Around our house, my husband and I keep a constantly revolving list of things that need to be done. It seems like there is always a gardening project or a room to paint. If you’re anything like us, you have at least a few wish list items you keep thinking about.
Why Fix Now?
Now that you’ve made the decision to sell, embrace the idea that your current house will be someone else’s home soon. Part of the goal you just created is to make your house a property people will want to buy as soon as they walk through the door.
The easiest way to sell your house is by listing it at the right price in the best condition possible. Like all sellers, you want to sell your house quickly at full asking price. The last two houses we lived in went under contract with multiple offers and it happens with my clients, too. Your house could be next!
There are some steps, usually involving repairs, that lead up to this, though, and here are two reasons to make repairs to your house now:
- Eliminate objections: Most buyers will walk through a number of houses before they make an offer on a house. You probably did the same. One way to make your home stand above the rest and attract the right price is to get rid of any visual concerns ahead of time. An old faucet or door that sticks costs you money at the closing table. Make it sparkle like a gem to attract the offers you really want.
- You will have to fix it anyway:
If you know your house has an issue an inspector will find, it will become a negotiating point before you close on the sale. Fixing it now means you have the luxury of time to find the right contractor to hire or doing it yourself if you are handy. The most hassle-free option is to take care of the problem now.
Your Realtor’s role
So the first thing to do is throw away your old list and look at your house with fresh eyes. An easy way to do this is to invite your Realtor over to see your house. Not only will he or she be able to see your house with fresh eyes, part of their job entails looking at lots of properties like yours to see what sells and how yours stacks up.
They will certainly see some of the things a potential buyer will and hopefully point them out in the most gracious way for you to write down.
Are you making your list of repairs at this point? Good. Because getting rid of visual “problems with your house” attracts more offers at higher prices with better terms. Even if it seems to be of no real concern, buyers’ imaginations run wild with all the problems it may represent.
Discuss openly
Your Realtor represents you and your interests first. Now that you’ve gone through to identify noticeable problems with your house, talk openly about other areas you may have from your experience living there.
North Carolina requires you to fill out a “Property Disclosure Statement” when you list your house to alert potential buyers to known issues. It is in your best interest not to scare them away! And remember, it is easier and less expensive to fix problems sooner than later.
Due diligence and inspections
Once you have an offer and are on your way to closing (exciting already, isn’t it?), the seller will pay for inspections during the due diligence period. Professionals will come out to the house to look for structural problems, code violations, safety concerns, or even insect damage.
These trained professionals represent the buyer’s interest and are known to be meticulous. No matter how perfect your home seemed to you, they will almost always find some areas to improve.
Shortly after all the inspections, the buyer’s agent will present a list of requested repairs to your real estate agent. These are the items they would like fixed before they close on the house. This is also a final negotiation, so it pays to work with your Realtor to discuss the right response.
Working with contractors
You will probably decide the right thing to do is to fix even more items. This doesn’t mean your previous efforts are lost – they got you this far and certainly the list is shorter now than it would have been!
Your agent has a list of licensed contractors who can determine the best way to complete the work on time. If paying out of pocket is a concern, there are even contractors who will do the work needed now and get paid during closing. What a relief!
Selling a house can feel like an overwhelming process, so the sooner you start to prepare, the more relaxed you will be. It’s like the old saying, “How do you eat an elephant?…One bite at a time.” Start with little repairs now and soon you’ll have your house ready to go.
Fixing things isn’t the only step to selling your home. If you wan to create a more comprehensive strategy with your Realtor, try checking out 8 tips to sell your home.