What to repair before putting your client’s home up for sale.
If your client is preparing to put a home on the market, it’s expected that a few minor repairs and improvements will need to be done first. But what repairs will translate into the biggest return? Every home is different, but the answer largely depends on a variety of factors, including location, the time of year, how hot (or not) the market is and the competitive inventory.
The goal of most buyers is to move in with minimum costs and headaches. Thus, a home with completed repairs is a big draw. But here’s where local market conditions impact the decision to do minor improvements. What needs to get done to be competitive? In a hot seller’s market your client might not need to lift a finger, while in a buyer’s market that list of repairs may grow quite long.
Practical projects that require little of your client’s time, effort or money – like applying a fresh coat of paint – can instantly make the home more appealing, helping it sell faster and for more money. So, without question, suggest they complete smaller repair projects like patching cement cracks in sidewalks, caulking windows and doors, replacing old doorknobs and locks, mending or painting fences and resurfacing asphalt driveways.
But what about the larger issues? Before your clients decide whether to fix or merely disclose to buyers, discuss the fact that doing repairs will invariably result in a higher sales price. You can undoubtedly relate firsthand stories of buyers who ratchet up their enthusiasm upon hearing the terms "new" or "just replaced" as you show a home.
Key changes:
- Along with removing old wallpaper, there’s no more cost-effective improvement than the application of fresh paint: inexpensive, and relatively quick, painting should be your first suggestion when discussing repairs.
- Buyers typically desire hardwood floors, so it would pay to have your client’s old carpeting removed and have the floors refinished. Replace chipped or cracked tiles, and clean or replace the grout, but don’t suggest installing expensive ceramic unless it’s in a small space, like an entranceway.
- In the kitchen, appliances and cabinets are the big-ticket items to replace. If your clients don’t have to upgrade, they’ll save a lot of money. However, if their cabinets are worn and weathered-looking, the house might not sell as quickly (or at all). Paint might help here too.
- Kitchen remodeling is typically a wise return on investment, but high-end kitchen makeovers don’t tend to return as much as mid-range or minor kitchen remodeling. Most buyers will be drawn to "new" but tend to shy away from the top-of-the-line refrigerator, high-end stove or travertine tile floors. Similarly, new counters show well with a simple laminate rather than expensive granite counters.
- Bathroom repairs and renovations are always a solid recouped cost. It’s easier for prospective buyers to imagine themselves stepping out of the shower onto pristine new floors, surrounded by new fixtures and lights.
Typically, buyers will want to move into a house that has new appliances, updated plumbing, electrical and HVAC – a home that’s ready to be lived in. Impress that upon your clients and their property will impress (but not too much) when it’s time to show.
Lori Cain, Realtor
Chinowth & Cohen Realtors
phone: 918.852.5036
web: www.LoriCain.com
