Subject: Should You Make Repairs Prior to Selling Your Home?
Drip, drip, drip goes the faucet. Bang, bang, bang goes the furnace.
These are not the sounds a homeowner wants to hear, especially when the home is about to go on the market. But does it pay to make repairs prior to listing or should new owners deal with your "to do" list? The answer is not that clear cut.
Consider today's time-sensitive masses. Many prospective homeowners hope to buy a home in "move-in" condition. Read: no repairs required. To meet this ideal, and make the sale, homeowners need to be proactive.
Even if you already know of repairs that should be made, some experts recommend hiring a certified home inspector to thoroughly and impartially evaluate the property. (For a list of inspectors in your area, contact the American Society of Home Inspectors at 800-743-2744 or visit them at www.ashi.com.) If the pre-inspection results in a checklist, the information will help homeowners feel empowered.
Do you have an incentive to make repairs? In an article (Improve Before You Sell: Seven Tips for Sellers, August 4, 1999) by Robert Bruss, a real estate expert, buyers will discount the offer price by much more than the cost of the repair or replacement. The buyer might even walk away.
To help you prioritize items, have a real estate professional look over the pre-inspection report or your own list of repairs. Also, check out Home Sale Maximizer at homegain.com to measure how various repairs and improvements can effect the sale price of a home.
In addition to fixing the problems uncovered by the inspector, you may want to:
Paint inside and outside
Tighten and polish hardware
Repair cracks in sidewalks and driveways
Replace missing or warped roofing
Clean or re-grout kitchen and bathrooms
Repair dripping faucets
Fix sticking doors
Repair broken fencing
Replace badly worn carpeting
Polish hardwood floors
If you have your home pre-inspected, talk it up and share the report with buyers. If you repair anything, walk them through the documentation, pointing out the item and the cost to you.
Depending on your goals and your budget, you may want to repair only items that could cause significant deterioration to the home such as a leak. Let your budget and your real estate professional guide you. Making certain needed repairs just might make the sale.
"Real Service in Real Estate." For a personal consultation on buying or selling real estate, Janis Peterson, GRI, Realtor® can be reached at (610) 642-3744, e-mail: jp4re@pahomes.com. Prudential Fox & Roach Realtors® is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc.
