Most homeowners take great pains to keep their greatest asset in good condition, including conducting annual inspections and making repairs as needed to stave off major damage or other issues that could affect the value of the property. That said, life happens and we all get busy, so projects get pushed to the back burner. And when you decide that it’s time to list your house for sale in order to upgrade or move on to greener pastures, the unfortunate truth is that you’ll probably find yourself facing a whole slew of issues that could impede your ability to make a speedy sale. In some cases you’ll discover things that must be addressed in order to bring your house up to code or address potential safety issues. Or it could just be that you’ve got some eyesores that cause buyers to turn up their nose at your property. Either way you may find yourself in a conundrum: do you shell out the dough to fix your house or drop the price and sell it with an “as is” condition attached? Here are a few things you’ll want to consider before you decide.
If you’re in a major hurry to sell, you might be willing to make concessions and accept a lower offer that comes with a flawed property in order to get the ball rolling. But if money is more important, then perhaps you’d rather do some upgrades and hold out for a higher price. Time and money aren’t the only consideration, but when it comes to selling a home they tend to be the most important, especially if you’ve already found another property that you’re interested in buying yourself. You’ll have to keep in mind, though, that fixing up your home requires both time and expense.
On the upside, when you decide to renovate or fix cosmetic issues, you control the costs. Whether you’re updating carpeting and painting the walls, replacing a crumbling roof, or repairing a leaky faucet, you are the one who hires the labor and finds the materials, giving you the opportunity to save money even as you make your home more appealing to prospective buyers. If you adopt the as-is attitude, you’re going to have to accede to demands for allowances, which could set you back by a lot more in terms of your price going down. Whereas you might get away with slapping a fresh coat of paint on the walls and re-carpeting for a few hundred bucks (thanks to DIY efforts), a buyer might ask for several thousand dollars to be knocked off the price should they have to address these issues following the purchase.
Of course, it doesn’t necessarily have to be an either/or scenario. You could do some minor fixes and upgrades without spending the time and money to completely renovate your home. Sure, you could upgrade to a spa-like master bath or a modern, gourmet kitchen setup and likely attract a lot more buyers. But all it really takes in most cases is a few cosmetic upgrades (providing there are no major code violations) to get your home ready for listing on an MLS site like Movoto. Even if you decide that “as is” is the way to go, consider that some easy upgrades could make your home sale go a lot more smoothly.