So you are ready to put your home on the market, but you are noticing your home isn’t in the best shape… Now you are debating between doing certain repairs or trying to sell your home as-is. Let’s dive into the pros and cons of each choice.
One of the biggest cons to performing home repairs rather than selling your home as-is is that it comes with a price tag. The trick is to determine which home repairs will result in a return on the investment you make to fix it. Many homeowners spend thousands of dollars on repairs that buyers may not even notice or that will affect their offer on the home.
The key is to determine which fixes are deal breakers for home buyers. Simple things like changing up bold colored walls with new paint or touching up the landscaping can make a difference and won’t break the bank, but things like noticeable water damage or cracked walls from foundation shifts are probably higher priorities for fixing.
Let’s say a home is in pretty questionable condition – holes in walls, plumbing issues, water damage, leaky faucets, old carpeting, etc. In this case, you likely will end up spending tens of thousands of dollars to fix all of these issues and even if you choose to do so, you probably won’t gain this money back via the sale of the home. This would be a situation in which you would want to price the home low enough to attract multiple buyers who are interested in fixing the home up.
What Do Buyers Want?
Some buyers are looking for turn-key homes, while others are on the search for “fixer-upper” homes. Those after fixer-upper homes typically flip the home and re-sell it for a higher price and some are willing to pay a pretty hefty amount for the right kind of property in the right neighborhood and area.
If you are aiming to attract a fixer-upper type buyer, then selling the home as-is will be the most ideal route for both you and the buyer. If your neighborhood doesn’t feature a lot of fixer-uppers and homes in the area have been upgraded before sold, you may want to consider making the renovations needed to bring your home up to speed with your neighborhood.
If you are interested in putting your home on the market, let me help! Contact me today and we can start the home valuation process. Be sure to also check out my featured listings in the New Jersey area.