How Your Home’s Condition Affects its Resale Value
When it comes to selling your house, the internet has lots of advice to share with you—too much advice, actually. While one blog emphasizes “improving resale value,” another urges you to “sell as-is.”
So, how are you supposed to know the most cost-effective course of action? The answer’s simple, really.
If you need to sell your house immediately (and/or it’s too expensive/difficult for you to fix), you must sell as-is. But you’ll do so at a drastically reduced price.
Conversely, if you have the time and money to invest in making house repairs, do it. The resale value of your home depends greatly on the condition of your house.
Thus, there are several specific home repair tasks that will add thousands of dollars to the sale price of your house. You’ll find these listed below. Read on to learn more.
1. The Home Inspection Reveals All
The main reason why the condition of your home affects its resale value is that every hidden problem is revealed in the home inspection. Besides, you’re required by law to disclose such issues when selling your home, anyway.
If you don’t fix these shortcomings, each one becomes a problem that the buyer has to deal with before moving in. Thus, each one lowers the value of your home.
Conversely, buyers will pay a steep price for a home that’s move-in-ready. Such homes are both reliable and convenient. They’re also a godsend for buyers who need a house as soon as possible.
2. Comp Homes
The value-affecting phenomenon described above is further magnified by the presence of comp houses in your neighborhood. Comp houses are similar to yours in most respects (rooms, square footage, features).
So, if there are plenty of houses exactly like yours for sale in the same neighborhood, buyers want those in good condition. On the other hand, the only way to sell one in a mediocre/lousy condition is to significantly reduce the price.
Likewise, if there are no comparable houses for sale in your area, the condition of your home has less impact on the price. However, this is not a likely scenario.
3. Exterior Appearance
Besides hidden problems, buyers will also judge your home based on its appearance. And the first thing they see is your home’s exterior. Any external components that are ugly, damaged, or older than their life expectancy should be replaced/improved before listing.
Peeling paint and dirty siding are huge turnoffs to your buyers. Fortunately, this is easily fixed by power-washing/repainting your house.
Damaged siding, on the other hand, should be replaced. This impedes both the appearance and the protective function of the siding.
You can’t neglect the appearance of walkways or driveways, either. Removing stains, repairing damage, and weather-sealing should add value to your home. If any of these areas are damaged beyond repair, they should be replaced.
Other Exterior Components
Likewise, old, ugly doors and light fixtures turn buyers away, too. And yet, they’re so easy and cheap to replace.
Your windows probably don’t need replacing unless they’re cracked or out of style. Although, upgrading to energy-efficient windows should improve home value. Also, shutters, window flower boxes, and other external embellishments can boost your curb appeal.
4. The Roof
Of all the home repairs to perform before you sell your house, the roof is the most important. For one thing, it’s expensive and very inconvenient for the buyer to replace the roof before they move in. They’d much rather pay extra for a move-in-ready home.
Secondly, roof leaks can cause extensive water damage to your home. They can also get worse very quickly. And they allow/encourage mold, insect, and rodent infestations.
5. Interior Appearance
Buyers will also judge the interior appearance of your house. However, most ugly interiors are refreshed by thorough cleaning and minor, inexpensive improvements.
For instance, update all the light switches, light fixtures, plumbing fixtures, and doorknobs. Repaint or resurface your cabinets and repaint your walls/ceiling if necessary. Also, replace irreparably stained/damaged flooring to boost home value.
6. Inefficient Appliances
Old or inefficient appliances will also reduce the value of your home. It’s costly and burdensome for the buyer to replace a bunch of dying appliances shortly after moving in.
Besides, worn-out/outdated appliances cost more to run. It’s worth it for the buyer to pay extra upfront for an efficient home that reduces their monthly bills.
7. The Kitchen
One of the most significant points of interest to your buyers is the kitchen. Most homeowners spend a lot of time in this space preparing food and washing dishes. So, buyers want to see that the kitchen has an intuitive layout, good space utilization, and all the features they need.
The bottom line is you don’t want this room to disappoint them. Also, ensure that it’s clean and that the appliances are in good repair.
8. The Bathroom
Likewise, the bathroom is used even more than the kitchen. To measure up to buyers’ expectations, bathrooms must be functional and presentable.
Furthermore, bathrooms can get quite disgusting and damaged over the years. The value added by renovating your bathroom is worth the cost.
Improve Your Home’s Condition to Boost Its Resale Value
Boosting your home’s resale value before selling is definitely worth the investment. Use this guide as a home repair checklist to add value to your home.
If you’re unsure which home repair task to start with, start with the roof. Go here to get a free estimate from Landmark Roofing.