To help determine what needs to be repaired on a property in order to insure a maximum return on your investment, it helps to imagine you are a buyer looking at your property...
What do you think needs repair? The most common areas of concern are the roof, gutters, and downspouts. In addition, repair of missing or peeling exterior paint. These are usually minor repair issues on the part of the owner and should be part of normal property maintenance and upkeep.
Money spent on repairs can make a difference in the final sale price because buyers tend to overestimate the cost of performing repairs. Then they reduce their offer by an amount higher than necessary to compensate. If the lender requires the repairs to be performed before closing, or a buyer's property inspector recommends repairs under a contract's due deligence clause, the seller can, in effect, end up paying for repairs twice: first in a lower sale price and second in the out-of-pocket cost of the repairs themselves.
A better strategy is to perform the repairs before putting your property on the market. Simple repairs that make a huge difference in marketability and offer price are:
* Replace cracked windows and torn screens.
* Fix or replace any broken stairs or handrails.
* Fix plumbing fixtures, leaking faucets, and so on.
* Replace exterior lock sets and garage door openers if damaged.
* Repair worn or damaged flooring.
* Replace broken or leaking gutters and downspouts.
* Remove any soil or landscape mulch from contact with wood.
* Clean, repair, or replace the roof.
* Repair or replace any worn boards on decks or porches.
* Have your heater and air conditioning units serviced and filters replaced.
First impressions are key. Taking care of the necessary repairs before putting your property on the market is important to yielding top dollar and ensuring a quick, hassle-free sale.
We would be happy to talk and make some recommendations on how to create an inviting atmosphere. Properties that convey pride of ownership often receive the best offers and have the shortest number of days on the market. This is confirmed time and and again by experience -- buyers will tend to pay more for properties in better condition and appearance, because they believe they are getting more value and perceive lower ownership risks (less chance for surprises after taking possession).
Visit my web site for additional services and support: www.LawrenceYerkes.com
and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land).
Copyright 2006 by Timon, Inc. All Rights Reserved.
Minor Property Repairs Can Yield Top Dollar
3 comments • Lawrence Yerkes - Broker Associate, Southern New Jersey Real Estate Services • September 25 2006 11:57PMComments
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Lawrence,
Front door and backdoor sometimes need to be replaced too, it is shocking to see an ugly door :)
Ray Saenz, Broker Associate
United Property Brokers, INC
Homes for sale in Colorado Metro Denver Area
Ray Saenz Real Estate Agent & ActiveRain Network User
This is what I do for my clients in an initial home staging consultation-walk the entire house from top to bottom and list all the repairs and improvements that need to be made. Some houses have quite the long list! But the more you can knock off the better for your bottom line.
Good point about the front and back doors.
I also will do a consultation walk-thru and point our areas that need to be addressed to increase the value of a house or commercial property, thereby increasing the chance for a higher price offer by a buyer.