Home repairs can be expensive. For this reason, many of us put off repairs that aren’t necessary. But what if you’re planning on selling your home? Should you let the next owner deal with these repairs? Or should you carry them out before you put your home on the market to improve your home’s salability and value?
This post delves into some of things to consider when deciding whether to repair your home before you sell.
Repairs could make your home more sellable
Finding buyers for certain properties isn’t always easy. Some properties aren’t in a great location for example, which can make them difficult to sell. If such a property is also in disrepair, it could further put off buyers, making it even harder to sell your home.
Unless it’s very minor damage, most damage is very hard to hide from a buyer – most buyers carry out a home inspection, and this will reveal any hidden major problems like subsidence and damaged plumbing. A buyer could also lose trust if you don’t reveal a major flaw with the property, possibly pulling out of the purchase process.
All in all, a few repairs could make it easier to secure a buyer, so that you’re not waiting around for months or years to sell your home. Of course, if your home is already in an attractive location and has highly sought-after features, this may make up for any damage and repairs may not be necessary.
Some home repairs can add a lot value
The second advantage of repairing your home before you sell is that it could increase the value of your home. This allows you to raise the price and make a bigger potential return.
What are some repairs that can add a lot of value? Replacing old damaged carpets or laminate can have a huge impact. A new lick of paint could also add a lot of value if the current paintwork is peeling, faded or stained. Replacing damaged roofing and damaged windows can also add a lot of value.
Just make sure the cost of repairs is worthwhile
While certain repairs can add a lot of value, you don’t want to spend more than you’re gaining. This is why it’s important to consider the extent of the damage and the way that you plan to fix it.
For example, it may not be worth replacing old kitchen cabinets that are slightly stained or scratched – you’ll add minimal value if any, while the cost of new cabinets could be expensive. Instead, you’re better off leaving your cabinets how they are or making minor repairs like repainting them or replacing knobs. Only replace the entire cabinets if they’ve got serious damage like missing doors – only then are you likely to add enough value by replacing them. Of course, make sure to shop around for materials and contractors when making repairs.
Decide whether you realistically have the time and money for repairs
If you need to sell your home fast, you may not have the time to carry out repairs. Similarly, if you’re financially struggling, you may not be able to borrow thousands to spend on repairs. In these cases, you’re better off trying to sell your home as it is. Your best option may be to simply trade in your house for cash via a house buying company – you won’t get as much money as selling privately, but you’re guaranteed a quick secure sale.
Of course, if you’re in no rush to sell and you can afford to improve your home, making repairs may not be such an issue.
Decide whether to carry out repairs yourself
If you do decide to carry out repairs, you should next decide whether to hire contractors or handle the repairs yourself.
DIY repairs will save you money in almost all cases. This could make it possible to add value and make a greater return. However, you need to know what you’re doing – a botched home repair will not add any value at all, and you’ll likely have to spend extra money correcting it. You also need to make sure that it’s safe to handle the repair yourself. Roof repair and electrical repairs for example could be dangerous if you don’t have all the right equipment and expertise.
Hiring contractors is the better option if you’re not particularly DIY-savvy. It’s also a good option when it comes to dangerous jobs like electrical repairs and roof repair (unless you’re qualified to do these jobs). Just bear in mind that it will push up repair costs and could impact the return you make.