Are you planning to sell your property in Chesapeake, Virginia soon? No matter your reason for putting it for sale, there are many things that you first need to consider. One of which is whether to tackle home repairs before selling.
It can be hard to tell if you should go and fix your home first or sell it as it is. You might want to sell it for top dollar, but some homebuyers may not be keen to pay for a fixer-upper. If you’re not sure which path to take, answer the following questions, and you’ll know the answer:
What are the mandatory and optional fixes?
Homeowners first need to check what needs to be repaired. List down all mandatory fixes. On a separate paper, write down all the optional fixes. If you’re not sure which fixes are necessary, opt for a home inspection. A professional home inspector will visit your home and conduct a visual inspection of it. Anything that may catch the attention of your home inspector is the mandatory fixes that you need to consider.
Is a return on investment a possibility after repairs?
First, know how much your house is worth considering its current state. Next, calculate how much money you need to pay for the repairs with the help of a remodeling calculator. Then, check the total home value after the repairs. If you end up having a negative value after the repairs, then it will be better to skip the renovation. On the other hand, gaining a positive value means that remodeling is worth the investment.
How fast are you trying to sell your home?
Another factor to consider is the urgency of selling your home. Do you wish to increase your home value? Are you willing to wait for the right buyer? Then it pays to fix your house first. Do you lack time and need to sell the house the soonest time possible? Then you may opt to put it on sale and sell it quickly at the highest price possible.
Is it possible for the due repairs to be a deal-breaker?
There are home repairs that pose as a red flag to potential home buyers. This can include unusual stains and smells, major home components that are non-functional, and faulty wiring. If a home repair can pose as a deal-breaker, then you can choose to sell the house as is at a lower price or fix the issue and hope to increase its value or break even on your investment.
What is the current state of the market?
The current state of the market can affect the buyer’s decision to sell as is or not. If it is a seller’s market, then you have a higher chance of selling a house even if there are some parts that need repairs. However, you can’t expect buyers to pay a higher price if some repairs are due even if the demand is high.
These questions can help you check whether selling your home as is or fixing it first makes sense. If you want to sell for more money, then you may need to fix major home repairs first. However, if you want to sell it fast, then you might want to skip the repairs and sell for a lower price. Keep this list in mind, and you’ll find it easier to make a decision when selling your home.