For homeowners wanting to sell their house, the decision can be very tricky if you are trying to weigh the pros and cons of selling your house as it is or fixing it up. The goal of anyone selling their property, let alone home is to get a good value. If you ask around and search online, some of the information present online may give you the impression that renovating your house is a must when you plan to sell it. But in reality, it is a choice, not a MUST. There are a lot of factors you must consider before spending on renovation for an impending sale. Also, not all repairs will give you the return on the value you spent on renovation. So, before you know the important factors and what repairs to make to get a greater deal, spending on repairs is a waste of time and money.
Factors to consider when renovating your house
Most homeowners try to make changes in those parts of the house that only they know about. The new buyer may not even pay attention to them or may not even consider them worth a repair. In such a situation, they won’t be ready to pay extra to cover even the renovation cost, let alone make a profit. So, before you make the change, consider the below factors.
The situation of the real estate market at the time of sale
Not all times are hot and ripe for buying and selling property. So even the most noticeable changes, such as a recent Garage Door Repair or landscaping, will not impact its price or attract the buyer because the market is not simply right. In hot selling days, a home may attract the right buyer within days; you might even go through bidding wars or get phone calls from multiple buyers. But even in hot real estate market days, a home without repairs will sell at a lower house than one in a better condition.
How sure you are to get a return on your investment
Blindly spending dollars on home repairs is extremely imprudent before you are sure about getting a return on your investment. A minor fiber cement siding repair can cost as much as $17,008, but it falls flat when looked at from the point of view of return on investment. The 2020 estimates suggest a resale value increase of $13,195, which won’t even cover the cost. Therefore, it is always better to talk to your real estate agent about the market value of the repairs before making any changes.
When is it appropriate to sell as it is?
Selling a house in its current condition means you will not change it. If a buyer agrees to buy your home, it means they do so knowingly. Even if your house has major issues like water damage, damaged roof, holes in the walls, leaking taps, urine-soaked wood floors, or other problems, you won’t make any repairs. Instead, it is on the buyer’s prerogative what change they want after the house is in their custody. Besides, it is also not the kind of house that can attract many good customers or market value. You can not repair such a house with just a few cosmetic changes; such a house needs a complete overhaul which might not interest you. So, in such a situation, a seller is okay even if they get a lower value for their house, just enough to get rid of the property. But remember selling the house without renovation does not mean that it will happen without proper inspection; the idea is that the buyer knows what they are getting into.
When do you sell the house without renovation?
Many reasons can contrite to making a seller sell their house without making any changes. It could be because the seller lacks the funds to repair the house, so they are okay selling it in a damaged condition. In other instances, you might want to sell the house as it is if you need the money quickly. You could be moving to a new country or trying to pay the loan due immediately. In these situations selling a house without taking time for repairs is your only option.
Repairs that can increase the sale value
You can think about selling the house after major repairs if you are sure of getting a return on your investment. But remember fixing up your home and getting a profit out of it does not happen overnight; you need patience, time, and of course, money. If you have all these ingredients ready, you can make changes. Certain home renovation projects are more beneficial and give more optimism about attracting a suitable buyer. Here is an appraisal of a few of them.
Repair the Roof
Repairing the roof can positively impact the value of your house. A better roof means your home is well protected against the impact of rain. A fully reinforced roof does not let rainwater penetrate the house through the ceiling. So, it is definitely worth considering.
Fix the Plumbing issue
Plumbing issues can make the house really ugly. They can lead to water damage and the growth of mold. Such issues can significantly impact the value of your home, making it less attractive for buyers. So, if you see plumbing issues, they are worth your attention.
A beautiful kitchen can immensely appreciate the value of your house. It is where homeowners spend most of their day. So, it is often the primary area to consider when buying a house. Replacing the old appliances with new ones, repairing cabinet doors, or fixing the sink for any leaks can be a few areas worth repairs.
If you want a better value for your house, repairing it before the sale is a good decision. But you must spend money only on repairs that have the potential to offer a better return. If you don’t find such problems, it is better to sell in the current condition and not spend on changes that your buyer might not be ready to pay for.