It might seem like you can save money by leaving the repairs your house needs, but the truth is, not making those repairs will actually cost you. Whether leading to a huge first price reduction or concessions from the buyer for credits, it’s possible that just fixing those issues yourself can save you some major bucks.
Here are a few reasons you want to deal with those repairs before putting your house on the market, according to Tulia:
You could name your price and stick to it
A property that barely needs any repair reduces the chance of a price reduction. Also, the costs of repairs are often overinflated when it comes to real estate deals.
Handled with care
A well maintained property could easily seal the deal. If you are a buyer, stepping into a house that feels well kept – no stripped window screens, plaster cracks, ceiling stains – increases the property’s perceived value. This gives you an idea that the house will not need repairs any time soon and is ready for moving in right then and there.
Actual cost and estimates mismatch
The buyer’s estimated cost to fix repairs is almost always higher than what you would actually spend if you do them yourself. But there is already that pressure to close the deal and you will not have the time to do check and balance so you end up giving in to the price in fear of losing the sale.
No risk of losing the deal
Crediting back to the buyer for repairs identified during inspection can get a little messy it might lose you the deal. By dealing with repairs before listing your home, you avoid having to haggle for the estimate cost of repairs and losing more than necessary.
There’s no avoiding it
Whether you like it or not, you will have to deal with the needed repairs. The buyer will most definitely hire an inspector and they will see what there is to see – yes, all the bumps and cracks. And now, you only get to choose between crediting money back to the buyer or lower you price to compensate.
Avoid expensive rush jobs
Rush repairs are guaranteed to cost more, and last-minute repairs are common if you don’t deal with them before listing your property. Tradespeople are inclined to charge higher since they have to squeeze the job into their schedule.
Common repairs you can solve yourself
If that leaking faucet has been bothering you for months now, it will also bother a buyer. The thing is you can easily do these common repairs – one trip to the hardware store and one weekend and done. Leaving them for the buyer to deal with will lose you more money than what you’ll spend on finding solutions yourself.
More potential buyers
More often than not, the more repairs a property needs, the less attractive it is to buyers. If you want to increase the chance of finding a buyer who will be willing to pay your sale price, a house immediately ready for moving in is guaranteed for that quick and easy sale.