Repairs, renovations and upgrades are a must-do before you put your house on the market. All existing systems, including windows, doors, plumbing, and electrical must be in perfect working order. You may not have to replace or upgrade every item. But you need to know that buyers in this marketplace expect that the home they purchase is in perfect working order. The benefit for you is that this buyer pays you top dollar for a home that is "toothbrush ready." That's a real estate expression that agents often use to signify a house that is move in condition without any further preparation. "Just bring your toothbrush."
4 Reasons Why Repairing Before You Sell Saves You Money
- Your potential buyers won't be distracted by problems and repair items; they will focus on your home's positive, not negative, features.
- Your actual cost to fix items will always be less than a buyer's estimate.
- Your purchase negotiations won't drag on and on over minor repair issues.
- You won't have to do a price reduction to reflect the estimated (over-inflated) cost of repairs.
Saving Money on Repairs
The least expensive way to deal with problems and repairs is to address them before you sell. Waiting to have the buyer inspect and then ask for a credit or price reduction always results in the cost of the repair being overestimated-costing you money. It also forces the negotiations to drag out longer-costing you money. It can force you to reduce the price of your house-costing you money. But most importantly, even the littlest repair or problem will distract your buyer as they walk though your house deciding if they want to buy and how much they want to offer. It takes them out of their positive emotional experience and forces them to focus on problems…not positive aspects. Again…and big time….costing you money!
Stay tuned for more from me on repairs. In the mean time, i'd love to hear your opinion on pre-sale repairs in the comments!
Trulia's Michael CorbettMichael Corbett is Trulia's real estate and lifestyle expert. He is also the host of EXTRA's Mansions and Millionaires on NBC. In addition to his regular segments on ABC's The View and Fox News, he is a national best selling author with three critically acclaimed real estate books:Find It, Fix It, FLIP IT!; Ready, Set, SOLD! and Before You BUY! His years of experience in buying, renovating, and selling homes have made him a sought-after nationally recognized real estate expert.