How much should you fix up a home before putting it on the market?
When you've lived in a home for a long time, it's easy to grow accustomed to its deficiencies. You swear you'll fix that cracked window or scratched floor when you get the time. But with enough procrastination or budget tightening, you simply learn to live with these eyesores.
Of course, these issues will probably be more noticeable to you if you decide to put your home on the market. Before you list the residence for sale, you'll have to decide how many repairs to make.
This question can prove to be a difficult one for sellers. When you're trying to get a good price for your home, it seems counterintuitive to invest in repairs and renovations. Does it make sense to sink money into the property to try to get a higher selling price, especially when you likely won't have much time to enjoy the benefits of these upgrades?
The home's condition is likely to cost you money in one way or another. You'll save money at the outset by leaving your home in an "as is" condition, but you'll likely have to adjust your asking price to take the necessary repairs into account.
Completing some repairs from the outset can be very beneficial. Michael Corbett, writing for the real estate site Trulia, says you'll have to complete repairs or credit the buyer for major problems identified in the home inspection. This can lead to expensive last-minute work on the home and increase the risk that the deal will fall through.
Moreover, most repairs are simple jobs you can complete on your own. This work can eliminate cosmetic eyesores, attract more buyers, and allow you to set a more ambitious price.
Consider your neighborhood when deciding the extent of the work. If there are numerous comparable homes for sale, improving your property can help it stand out. However, renovations that increase the value too much may deter buyers by puting it out of the price range for the area.
Work on the walls and floors can have a major effect on the home's appearance. Deborah Kearns, writing for the National Association of Realtors, suggests painting the walls and refinishing hardwood floors to remove any stains or scratches. Megan Baker, writing for This Old House, says you should replace cracked floor tiles to prevent them from marring the look of a kitchen or bathroom floor.
More extensive flooring work is generally too pricey to consider. Carpets should ideally be neutral in color and made of sturdy material, but replacing your carpeting is an enormous undertaking. However, you might opt to remove the carpets altogether if there are hardwood floors underneath it.
Replacing the front door or garage door can be an easy way to enhance your home's appearance. The latter is especially useful, as the upgraded door will be the first thing a potential buyer will see when they visit your property.
The legal website Nolo recommends walking through the home and fixing any problems you know to exist, such as nonfunctional light switches. You should also repair any noticeable defects, including torn window screens and wobbly porch railings.
Consider what the home inspection will