Real Estate Trends
Apr 03, 2018 07:07PM
● By Don and Norma Flaskerud
Should I Fix Up My Home or Sell As Is?
This is a time-honored question we hear SO often! The answer is “It depends.” We are often invited out to evaluate a property to help the homeowner decide what to do. The answer depends on the condition of competing inventory, whether it is a hot, cold or neutral real estate market, and the likelihood of return on the investment.
Here are some tips that might guide you. We look at potential improvements and ask, “Will the buyer notice it and pay extra because of it?” For example, improving your home insulation will improve your quality of life but may not improve your sales price. Some buyers want to buy a fixer-upper but are generally looking for light cosmetic repairs such as new paint, flooring, or updated light fixtures. If the house needs a lot of work, a flipper would be the ideal buyer. Buyers generally do not want to rebuild a foundation, move walls, or fix holes in walls.
From years of experience, we know a buyer will underestimate the value of the house more than it would cost the seller to make repairs because the buyer has the hassle factor to consider. We enjoy counseling sellers and providing them with service providers to do the work we recommend. Most buyers want a move-in condition home. By not making repairs, the seller limits the number of buyers who may be attracted to the home. You must always weigh the cost of proposed improvements against the home’s market value sold as-is vs. after upgrades are completed.
Keep the following list as guidelines for some basic fixes:
Patch holes/fix cracks in walls ceilings (professional painters do this well).
Fix broken appliances, HVAC
Repair leaky faucets
Replace worn/stained carpeting and linoleum
Repaint walls as needed with a neutral color except white. (Our stager advises the color.)
Replace broken window glass
Change outdated light fixtures and ceiling fans
Remove old drapes/window coverings
Last, but not least, a kitchen or bathroom can be updated with a minor remodel; this consists of painting older cabinets a nice neutral color (stager recommended), and installing updated hardware.
Don’t forget the entry; flowers along the walkway and a new entry doormat go a long way in sprucing it up!
Call the Flaskerud Team for all your real estate needs. Buying? Selling? Moving out of state? Call 925-338-2980 or email DonandNorma@gmail.com.
PS: Save your money - we are raising funds again and will match donations for this year’s Fourth of July fireworks in Pleasant Hill. Looking forward to loads of donations!