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Repair your home before selling

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Selling a home in today’s poor real estate market can be a challenge. That’s why it is important to make sure you have every advantage over your competition that you can get. Making repairs to your home before putting it on the market can be a great way to make sure you sell your home quickly and for as much money as possible.
The first reason for repairing your house is because it makes it much more likely that sellers will look at the house. A home that requires an investment immediately after purchase can be unappealing to young homebuyers who are struggling to make a down payment and closing costs. Other byers simply are not interested in purchasing a “fixer upper”. Repairing your house now can significantly widen your potential pool of buyers.
In addition to opening your home to more potential buyers, repairing your hose before you sell allows you to choose your own contractor. While many people hope to sell their home “as is”, a lot of them discover that in the process of negotiating a selling price today’s home buyer will expect some repairs to be made. In these cases, it usually becomes part of the contract that the seller has to pay for the repairs, but use a contractor that the buyer chooses. Essentially, you are agreeing to have someone else spend your money for you. By getting repairs completed before this happens, you can choose how your money gets spent and who gets to come into your home while the repair is going on.
One of the most important reasons to get a home repaired before putting it on the market is that you don’t have to pay a repair allowance. As previously mentioned, many buyers in today’s market expect to get a move-in ready house. If the seller is not willing to make a repair to the home before selling it, many will ask for a repair allowance. This is money given in cash to the buyer so that they can make the repairs on their own after they move in. This has two disadvantages for the seller. First, it requires him or her to provide cash to the buyer. This is not always possible if the seller is taking a loss on the home and/or if he or she has to pay closing costs. Secondly, buyers tend to overestimate the amount that a repair will cost by about 300%. By making repairs before selling, you will save money over paying someone else to make them after you move out.
Finally, one of the best reasons to fix your home before selling is that you’ll gain peace of mind. By fixing things that are broken, you’ll know they’ll be no surprises during a home inspection or while a potential buyer is visiting. Fixing an area also means no further damage can occur. If a particular area is in such disrepair as your house is potentially hazardous or unsafe, this is particularly important.

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