When it comes to selling your home, you probably want the process to be as smooth and efficient as possible. In some situations, it pays to make a few home repairs yourself. By taking care of things before you sell the home, you’ll help ensure you get top dollar.
Depending upon which type of repairs your home needs, however, it sometimes makes more sense to sell “as-is.” You might even leave some wiggle room to negotiate with your buyer to have repair costs credited on closing day. Here are some common repairs many homeowners experience during the sales process and how to handle each.
Major Repairs
Three major repairs to watch out for include:
- Roofing. Your home inspector should thoroughly list any potential issues with the roof. According to Ranch Roofing, you should ask the inspector if the roof shows any signs of leakage. For example, are shingles broken, cracked, missing, or starting to curl? Does the roof have mold, algae, or signs of age-related wear? If your roof doesn’t pass inspection, you need to contact a local roofing contractor for an estimate of repair costs. Even if you’re unable to repair the roof before selling the home, this information will help you negotiate with a potential buyer.
- Electrical issues. There are many reasons why you should never DIY electrical repairs. According to Realty Times, electrical repairs are “highly specialized,” making them “too complicated for the average homeowner.” There’s always a chance of shock or electrocution, even if you know what you’re doing. Although calling the pros can be expensive, it’s not worth the risk of fire or health hazards.
- Asbestos removal. Asbestos is dangerous, even in small amounts. It’s so difficult to remove that DoItYourself.com recommends leaving this repair to the pros. Because renovations can release asbestos into the air, tell potential buyers about this hazard upfront. Luckily, if your home was built after the 1980s, it’s less likely to contain asbestos hazards. As always, check with an inspector to be safe.
Always leave significant repairs to the professionals. If you can’t afford the repairs, offer to lower your selling price or cover closing costs so the buyer can afford them.
Before Making Repairs
Hire a professional inspector to determine which repairs are needed. Next, research your market to decide what you’ll fix before listing your home on the market. Tour local homes in your price range. Notice the condition, any repairs needed, and any included amenities.
Also, consider your market value. If improvements would put your home outside of the market value, your effort and money would be wasted.
Finally, consider specific repairs your home needs. Are they quick fixes or more expensive repairs? Does the home need to be gutted? Are there any electrical issues? Sometimes, it’s better to sell the home as-is than to risk doing more damage by trying to fix things yourself.
Negotiating with Buyers
Some homebuyers love a fixer-upper, while others want something move-in ready. Be sure to negotiate costs and responsibilities before closing. Whether you’ll fix an issue yourself or credit the cost of a repair to the buyer, decide those details ahead of time. That way, you’ll eliminate potential headaches from the closing process.
If your buyer asks for additional repairs, you have a couple of options available to you. For instance, you might make the repairs, depending upon what the buyer requests. Otherwise, you could sell the home as-is. If you choose this option, you might cover closing costs or reduce the price in exchange for the buyer making the necessary repairs.
Although home repairs and negotiations can be a pain, it’s less painful than putting things off until closing day. Buying and selling a home already brings enough logistics and headaches.
When deciding whether or not to make a repair, weigh your options. Each situation is different, and you’ll need to evaluate the short- and long-term costs to determine what makes the most sense for you. Luckily, the effort you put into repairing your home may pay off in the end with a quicker sale at a higher price.
This article was contributed by
Natalie Jones of homeownerbliss.info.
