I am selling my home. Should I make repairs?

What repairs should I make when selling my home?

As rude as it is to answer a question with another question, I must. Do you want your home to sell at a retail price or at a wholesale price? Because that is what it really comes down to.

Once you have made that decision, you have to weigh the financial factors for each, your timeline, and whether you have the means to make the needed repairs.

We will start with whether you have the means to make the repairs or not. If you flat out cannot afford a contractor to repair damage to  your home and you do not have the skills yourself, then it doesn’t matter whether you want to sell at a wholesale or retail price. You just can’t make the repairs, and you are likely going to have to give up a substantial portion of your home equity to get the house sold.

Now lets look at your timeline. This one is easy too.

If you need the house sold fast and want to get retail pricing, you need to make every necessary repair. I would strongly suggest going as far as to have the home pre-inspected buy a home inspector, and repairing everything they find as well. This will prevent many unwanted surprises that can prevent your house sale from making it to the closing table.

On the other hand, if you need to sell quickly and don’t mind giving up about 30% of the homes real value, you can forgo the repairs and see what kind of offers the investors will bring.

Lastly, we will take a brief look at the financial factors behind making repairs to a home you intend to sell. You have sat down and figured out what you need to sell your house for to be free and clear. You read some articles that suggest various repairs and upgrades. Your Realtor has gone over a comparative market analysis with you and you have a good idea what “good” and “bad” houses in your area sell for.

Now its time to figure out which repairs can be forgone without putting you in the bad house list. (Pro Tip: paint, updated appliances, clean floors and windows will do 90% of what needs done to sell a house without structural damage)

The thing to do after following that pro tip, is to ask your Realtor for a list of everything you would repair or fix up on the house in a perfect world. Ask them how much you could likely move the selling price of the house for each item…and which items need done just to get to your needed selling price.

Then take that list and do a little research and figure out about what each item would cost to repair.

Some will show a likely profit, some will show themselves to not be financially worth it. If they aren’t and your Realtor is comfortable listing the property at your price without the repairs, then skip it.

At the end of the day, making any repair or effort to clean up a property will help it sell faster and for money. The question of should I make repairs to a home I am selling really is answered by the questions of: How long do you want to let it sit on market?  and Do you want retail or wholesale pricing?

If you want to list your home with a Realtor that will help you sort out this and a lot more (at a 5% listing rate no less) give Robb a call at 317-657-8059 or email robb@yourrealtylink.com to set up a listing appointment.

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About Robb

A husband, Dad to 5, and Grandpa to 9. US Navy Vet. 18 Year Postal Employee turned full time Realtor. I enjoy a wide variety of things, but you will find that here I mostly write about Indianapolis, government/politics, recent news, and whatever book I am reading or have just finished at the moment.
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