It's time to get your house on the market to sell it, but there are a number of items that haven't been fixed since you've lived there. "Oh what the heck, just leave it for the guy who buys the place. He can do it." Well, not so fast. That decision may cost you thousands. If you don't feel like or can't do the work yourself, hire it out to someone who can. There are alot of people eager to work for $10 an hour to get that clean up done for you. (Be sure to get the proper work done by a licensed professional.)
Ten years ago I was approached by a seller that asked me to buy his house from him. He was an acquaintance I had known throughout the years. He knew that I liked the neighborhood where he was living. We discussed comparable sales, but he wanted to just walk away from the property, without doing any work on it. We came to an agreement that worked for both of us.
We signed the contract for a closing in 45 days. I knew I was going to have to scramble, as I wanted to take the equity from my current home and move it to the new property. But, having lived in my house for 10 years, and not planning on moving, I knew there were items that needed to be addressed prior to selling. The house had to be perfect and priced properly to sell it quickly. I spent $2000 for fix up. I cleared out all the excess stuff, pictures, furnishings and clutter, swapped out the carpeting in the bedrooms, scrubbed and painted the inside and the outside. When I was done the house was spotless.
I got an offer on the house the first day it went on the market for $10,000 more than I anticipated. The extra money and effort that went into the property paid off beautifully.
I went to closing 45 days later, closed on prior house in the morning and bought the new one that afternoon.
Had I not done the work, I don't know how long the house would have been on the market.
And, so the work began on the one I was buying.
Don't leave the work for the next guy, unless you want to sell your house at a bargain basement price.
And remember: don't put money in for fix up expenses unless you think you're going to get it back out.
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that for you
Exactly what a seller needs to hear these days to be on top of the game with so much inventory available on the market for buyers to pick and choose from. (at least here in my area).
This is so true and I need to do this before I put my house on the market!! I want to sell mine the first week too!
Your right, nothing turns off a buyer faster than obvious sub standard work or needed repairs. They see $2000 worth of painting and think $8000. The offer will include that discount. Not to mention the people who just say forget about it.
Carla, It's important to be sure the house is show ready. Not everyone wants a foreclosure, nor will their lender allow them to buy one based on their financing. Many are looking for a move in ready property.
Mona, It's definitely worth the effort.
Paul, I agree that the buyers figure a much higher estimate of what it will take to get the work done, than what the seller can get it done for.
Sandy we all know this is true but getting sellers to do it is another matter.
Great story! You rolled up your sleeves and it paid off!
Yes that is excellent advise but like someone else said getting sellers to do the things we advise them to do is sometimes very difficult... Thanks for the post...
Sandy
That's a great success story, getting a home ready for sale makes a big differences.
Good luck and success.
Lou Ludwig
Sandy - It has often amazed me how much benefit can come from fixing things before putting a home on the market. I remember friends of mine listed a duplex which they had owned for over 20 years as rental property. When I first saw it during the listing appointment, I was concerned. The yard on both sides was totalled. The exterior and interior needed paint and one side needed carpet.
As we went from room to room, they wrote down the things I said needed attention. At the end, they said give us 10 days. When I returned at the end of that time, they had all items including paint, carpeting, and the renovation of the landscape done. Much of it they had done themselves. I am certain that work returned 4 times the amount of money they put into it. And it probably accounted for the quick sale.
Sandy - Some people will never realize the importance of having a home show ready. Even the local used car lot knows the value of new paint on a clean car :-)
Now a days buyers can get very detailed home inspections with infra-red cameras, moisture meters, etc. It is definitely best to fix the house up first so as not to scare off a buyer when it comes to inspection time. Timely advice to say the least.
Sandy,
Sound advice for all sellers.... It is more cost effective to have the house is move in condition.
Ann Hayden in Wildwood, MO
Definitely great advice and when sellers take our advice it is even better!
John, Sometimes it can be difficult to get a seller to realize the importance of getting these things done prior to putting the house on the market.
Yolanda, It's so important that a house is "show" ready when it hits the market.
Bob, Sometimes it takes the seller having the house on the market for awhile before they realize these things must be done.
Lou, You're so right- the little things really pay off.
Myrl, Well you certainly did your job and so did your seller. Don't you just love it when a great plan comes together - and it seems to always pay off, doesn't it?
John, All we can do is the best job possible in trying to help sellers realize the importance of doing the necessary repairs to get the property up to par.
Rob, Great point - we do have a lot of new technology and some buyers do get scared off when they walk in and see a handful of items that need to be done.
Ann, Move in condition helps sell a house faster.
Debra, I love it when sellers take our advice - it's great, isn't it?