresh paint and flooring? If you want your home to sell, you’ll need to offer similar features.
Question #4 What faulty items need your immediate attention?
Leaky faucets, broken tile, an overgrown lawn, damaged walls, and broken appliances are just a few faulty items that can make or break a sale. Unless you’re willing to wait for a buyer who will buy the home under those conditions and make the repairs themselves after the purchase, you need to fix these and other related items before placing your home on the market.
Question #5 How can I make the updates my home needs on my current budget?
The short answer is to find a less expensive fix. For instance, if your cabinets are still in good shape but are outdated in style, a fresh coat of paint and new hardware can do the trick. You may also consider adding a new backsplash or light fixtures for an even more updated look.
Question #6 How much lower are you willing to drop the selling price if you choose not to make any repairs?
Like we said before, if you’re in a seller’s market, you can likely sell with fewer repairs. But if the market is hot for buyers, you’ll either sacrifice cash now on repairs or later when you have to drop the selling price to sell the home as-is.
Question #7 Are the needed repairs some of the first things buyers will see in your home?
Think about it. Would you pay your asking price for a home that had the same necessary repairs as yours? If not, it’s probably best to start a plan to get the repairs or modifications done.
Question #8 Are the repairs a possible deal-breaker?
In question four, we mentioned several faulty items in the home that can turn away buyers. Ask yourself again, would you buy a home for this price with that faulty item(s)? If not, it’s time to make repairs or a new purchase.
We hope these questions help you make the best choices for getting your home prepared to sell. And if a new kitchen is on your list of updates, we’re right here waiting for your call at 662-728-1533. Give us a ring Monday - Friday to get a free project estimate.