The Most Important Repairs Sellers Should Make
Appearances are important when it comes to selling houses. As they say, you only get one chance at a good first impression. The look and feel of your house allow buyers to imagine themselves living there, and once they have pictured themselves hosting parties for their friends or watched a their kids run around a new place, you’re one step closer to closing.
When you decide to sell your house, keeping up with appearances often means making both major and minor repairs/updates that will not only close the sale but will give you a higher payday when all is said and done. If you’re wondering where to start, you’ve come to the right place – the JudyMac Team of Crye-Leike Realtors is your Memphis hub for real estate advice on all fronts. Keep reading to learn the most important repairs sellers should make before listing their homes.
Repairs: Pros & Cons
So you’ve decided to list your home. You’ve got two options: sell as-is which we rarely advise unless your home is in perfect condition or make repairs/updates to increase your sale price. There are pros and cons to both paths, and the cost-to-benefit ratio really depends on a wide range of qualifiers, including the condition of the house you’re selling, the reason you’re selling, and where you’re selling.
Improvements and updates are always eye-catching and most times increase the number and quality of offers you’ll receive. The higher the quality and condition of the home you’re selling, the higher you can sell it for, and the more likely you are to get a larger return on investment.
It is true that repairs take time and could extend the duration of the real estate process. However, the JudyMac Team’s “Construction Guy” has the repair process down to a fine science and is known for being on time and on budget with repairs and updates.
Major & Minor Repairs
If you’ve decided it’s in your best interest to make repairs/updates before listing your home talk with the JudyMac Team first. Not all repairs and updates are equal; some could give you a huge return while others won’t be worth your time or money. Some may not get you more money, but it may be the reason your house sells quickly and at the best possible price.
When major repairs & updates are needed, they can make or break your chances of selling. Be sure to weigh the pros and cons of making these repairs below.
Roof: Investing in the roof over your head is a fantastic way to increase the value of your home. If your roof is aged or damaged, buyers will be much less likely to buy the home without a significant price negotiation. Although this is one of the more expensive repairs you can make, roofs typically last between 20-30 years, and buyers will often pay more for the security of a new roof.
HVAC Systems: If you’ve got an old or malfunctioning HVAC system, you should consider replacing it before listing your home. Remember that we live in Memphis and HVACs are the lifeblood of our social economy. Buyers typically don’t want to spend time, money, or energy replacing an HVAC system but the knowledge that there is a new system with a warranty could give you some major selling power.
Electrical Systems: According to The National Association of Realtors, up to 50% of all buyers avoid making offers on homes with electrical issues, so this repair is essential! If electrical issues exist in your home, hire a licensed electrician to check the wiring and make improvements as needed before selling your house.
Buyers tend to notice defects before anything else, so decreasing the visual defects in your home could increase your chances of selling. Consider the following cosmetic repairs:
Paint: Fresh paint can make your house look cleaner, brighter, and more appealing to buyers. This low-cost method for boosting your home’s value could increase your likelihood of quality offers. Try a neutral color like off-white, or light gray for best results. The JudyMac Team’s stager can recommend the best color for your home and our afore-mentioned “Construction Guy” can get the job done.
Landscaping: Curb appeal is a huge deal for many home buyers, and landscaping can drastically improve your home’s overall appearance for a low cost. The best part of all is that you can make improvements to your home’s landscaping by yourself, reducing the cost even further. However the JudyMac Team has an awesome landscape vendor if needed.
Flooring: Like paint, keeping your floors in good condition allows potential buyers to picture themselves living in your house before they make an offer. Flooring is one of the first things they see when they enter. If your flooring is worn and in poor condition, this is a huge repair to consider. Another perfect job for our qualified construction guy!
Do You Need Repairs?
Consider Your Audience.
Just like with any sale, knowing your target audience is the key to closing a deal and raking in cash without a hitch. The JudyMac Team will research the market for you before you decide to list your home. Most buyers these days are too busy and not looking for a fixer-upper, but not all buyers are interested in ultra-renovated purchases either. Ask yourself the following questions before investing in home repairs to make a sale.
Are you in a seller’s market or a buyer’s market?
Depending on how the market is trending at the time you decide to sell, home repairs & updates will become more or less important to the sale of your house although some repairs are essential. According to a July 2022 housing market report, Memphis is a seller’s market, meaning the ball is in your court when it comes to listing your home. When deciding to make home repairs, weigh this information with the potential return on investment you might gain on a sale.
Who’s buying homes in your area?
If you’re selling a rental investment property, you may discover that your target buyers are cash investors looking for a good deal and a quick return on investment. Some investors are looking for ways to flip outdated homes to increase their potential monthly cash flow. These investors are less likely to be interested in minor repairs, but major repairs may still help you seal the deal.
However, for buyers looking to purchase their next home, you might want to consider making your property move-in ready. Home buyers have different intentions than investors. Repairs & updates often mean the difference between a quick sale at a higher price or a longer time on the market at a lesser price. In addition, many buyers choose to finance their homes rather than pay in cash. Keep in mind that most banks won’t finance homes with excessive repair needs, so you could miss out on a large slice of the market.
When In Doubt, Call JudyMac!
Buying or selling a home can feel overwhelming without the right team by your side. When it comes to making decisions like whether or not to make repairs or updates before selling, you deserve the expert advice that will lead you to a happier ending. With over $1 billion in sales over 40 years, Judy and the JudyMac Team of Crye-Leike are here to help you.