Should You Fix Up Your Home or Sell It as a Fixer Upper?
There are many people that move due to a job relocation, or because of a change in finances or a family situation. Whatever the reason, there are homeowners who find they are unable to finish all the home improvements they were hoping to when they purchased the home. Are you selling a home at the Lake of the Ozarks and wondering if you should fix it up home or sell it as is? Devine & Associates can evaluate the condition of your home, let you know the state of the current real estate market, and check the competing inventory to determine the likelihood of the return of investment. Here are some factors that may help you determine whether you want to fix up your home:
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Do Home Buyers Want Fixer Uppers Or Fixed Up Homes?
Home buyers that want to buy a fixer upper generally just want to make some light cosmetic repairs. Most fixer buyers are willing to do simple repairs such as paint the walls, install new flooring, or replace light fixtures. Buyers who gravitate towards fixers are those who don't qualify to buy a more expensive home or those who want to make a profit by fixing the homes themselves. However, there are many buyers that want a home that is in move-in condition. By not making some repairs you will limit some of the buyers that may be interested in your home.
Before Fixing Up Your Home
If you do decide to fix up your home, weigh the cost of the proposed improvements against the home's market value after the upgrades or repairs are completed. If an upgrade won't return an investment, then you may want to reconsider that upgrade. For instance, before installing skylights into a master suite, realize that kitchens and baths carry the highest rate of return. You can tour other homes for sale with your Lake of the Ozarks real estate agent in your neighborhood. If most of the homes have upgraded kitchens, focus your attention there. This doesn't mean you have to buy custom cabinetry or upgraded appliances. Sometimes just a fresh coat of paint and new hardware and fixtures can give your kitchen an all-new look. By making a list of everything that is defective, broken, or worn out, you can remedy issues before potential buyers spot them.
Here are 10 improvements you can make before selling your home:
- Patch all holes and cracks in walls and ceilings.
- Fix all broken appliances and HVAC systems.
- Repair leaky faucets.
- Replace worn carpeting.
- Repaint dark or marred walls with neutral paint.
- Replace broken windows.
- Repair the roof.
- Change out dated light fixtures and ceiling fans.
- Replace old linens and window coverings.
- Fix code violations.
Selling a Home in "As Is" Condition
If there are obvious issues with the structure of the home or most of the electrical is not working, you may want to sell the home "as is". If it cannot be easily fixed up, a new coat of paint might not even help sell it. The best bet is to sell it low enough to attract multiple offers. Generally, these homes appeal to contractors and flippers.
Let Devine & Associates Get Your Home on the Market
Depending on the the condition of your home and the current market, it may need more or less repairs and improvements. However, a home that needs repairs will still generally deliver a lower price than one that has been fixed up. Devine & Associates can help you price your home correctly for today's market and get you on your way. Contact us at (573) 392-9900 to sell your home at the Lake of the Ozarks today!
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