Myth:  Minor repairs can wait until later. There are more important things to be done.

Truth:  Minor repairs make your house more marketable, allowing you to maximize your return (or minimize loss) on the sale.   Most buyers are looking for homes that are ready for them to move into.  If your home happens to attract a buyer who is willing to make repairs, he/she will begin asking for repair allowances that come out of your asking price.  The amount of an allowance that you have to offer a buyer is usually more than what it would cost for you to make the repair (or hire someone to make the repair).  Remember, buyers are comparing your home to other homes that are currently on the market.  Your home should be inviting so that everyone who looks at it can see themselves living there. 

Who do you know that needs to buy or sell real estate? Contact Dave Edwards at 864.275.7250 or email at daveedwards@kw.com.

 

1 Comments on Are minor repairs important in selling a home?

NOV
01
2008

Dave I agree about minor repairs. It used to be the rule of thumb that if the cost to cure was the lesser of 2% or $2000 for conforming and non conforming loans that it was up to the underwriter and an appraiser's statement. Now, with the shift to more government loans, ie, FHA, VA, and USDA any item of note can be required even if you are going conventional financing. I had a deal with a $250 estimate for repainting around a door (scruffed possibly while moving) that the appriaser pointed out but the underwriter made them address.
10:47am • #1


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