When you decide to sell your home, there are many different things to consider before putting it on the market. One such common dilemma, facing many property owners, is whether or not to sell their home in its current condition, or fix it up first.
You want to get the most significant return on your initial investment and make a profit on the sale of your home but does this mean that you should spend some time and money sprucing it up or are you better off selling it in as is?
Over time, many of us neglect minor imperfections in our homes. When residing in a home for a long time, we rarely notice the small cracks in the wall or outdated light features. However, when it comes to putting your home on the market, will buyers also turn a blind eye or will these flaws ultimately cost you the sale?
If the issues are quite insignificant, it may not be a viable choice to repair before selling. But if there are serious problems with the property, it could also drastically reduce the overall value and amounts offered by buyers.
A quick way to decide on whether your home should undergo some repairs is to attend a few showhouses in your neighbourhood and compare the condition of your property to those that are currently on the market.
A few outdated fixtures and a need for a fresh coat of paint are not necessarily deal breakers. There is quite a large market of buyers who look for reasonably priced properties in order to repair and resell them to make some money at a later stage.
Another reason you may want to sell your property in its current condition is that it might appeal to those buyers who want to renovate themselves and turn your property into their ideal home.
Before you list your home, make sure to disclose that you will be selling without any repairs. Inform your real estate agent of your decision so that prospective buyers won't be caught off guard when viewing your property.
Also, be prepared to drop your asking price accordingly. If the repairs needed on the property would cost the buyer R100 000, ensure that you lower your price by that amount.
It is also of the utmost importance that you communicate any major issues with the property; such as water damage, asbestos, wiring and electrical problems etc. As a seller, you don't have to point out every little imperfection, but you are legally required to inform the buyer of any serious concerns regarding your home.
Work with your listing agent to produce the most transparent listing that would also appeal to homebuyers.
When it comes to repairs, some improvements could actually add value to your home. If you need to install new plumbing it might only cost a certain amount to repair but a buyer thinks it is more expensive and not worth their while.
● Repair holes and cracks in all walls and ceilings.
● Replace broken appliances such as the air conditioning units.
● Address any plumbing issues.
● Replace damaged carpeting and broken windows.
● Ensure that the roof is in good condition.
Deciding whether or not to sell your home in its current condition is a decision you should be making with the guidance of a real estate professional. Working with these types of concerns on a daily basis, they will be able to help you identify the best ways to add value to your property without spending a fortune on repairs.
If you are thinking about selling but don't know if you should fix your home before putting it on the market, we are here to help. Contact the dedicated Area Partners at Engel & Völkers KZN Dolphin Coast today.