There are home repairs sellers should make before listing their properties for sale. While you as a seller don’t want to sink money into a property you won’t be living in much longer, there are just some problems which can’t go without fixing. For instance, a small leak in the roof is an issue you can disclose and negotiate over but knowing about unpermitted work and trying to hide it is too big a risk. In fact, some problems will unnecessarily cause closing delays which bring another set of issues into your life.
Common Problems Selling a Home As-Is
Of course, there is always the option to list your property “as-is,” but that too is problematic in more ways than one. First and foremost, there is a stigma associated with as-is listings. The most interested buyers won’t be people who will live there as their primary residence, but investors looking for a deep, deep discount. More obvious is the very fact the home is listed to sell in as-is condition, which means there are issues with the house.
You’re selling your house and you’re considering listing it “as is.” What that really means is, as a seller, you want it sold regardless of its condition. To a buyer, it means “buyer beware.” Somewhere in the middle lies the true condition of the home and what the buyer and seller are prepared to do, or pay, when problems are uncovered. Many states use an “as-is” addendum to the purchase contract, while in [some states], there is no addendum; it’s stated within the contract that the property is sold in an “as is” condition. —San Francisco Gate
Another problem is just because you list the property for sale as-is, does not take away any interested buyer’s right to have a professional inspection. During the inspection, even more problems could be revealed, putting more on your plate to deal with. Moreover, an as-is listing is one that will receive much less attention and interest than comparable properties within the same location, similar square footage and floor plans.
Home Repairs Sellers should Make before Listing their Properties
While every seller wants to maximize his or her return on investment, there are just some problems which can’t be ignored or be passed on to buyers easily. In fact, any otherwise interested buyers will be suspicious if you do attempt to pass on the responsibility. Although you might be accustomed to certain little issues, like garbage disposal that doesn’t always work when you flip the switch, buyers will have a whole different take and objection. Here are the home repairs sellers should make before listing their properties for sale:
- Electrical issues. There are more than 40,000 residential electrical fires annually in the United States alone. What’s truly unfortunate is the majority could have easily been avoided. For instance, if one or more circuit breakers trips more than once, there’s a problem with the load. This is not only inconvenient, it’s downright dangerous — hire an electrician right away.
- Plumbing leaks. We typically think of plumbing leaks as nuisance problems but they are far more damaging. Homeowners who have ignored small leaks have paid enormous prices after learning the extent of the damage. The truth is, there’s really no such thing as a small leak.
- Mold growth. Mold is not only a turnoff to buyers, it’s a serious health hazard and even if you disclose a mold problem, it’s not likely to be enough to mitigate potential buyers’ concerns. Mold is a big objection to buyers because they simply don’t know the cause and don’t care to find out.
- Foundation problems. Even the smallest of foundation problems can cause big time issues with homes. Walls might begin to buckle, surfaces become uneven, and many more nightmarish scenarios are possible. Plus, it’s something buyers will decline to inherit.
- A roof issue. A small roof issue might be enough to cause a real estate contract extension or it could well be a deal killer. You don’t really want to go through the anxiety and frustration of learning from firsthand experience. So, make the repair to sell the house.
If you’d like to know more about the home selling process, including listing “as-is” or making repairs, please phone me at 407-616-7286, I’ll be happy to speak with you.