When it’s time to sell your home, you want to make the best profit possible – but your REALTOR® may suggest that you make a few repairs, which will cut into your bottom line. But should you fix up your home just to sell it, or should you sell it as-is? This guide explains the pros and cons of making repairs and updates so you can make the best decision for yourself.
To Fix or Not to Fix? That is the Question (That Sellers Are Asking)
First things first: A home that’s move-in ready (meaning that all systems are go and no additional repairs are necessary) is going to sell for more money than a home that needs work. That’s just a fact of real estate. However, the amount of money you make may vary – and that means you have a little homework to do before you decide whether to fix up your space or sell it as-is.
Generally, your REALTOR will advise you to make major repairs before you sell the house – otherwise you may have trouble selling it at all For example, big-ticket items like the roof are probably best done by you, even if you won’t recoup your entire investment on closing day. That’s considered basic maintenance, and people expect homeowners to have taken care of all of it before selling the house.
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Minor repairs are a little iffy for some people, though. Should you repaint the bathroom, regrout the tubs and fix the weatherstripping on all the doors, or leave it to the new buyers to handle? For most people, it’s a cost-benefit analysis. If you can spend less on the project than you’ll make, it’s a no-brainer – especially if doing the project will help you sell your home faster. However, if you don’t have the ability to do the project yourself (or to hire a contractor to do it for you), it may make more sense to leave it to buyers.
Do You Have to Lower Your Home’s Price?
The bottom line is that you should listen to your REALTOR about pricing; your agent knows what people are willing to pay for homes like yours in the same area, which means they know where you should price your own home.
If buyers want to pay you less than what you’re asking, they’ll make an offer under your asking price. It’s up to you to decide whether that offer is fair. If it’s not, you can counteroffer. In fact, you and prospective buyers can go back-and-forth as long as you’re both still interested in the transaction; there’s no limit to the number of counteroffers either of you can make until you’re both satisfied.
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Sometimes buyers will ask you to lower the price. In other cases, they’ll ask for concessions – like a credit to buy new carpet or repaint the walls. You and your REALTOR can discuss every aspect of each offer and counteroffer so you can make the right decision.
Are You Buying a Golf Course Home for Sale in Scottsdale?
If you’re selling your home and buying another one, call us at 480-405-4228 or fill out the form below to talk to a REALTOR now.
While you’re here, you can also check out:
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REALTOR® | Founder
The Matheson Team – RE/MAX Fine Pro