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Should You Improve Your Home Before Selling Or Not?

March 6, 2018 by David Bailey

To Improve or Not to ImproveSelling your home is one of the most stressful things you’ll ever go through and one of the most important decisions you’ll ever make. However, there’s a lot more to selling your home than just sticking a sign out in the front yard. Most likely, your home will need a little work before it is perfect.

Therefore, you’ll have to decide whether you need to take care of home improvement issues yourself or, to sell with the expectation that the buyer will be the one to do so.

We put together a few pros and cons to doing it each way to make your decision a little easier.

Do The Improvements Yourself

Choosing to complete needed improvements yourself means that you will likely get a higher sales price for your home. In addition, with less work to do, it opens up your home to more buyers than one that is a fixer-upper does. Selling will usually be faster and closing more likely to go smoothly.

On the other hand, chances are good that you will not get the full value you put into those improvements at the closing table. In addition, when you are moving, money may be tight making this an even more difficult proposition.

Sell It As A Fixer Upper

The main benefit of selling your home as a fixer-upper is that you will not have to put additional money in up front to pay for updates or repairs. If you are in a difficult financial situation or selling your home at a loss, this may be necessary.

Additionally, you would avoid coordinating work with contractors and obtaining bids on all of the work.  This can be an especially strong consideration if you are selling a home at a distance from where you live or for a relative who no can no longer stay in the home.

One of the downfalls to selling your home as a fixer-upper is that you’ll likely get a lower price and some buyers won’t even come out and view your home if they think there is too much work that needs to be done.

One consideration may be to look at the most inexpensive updates that you can afford to do that will present your home in the best way possible.  Oftentimes painting is one of the most economical ways to improve the look of your home and freshen it up for new buyers.

Discuss your concerns and speak honestly about your financial picture with your trusted mortgage professional and perhaps you will have a better idea of which of these options is the smart choice for your situation.

 

Real Estate Tagged: Home Improvement, Real Estate, Selling Your Home

Erika and David

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David and Erika Bailey
Mortgage Professionals

Creating Clients for LIFE!
The Mortgage Outlet
David 631.589.3600
Erika 631.767.8944
David NMLS #3458 • Erika NMLS #217190

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The Mortgage Outlet, NMLS # 36861 is a registered mortgage broker with the NYSDFS. All loans are arranged through third party providers. Office located at 280 West Main Street Sayville New York 11782

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