Want to sell your house next year? There are some things you need to do if you want to make it a quick transaction. Buyers are out there and they are serious about buying your property. However, you have to appreciate the challenges many of them are facing right now and how it could keep them from jumping on your property. One of the key areas is with renovations and upgrades to your home.
These upgrades can include anything from simple fixes and a fresh coat of paint to putting a new roof on your house. Your realtor and you can go over the property and discuss what needs to be addressed and what can be addressed before you list. However, it’s important to always consider the buyer with any decisions. The more attractive you make your property, the more quality buyers you will see.
Buyers Don’t Have The Cash
Right now, between elevated home prices and interest rates, buyers simply do not have the cash for renovations. Most buyers are going to struggle to afford your house and they will need all the help they can get. If a new roof costs $25,000 and the insurance company will want any buyer to replace your roof when they purchase it, you are literally cutting your list of possible buyers down by 60-70%.
After putting 20% or more down and knowing that they will have to cover other costs, it’s unrealistic to think most buyers will have the funds to cover needed and wanted renovations. Therefore, if you want to make your house a better option for someone to buy, you need to consider making some of the renovations yourself. Here are some places you can start.
Roof & Windows
The roof and windows are very important because the new buyer will have to deal with insurance companies who will want to make sure that the property is in shape and able to handle severe weather. Making sure that your property would pass these needs for a new buyer can take major issues off their plate and make your house much easier to purchase.
Remember, if it comes down to your house and someone else’s, and you have the new roof, even if your property is more expensive, the buyer may go with you because they can cover that added cost under the mortgage. Having to come up with the funds themselves or take out an additional loan is usually not an option for first-time buyers.
Landscaping & Patio
Usually, landscaping is at the top of a renovations list. However, if you are just trying to move your property and want reasonable value, you can sell it as is. Investing money into your property to make it look better is about trying to maximize value. If you do not feel the property is worth that type of investment you can lower your asking price and try to get someone who is either an investor or is looking for a deal.
Investors look for properties that need work because they can get a better deal on it. They can handle the renovations including everything from a fresh coat of paint to knocking it all down and rebuilding. That’s why it’s smart to review what you want for the property and how quickly you would need to sell.
Kitchen, Bathrooms and Laundry
The kitchen and bathrooms can be very time consuming and expensive to replace. Again, this comes down to the question, do you want to maximize the value of the property or do you want to sell it for what you can get? Maximizing the value takes time and money but the rewards are usually there.
Your situation and property are different from others. Take some time to review your options with your realtor and see what they recommend you do. You may need to consider major work or you may be able to get fair market value right now. Knowing your options and having expert advice are great ways to know which options are best.
