Whether you plan on selling your house by yourself, hiring a real estate agent, or putting your property up for auction, there is one unavoidable truth that you’ll undoubtedly come across before the ink drys on the contracts. And that’s home repairs!
Home repairs are just one of those things that have stuck to property sales like white on rice since the beginning of time. Whether they arrive in the form of maintenance issues that need to be taken care of before listing (by hiring a handyman), upgrades that need to be made to make your property more appealing for buyers (by hiring a contractor), or property disclosures that need to be written outlining all known issues associated with your home before a sale can be finalized, they are bound to pop up in some way, shape or the form. As such, if you’re thinking about selling your house, it’s quite important to keep them in the back of your mind.
In this blog, we are going to take a deep dive into this topic and reveal everything you need to know about home repairs and upgrades when selling your house. For this, we’ll outline some of the most common (and expensive) home repairs that homeowners face when selling their houses, talk about some key home improvements to make before selling your house, and outline how to sell a house that needs repairs.
Everything You Need to Know About Home Repairs & Upgrades When Selling Your House
Here is our overview on home repairs and how they impact property sales in Saint Louis Park MN
Home repairs are commonly known within real estate circles to have quite a large impact on property sales. And it’s not very difficult to determine why. If you imagine yourself being a buyer who’s looking through a house you’re interested in buying, one of the first things that you’ll likely consider is the general state of the property. This is because any damage to the property, or wear and tear (be it visible or not) will certainly come back to haunt you once you’ve purchased the house, which nobody wants. As such, homes that are in states of disrepair don’t usually sell very well, and certainly don’t fetch good prices.
For this reason, if you’re hoping to sell your house quickly (and are interested in fetching a decent price on the open market), you’ll need to make sure that all repairs are met and your property is in great condition before listing. In addition to this, investing in a few key home improvements could help you attract more buyers and add thousands of dollars to your sale offer. So it might be a great idea to consider doing that too.
So let’s begin our deep dive into home repairs during real estate transactions in Saint Louis Park MN…
How to Sell A Property That Needs Repairs
Selling a Fixer-Upper Property is not an easy thing to do. As such, we are going to start by talking about all the ways you can go about selling a house that’s fallen into disrepair.
1. Traditional Listing
First up, we have traditional home sale (hiring a real estate agent). If you choose this option, it goes without saying that the realtor you hire will be taking a piece of the pie upon sale. As such, you’ll want to keep this in mind before making any final decisions. Weigh the high costs of their services ( which will lower your profit margin) against all your other options. And those aren’t the only expenses you’ll face…
In general, buyers in Saint Louis Park are mainly searching for traditional real estate listings using online platforms. As such, savvy real estate agents have to take advantage of advertising offered through the use of digital technology. Though this does contain tremendous benefits for their clients, you will find yourself responsible for any associated costs (e.g: hiring a professional photographer; paying for ads or listings on well-known real estate websites; creating home sale social media web graphics, etc.)
In addition, there is now an intense focus on curb appeal and staging when potential buyers view your house during showings. These are all expenses that will come out of your wallet. Unless you are ready to pay for them, as well as a laundry list of repairs and updates, selling with an agent might not be the best option for you.
2. Fix it Up
Hollywood has made it look easy to sell a fixer-upper property in Saint Louis Park. However, there are many potential risks involved with a fixer-upper property. As such, if you’d like to know the truth so you can determine whether you should fix up your home or sell it as-is, we’ve got you covered.
Depending on the level of updating, repairing, or replacements that are required for your house to start passing inspections, your costs may be overwhelming. If you intend to do these repairs yourself, the reality is unless you have an extensive construction background and know what you are doing, failure could be a very expensive lesson indeed. Unexpected discoveries can run into thousands, especially those associated with your foundation, plumbing, cooling, heating systems, or structural integrity.
This will also include a lot of time and effort. You’ll have to face the headaches of scheduling professionals, overseeing the project, and the irritating red tape associated with permits. Finally, you will also require professional appraisals and inspections. Yes, you will have to schedule and pay for these.
3. Sell on Your Own
Time waits for no man. So while you’re trying to sell a fixer-upper property in Saint Louis Park, the monthly overhead continues. It can take a long time to sell a home, especially if you decide to forgo hiring an experienced professional and opt to sell your house on your own.
You will need to do your homework, to adequately advertise your home for potential buyers. This includes making sure that your home is in good shape first (repairs and updates up to scratch) before you schedule any showings. It’s also extremely important to understand how to set the price at the right number. Getting this wrong can deter buyers before they even give you a chance.
You’ll likely be working with buyers who may be inexperienced as well. As such, you should understand that because the purchase price of the property has already determined your possible profit, any delays or changes in plans can hurt you financially. Due to their lack of experience, the process can be very bumpy. Closing dates can be pushed because your buyer hasn’t secured their mortgage loans. etc.
The bottom line is that your profits on the set price will be melting away the longer you have to hold on to your property due to bills. Regrettably, many buyers may even end up backing out of deals. This is why you should always try to consider your fastest possible option first.
4. Sell to FastPath Home Buyers
We can relieve you of the stress and expenses associated with selling a fixer-upper property in Saint Louis Park. Here is what FastPath can do for you:
- We take all of the risks, buying houses as-is no matter the condition (e.g: run-down, old, dirty)
- We can help you adapt the latest technologies 100% for free
- We can provide you access to financial and other reliable professional resources in the industry
- We can keep you informed on current Federal, state, and local laws
- We can help you close a solid deal for your house in less than a week.
So why not give our company a shot.
Top Home Improvements to Invest in When Selling Your House
Lastly, we are going to focus on all the things that you can do to attract buyers and make your property that much more attractive by talking about the top home upgrades to invest in when selling your house. People want to buy appealing things; as such, if you invest in the right home improvements before listing, this will not only help you sell your house a whole lot faster, it will also play a large role in increasing your sale price. However, not all home upgrades are made equal. Some home renovations appeal to potential buyers better than others; as such, if you’re going to spend your hard-earned money investing in your property, it’s important to make sure that you invest in the right things.
Below, we are going to list a few upgrades that will be sure to provide you with the highest possible ROI (return on investment).
1. Kitchen Remodel
At the top of our list, we have one of the most effective property upgrades when it comes to converting buyers; and that’s kitchen remodels. Kitchens are one of the most valued spaces in a house. As such, the state of your kitchen will likely be quite a large factor that buyers will consider when you sell your house. In addition to this, even minor kitchen remodels have been proven to recoup 98.5% of their investment. As such, this particular home upgrade is also quite proficient when it comes to increasing the value of your property.
2. Improving Curb Appeal
First impressions count. As such, the next big home improvement that we’d like to highlight today is improving your curb appeal. Minor aesthetical changes to your outdoor area (such as re-painting your walls, improving landscaping, planting flowers, maintaining a green lawn) can go a long way when it comes to making your property a whole lot more appealing to potential buyers. And at an average return of 100%, these are certainly improvements that you should consider making.
3. Bathroom Remodel
And last but not least, we have bathroom remodels. At 102% investment recuperation, bathroom remodels are some of the most effective forms of home improvement that you can invest in when selling your house. This is mainly because nearly every buyer on the market is only interested in a property that has clean, well-maintained bathrooms.
So there you have it. Now you know everything there is to know about home repairs when selling your house in Saint Louis Park MN. If you have any more questions, feel free to contact our company either by calling (612) 351-2384 or by filling out the short form below. We’d be happy to chat with you and will do our very best to provide you with all the answers you need.