WHY DELAYING HOME REPAIRS COULD COST YOU MORE WHEN SELLING YOUR HOME
Home repairs and maintenance can easily be pushed to the end of a homeowner’s to-do list as it can become quite expensive. However, there are a few reasons as to why delaying these repairs can actually cost you more when you’re selling your home.
BE AS PROACTIVE AS POSSIBLE
It’s easier to fix a minor issue rather than a major one. Be as proactive as possible when it comes to home maintenance. Ignoring a simple kitchen leak can turn into a mold issue that left untreated can turn into a major plumbing and structural problem. This is a great example as to why it is essential for Sellers to alleviate any home concerns as soon as they are made aware of them. Sellers have a better chance of limiting the damage if they attack the problem right away. Ultimately, keeping the cost of repair as low as possible.
BUYERS ARE PICKY
Buyers like clean, modern, ready to move-in homes. Even the smallest of concerns can cause a prospective Buyer to turn away. Your home may get overlooked if Buyers notice stained carpets, outdated kitchens, or damaged roof tiles. Evaluate your home from a Buyer’s perspective. Take note of the condition of your home. By replacing old carpets, repainting the walls, or updating spotlight rooms like the kitchen and bathrooms, can put you in the best position possible.
HOW TO AVOID REDUCING YOUR SALE PRICE
Whenever a home goes under contract, there are a few opportunities for the Buyer to cancel the deal. One of these contingencies is during the Inspection period. During this period, Buyers have the option to conduct an inspection on the home. If the inspector notes any issues, they note it in their report and negotiations between the Seller and Buyer begin. The Seller has 3 options. Either alleviate the repairs themselves, reduce the sale price / give a credit to the Buyers to fix the repairs, or simply – do nothing.
By choosing to fix the repairs themselves, Sellers have the chance to shop for vendors and limit the costs of the repairs. By choosing to let the Buyers handle the repairs, the Seller may have to credit the Buyer more than they anticipated for the Buyers inconvenience. If the Seller chooses to do nothing, the Buyer can either accept this or back out of the deal. Avoid reducing your sale price by completing as many home repairs as possible before listing your home.
HOW TO AVOID GOING BACK TO SQUARE ONE
While acquiring a Buyer may already be difficult enough, keeping them can be just as tough. If the home is in need of major repairs, a Buyer’s lender may refuse to approve their mortgage until either the repairs are made or the Buyer has the choice to walk away.
Florida requires Sellers to disclose to the Buyer any and all problems with the home that they are aware of. If the Buyer conducts an inspection, and new issues are discovered, the Seller is required to reveal them to the next Buyer. Making the sale of their home even more difficult, unless the repairs are fixed or price reduced. Avoid going back to square one by avoiding procrastinating on home maintenance.
YOU DON’T HAVE TO FIX EVERYTHING
It may seem overwhelming to have to fix every issue in the home so that a Buyer is willing to purchase it. Fortunately, this is not the case.
Talk to your real estate agent, they may be better able to guide you through what repairs are critical and what repairs should be factored into the asking price.
If you want to learn more about home repairs and getting top dollar for your home, call us, the Connie Cabral Group, today at 305.776.0899 or send an email to ConnieCabral.com
Our team of certified luxury property specialists go above and beyond for our clients – from first contact to after closing.