4 Reasons to Consider Making Repairs Before Selling Your Home
Should you make repairs to your home before listing it for sale? This is perhaps one of the most common questions that sellers have at the start of the home-selling process. Not only can making repairs increase the value of your home, but they can also make it stand out among other listings in your neighborhood.
But, if you’re thinking that repairs can prevent you from needing to disclose past issues with your home — think again. From a legal perspective, all past and present repairs should always be disclosed in the seller’s disclosure paperwork, as it’s the seller’s legal responsibility to share repairs (those made with or without a permit) and known issues (even if they’re fixed or happened before you owned the home) with potential sellers.
With that said, here are some of the reasons you might consider making repairs to your home prior to listing it for sale:
#1. Not Everyone is Interested in DIY
Not all buyers will be shopping for a fixer-upper. Even if renovations are do-able, the added work and time may be a monetary deal-breaker. Or, buyers just may not have an interest (or expertise) in taking on improvement projects. That said, when you make repairs prior to listing your home, it can widen the potential buyer pool.
#2. You Can Boost Your Profit Margin
Although making renovations will add to out of pocket expenses, that’s not to say that they don’t contribute anything to the deal’s profitability. Sellers who make repairs are often able to significantly boost their property’s final closing price. While not all repairs reap the same results, here are some items that have the highest ROI:
Install a steel door for the entry
Replace the garage door
Open up the floor plan
Finish the basement
Add stone veneer to the home’s facade
Touch up the exterior paint
#3. You’ll Increase Your Curb Appeal
Don't think love-at-first-sight is only important in relationships — it also has a place in home sales. Renovations can make your property more attractive to prospective buyers right from the start. Repairs help to make a listing appear finished, polished, and ready to go. By enhancing a listing’s curb appeal, sellers will be more likely to land a quick deal.
#4. Inspections Could Go Smoother
Homebuyers often require a home inspection as part of their due diligence. When a home’s problem areas are apparent, they will stand as red flags and will surely come up during the inspection. In many cases, it’s easier to just take care of the issues on your own prior to the official inspection. This proactive move can save sellers from having to deal with drawn-out or complicated inspection down the line.
To repair or not to repair? After reading these 4 valuable points, what will you decide?
Curious about the disclosure process and what you do and don’t have to disclose? At Glide, we’re helping make the seller’s disclosure process easier and safer than ever before. Ask your agent if they’re using Glide to help minimize your risk.