The Cost of Repairs---To Do or Not to Do?

Hmmm, What does that title mean? When considering how much work to do to prepare your home for sale, do you make every repair before your home is listed? Or is it better to leave some things undone for negotiation later?

Good Questions!

In the eyes of a Buyer, small repairs are usually magnified. They expect those repairs to be much more costly than they actually are.

The Residential Specialist (an industry publication) reports that "For every $1,000 of perceived defect, the buyer will ask for a $3,000 to $5,000 reduction of the asking price...You want to know about the issues now, not when the buyer's inspector shows up."

I think this disparity is especially true with a first time home buyer. They don't have the experience in home repairs to know which items are small items and easy fixes vs ones that require more labor or expense.

So, if you are able to make the repair prior to placing your home on the market, it is a good idea to do so. The home looks well maintained, and its perceived value will be much higher in the eyes of the potential Buyer.

If the cost of a repair is not an option right now, at least get an estimate that can be shared with the Buyer. This written cost will mitigate the inflated price of the repair in the Buyer's mind.

Do you have any questions as you are thinking about selling your home? Feel free to ask! I am here to help.

Diane