What Not to Fix When Selling A House for MAX PROFITS!
Today I’m going to tell you what not to fix when selling a house because when you repair the wrong things you will lose money.
We give you access to a real gold mine of expert tips including:
- Costly mistakes to avoid when getting your house ready to sell.
- Expert tips to work less for more profit when you sell
- Comprehensive list of items you should ignore when selling a house
But first a quick introduction.
My name is Shaun. I recently sold my house. I spent a lot of time and money fixing it so that I would sell it for top dollar. When it finally sold, I didn’t get all my money back from the repairs. It was really upsetting. I was sure I would recoup my cash. In fact, not only did I expect to recoup all my money but I thought my house would sell for more! I was expecting a huge payday! Boy was I wrong! If only I had been given the chance to read an article like this.
After reading this article you must check out this article about what not to fix when selling a house. I read it and it compliments the article you are reading very well. So read this article. Then read the other article. After you have done that you will be in a position to sell your house for cash! SOUND GOOD?
The idea of selling a home may be daunting for some. It’s tempting to want to do renovations before listing the home. The misconception for many is that renovating a home before a sale will help to increase the value of the home, and thereby increase the sale amount, netting a bigger profit. But this may be counterproductive and you may not be able to recoup your costs. While there are some fixes that may be necessary, large cosmetic renovations are a big no. Especially if you are hoping to see a return on investment (ROI). There are smaller things you can do to prepare your home for listing that won’t cost you a cent.
Firstly, improve the curb appeal of your home. This means decluttering in and around the house. Secondly, do some lawn maintenance. Make sure the grass is neat and trimmed. Remove any weeds and debris that may be lying around, prune trees, shrubs, and hedges. You could paint the front door and plant some flowers. And lastly, clean and pressure wash the driveway, walkway, and any area that needs a good scrub down.
Here’s a list of things to do before making any changes to your home.
Consult with an experienced realtor
Realtors live and breathe this industry. They know the market in your area and can advise you on which repairs will be worth the investment and which will not.
A realtor can give you a Comparative Market Analysis (CMA) and help you prepare your home and get it in line with comparative sales in your area. The CMA will either determine that your home, in its current condition, is in line with your CMA, or, that other homes in your CMA are more updated than yours. Consult with your realtor on this matter. He/she will be able to make recommendations regarding what repairs need to be conducted. This may help you to upgrade your home to meet your desired sale price, without spending an arm and a leg. This may help you to recoup your money.
In addition, make sure that the features in your home line up with those of the homes in the area. There’s no point in adding the most expensive features if the inside of the home does not match the neighborhood. Keep in mind though, there is no point in doing renovations that cost you $100 000 if it will only increase the sale price by $50 000. That would be considered a bad investment.
What not to repair when selling a house
It’s tempting to remodel the whole kitchen and retile the bathrooms. Or even extend the home in hopes that you will get your money back through the sale. But this investment may not yield the return that you are hoping for. According to the National Association of Realtors (NAR) it simply isn’t worth the investment to do any large renovations. You should avoid costly mistakes like these. Even painting the interior and exterior of the home will only yield a 51% return. In some cases, painting the house may be necessary, but you may also have heard the old saying, if it ain’t broken, don’t fix it.
Avoid these when preparing to sell your house
There are a few things you should absolutely not repair or renovate before selling your home:
- Bathroom renovation
- Remodeling the master suite
- Renovating the kitchen
- Extending the property
- Painting the interior and exterior of a home
Don’t renovate according to the latest trend
Unless you intend to stay in the home, avoid renovations based on trends. If you are like me, you may often browse realtor websites to see what’s on the market, but honestly, also to see how other people are repairing and renovating their homes. A big mistake to avoid, and something a lot of people like doing, is to renovate according to trend.
Trends are exactly what the name implies. A trend. It’s seasonal, meaning you will have to repaint or retile according to the new trend in the following year or a few years later. Also, what may be stylish to some could come off as being obnoxious to others. The trick is to keep it simple and standard. There are other ways to give your home a facelift on a budget and change the overall appearance of the home. For example, fixing fixtures and faucets can go a long way in improving the overall appearance of your home. You could paint the cabinets instead of replacing them and changing the hardware. Cleaning the grout between tiles can give your home a whole new look. Other, relatively inexpensive changes include painting a door, frame, trim, or room to a neutral color.
Don’t start renovations if you are unable to finish them
Renovations take time. Only tackle changes and upgrades if you have the budget available for it and can purchase all of the tools and supplies needed to make the repairs. The last thing you want is to start repairs and run out of money mid-way. Structure a budget and time frame and stick to it religiously.
In addition, with the onset of the Covid-19 pandemic, supply chains have been bolstered and you may end up waiting longer than expected for those cabinets you ordered several months ago. A good rule of thumb is to wait until all of the supplies and tools have been purchased and are sitting in your home before you take on the job. You may want to make changes but not lose money in the process due to unfinished projects that make your home look cluttered, untidy, and not polished.
What do I need to fix?
There are some repairs that need to be conducted in order to make sure your home passes the home inspection. These changes relate to safety and include infestations, major leaks, crucial roof repairs, electrical hazards, or any type of sewage issues. As a side note, not all electrical issues need to be addressed. For example, a light fixture that doesn’t work or a loose plug cover may not affect the outcome of the inspection. This means that it isn’t always necessary to fix small issues.
Key take away
Consult with your realtor regarding a CMA and only repair what is absolutely necessary to make the home compared to other homes in the neighborhood. Cleaning, organizing, and decluttering inside and outside the home can dramatically improve your curb appeal. Attend to all repairs that are safety-related and avoid any major renovations. Small repairs around the home can dramatically improve the overall appearance of the home without breaking the bank.