The decision has been made to sell your home. But you think you need to make repairs on your home. So the question looms: do you make those repairs or do you forego the repairs and list your home the way it is?
This is such an important thing to consider, and it's not a simple yes or no question. Well really, when it comes to real estate, almost nothing is a simple yes or no answer, because everything depends on your particular situation, your home, and your end goal. Also, so many homeowners think they have to do so many more repairs than are actually necessary, or that will be financially beneficial for your home sale.
There are a couple of factors to look at when deciding if you should make repairs on your home prior to selling.
Factor #1: The Price Of Your Home
The price range of your home matters so much. I mean, think about it, buyers are different price points have different expectations of what they will find in a home. So the first step is to find out what your home is worth, and go from there. Let's take a look:
If you're pricing your home around $200,000, most buyers are likely first or second time buyers and aren't expecting everything to be perfect. Most buyers anticipate there will be some minor defects and even some potentially major defects, and they are primarily concerned with health and safety issues being okay.
If you're pricing your home around $350,000, the bar raises for buyer's expectations. This price point is over the average home price in Spokane, which is hovering right around $300,000 currently. So buyers are going to have higher expectations about the condition and quality of home. Again, it doesn't mean your home has to be perfect, however major defects should be fixed and many minor defects should be fixed also.
If you're pricing your home at $750,000, almost all buyers are going to have a very high expectation of the condition of the home. This means that all major defects and minor defects should be completely fixed.
Factor #2: Types Of Repairs Needed
Depending on the types of repairs you need on your home, you may or may not need to do the repairs. This is also dependent upon the price point of your home, but there are some repairs that are necessary for pretty much any price point. For example, if you have defects with the heating system in your home, you're going to need to repair those. It's a requirement of any loan to make sure there is a viable heating source that will heat the entire house. Also, if there are things like roofing tiles that are very visibly beyond their lifespan, or anything that would impact a new buyer's ability to live in the home with minimum health and safety standards, then the repairs need to be fixed.
There are a couple of disclaimers I want to put out here:
1) All of the potential repairs needed on your home are relative. This is why it's so vital for you to meet with an expert agent, and find out what's actually important for you. If there is one major takeaway you get from this article, it's this.
2) If you aren't able to make repairs and need to sell your home as-is, this is all doable. It is possible to adjust the price to reflect the repairs needed, and it may cause some limitations in your home sale, however your expert agent can walk you through how to do this.