You cannot get the best possible price for your house if it has problems that need fixing. Some problems are serious enough to scare off buyers. Some bring lower offers. Some should definitely be fixed. You need to balance repair costs against return on investment.
Must Fix Problems
In many jurisdictions–all of Canada for instance–sellers are legally required to reveal any issues that make a house uninhabitable, dangerous, or need costly repairs. Most buyers invest in a home inspection before making an offer.
Pay $200.00 – $300.00 for your own inspection before listing your house to find out what has to be fixed. Listen to the advice of a good realtor. Consider the costs involved and your potential return on investment.
Roofing Problems
Roof leaks or worn shingles mean no sale or reduced offers. The average cost of replacement shingles is about $12,000.00. Return on investment is usually over 90% and sales close quicker if the work is already completed when the house is listed for sale.
The $12,000.00 does not include repairing interior damage, replacing wet insulation, or removing mold in the attic.
Plumbing Problems
Some plumbing problems–like dripping taps or leaking toilet wax rings–are easy DIY fixes and should be fixed. They are obvious to inspectors and buyers. A potential buyer may wonder what other maintenance issues he/she will find. Repair any plumbing leaks that have damaged drywall, started rot, or mold growth. Hire a professional if necessary.
Mold Removal
Mold in the basement, mold in the crawl space, bathrooms, kitchen, or is sure to give a prospective buyer second thoughts. Even the musty earthy smell of mold makes people hesitant. Mold is a health concern for most people and deserves the bad reputation it has.
Electrical Problems
Too few outlets, no GFCI plugs in bathrooms, small inadequate panels, or aluminum wiring lower the offering price. Electrical problems cause over 50,000 fires every year. No one wants to buy an unsafe house. Getting an electrical inspection before listing the house, and having a certified electrician repair any issues makes selling easier and everyone sleeps better.
HVAC Problems
Have your HVAC system inspected and repaired–if necessary. Air conditioners grow mold and mildew that spreads throughout the home. An old system is usually inefficient and costs more to operate. A complete new HVAC unit can cost over $7000.00 but if your unit is near the end of its life, the appraised value of your home will be lower.
Safety Features
Every state requires at least one smoke detector close to bedrooms. Some mandate more detectors–including in the basement. Carbon monoxide detectors are also a requirement in most jurisdictions. GFCI receptacles are required in any room with a source of water–bathrooms, kitchens, and laundry rooms. These are not expensive items but inspectors take note of them. Missing safety items may result in an offer with a “subject to” clause added to the offer. Get them installed before listing to avoid a sale complication.
Should Fix Problems
A good realtor is a valuable resource. Your listing agent uses his/her experience in the market to advise you about what is important and what isn’t.
Kitchen and Bathrooms
Kitchens and bathrooms are probably the most scrutinized rooms of your house. They should be bright, clean, and functional. Some quick and inexpensive improvements include:
- Make sure they are clean.
- Fix dripping faucets, constantly running toilets, and clogged drains.
- Change light fixtures and switches to something more contemporary.
- Eliminate mold and mildew growth.
- Replace dirty cracked caulking and tiles.
- Paint the walls if necessary.
- Add new window treatments.
- Install a fancier mirror in the bathroom.
- Modernize cabinet hardware.
Home Exterior and Landscaping
Curb appeal describes the first impression prospective buyers get of your home. Dirty siding and windows, drooping gutters, unkempt lawns, gardens and shrubbery, and broken crooked fences make a poor impression. A pressure washer and a coat of paint make the house look clean and inviting.
Landscaping can make your home look more expensive and appealing. It does not have to cost a lot. Keep the yard neat and clean. Prune shrubs and flowers. Replace dead or dying flowers. Consider hiring a yard maintenance company for a day to do the job quickly and professionally. They will likely have some good suggestions.
Every visitor focuses on your front door as they walk towards the house. Give it a coat of paint. Change handles and the doorbell. Clean the deck or landing. Add some colorful potted plants on the landing or steps.
