Should I Make Repairs Before Selling My Home?
Whether or not you should make repairs before selling your home depends on several factors, including the condition of your home, the local real estate market, and your financial situation. Here are some considerations to help you make the decision:
Local Real Estate Market
Research the current real estate market in your area. In a seller's market, where demand for homes is high and inventory is low, you may be able to sell your home without making repairs because buyers are more willing to overlook minor issues. In a buyer's market, however, making repairs can make your home more attractive and demonstrate to buyers how you care for your home.
Consider having a pre-listing home inspection. This will help you identify any major issues that could deter potential buyers. If significant problems are found, it may be in your best interest to address them before listing your home. It can be very frustrating to have your home off the market for 1-2 weeks only to find out the buyers will not be proceeding as a result of the inspection and you have to start over. A few hundred dollars spent up front can save you time, frustration and money.
First impressions matter. Simple, low-cost improvements to your home's exterior, such as landscaping, painting, or replacing a worn front door, can make your home more inviting to buyers. Make certain the yard is well manicured in summer and walks and driveways neatly cleared of snow and ice in winter.
Small, affordable repairs, like fixing leaky faucets, repairing broken tiles, replacing damaged baseboards and paint touch ups are typically worth doing. These can make your home appear well-maintained and move-in ready.
Be cautious about taking on major repairs, as they can be costly and may not provide a full return on investment. Consult with an experienced Edmonton Realtor to determine if it's worth making major repairs or adjusting your asking price accordingly.
Compare your home to similar properties in your area that are currently for sale or have recently sold. If your home is significantly outdated or in worse condition, you might need to lower your asking price to attract buyers.
Consider your budget and the time frame for selling your home. Repairs can be expensive and time-consuming, so weigh the costs against the potential increase in your home's value and the speed of the sale.
Research what homebuyers in your area are looking for. Features like updated kitchens and bathrooms, energy-efficient upgrades, and modern appliances can be attractive to buyers, but buyers expectations vary depending on community and price range so it’s important to know what buyers expectations are in your community and price range.
If you decide not to make repairs, be prepared for potential negotiations with buyers. They may ask for a lower price or request repairs or credits during the negotiation process.
Alberta law requires home owners to disclose material latent defects to buyers as well as repairs that are expensive to fix and any lack of permits the seller may be aware of. Consult with a local attorney or Realtor to determine if your repairs or defects would require disclosure. When in doubt, it’s best to disclose the defect in writing to the buyer so there are no legal implications after the sale.
It's often a good idea to consult with a real estate agent or a professional real estate appraiser to assess your specific situation. They can provide guidance on what repairs or improvements are likely to provide the best return on investment and help you make an informed decision about whether to make repairs before selling your home.
Looking for more tips when it comes to selling your home? Read our blog post on "How to Get the Price You Want (and Need) for Your Home" by clicking here!