When you make the decision to sell your home, it can be tricky to know which changes would make your home sell more quickly and which would not impact the marketability of it. Each home is different so you have to look specifically at your home and not necessarily compare to what others have done. So I've compiled 8 key questions to ask yourself before making any changes to prep your home for sale.
3. What is the condition of comparable homes on the market?
It can be quite helpful to know a little about the homes that buyers in your area are looking at. You can look at photos of homes for sale in your area or even attend a few open houses and make a mental note of how the other homes compare to yours. Are the kitchens updated? Are the floors in good shape? If all of the other homes you see have a certain feature (for instance, an updated kitchen) that yours lacks, consider making that a priority. You don’t need to make your home exactly like all the other homes on the market; just make sure there isn’t a single factor that could give your home a disadvantage.
4. Does the faulty item give the impression the property has not been well cared for?
When debating whether to fix or not, items like leaky faucets, cracked tiles, an overgrown lawn, broken appliances or anything else that doesn’t work as it should can immediately turn off buyers. The simplest things such as a burnt out light bulb can be enough to turn a positive showing into a negative one.
5. Can you find a less expensive fix?
Sometimes there are options available where you can find a less expensive solution to fixing a problem such as your kitchen. Rather than spend big on a full kitchen remodel, why not give your kitchen a less costly refresh. For instance, you could paint the cabinets, swap out cabinet hardware, change the light fixtures and upgrade the appliances to something current and functional but not necessarily top-of-the-line. You will put some money into it but not nearly as much as with a full remodel. This can be well worth the time and money if it gets your home in the running in a competitive market.
6. How much will you realistically need to lower the price if you don’t fix it?
If you have a lot of costly repairs to tackle to get your home ready to sell, you may be considering selling it as is. But keep in mind that buyers looking for a fixer-upper will also be looking to discount the selling price due to needed repairs. You won’t be able to simply estimate how much the repairs will cost and deduct that from the selling price. You may need to deduct even more to make it worth the buyer’s time and effort. Discuss this with your Realtor and look into other fixer-uppers for sale in your area to come up with an appropriate selling price.
7. Is it one of the first things potential buyers will see?
First impressions are key especially in the real estate business! If you have a repair you are unsure about tackling, ask yourself this question: Is it something the buyer will see as he or she approaches your house and walks through the front door? If so, best to fix it.