The Condition of Your Home & Competing Homes For Sale
Keeping up with maintaining your home never ends. Most people won’t see how much TLC their home actually needs until they start the moving process. From old flooring to a weathered roof, some huge ticket items will determine the condition of your home and how well maintained it is, which will factor into what kind of repairs you should do before listing your home for sale. There are 3 categories homes can fall under maintenance-wise: Excellent, fair, and poor.
A home in excellent condition is well maintained and built with quality materials. These homes tend to have a well-kept yard, new appliances, and major upgrades or renovations within the past few years. Homes in excellent condition usually don’t require any last-minute repairs before listing them, as they are already top-notch.
A home in a fair or average condition is typically somewhat maintained with normal wear and tear. These homes are functional, but if you’re looking to make a higher sale on your home, you may want to consider putting some TLC into your home. Making small select upgrades like new appliances, a fresh coat of paint, or even making some bigger renovations like a kitchen, bathroom remodels, replacing an older HVAC or roof to make your home turnkey could help you sell your home for a premium.
A home in poor condition is essentially uninhabitable in the eyes of a buyer. Some characteristics include missing shingles from the roof or missing siding, an unmaintained yard, old appliances, electrical issues, plumbing issues, or even possible water or fire damage. If your home is in poor condition and you are looking to sell, you have a few options. If you don’t have time or money to put into your home, you could sell as-is. Just know you are legally required to disclose any problems, and you won’t make as much money from the sale. If you do have some time and money, making small cosmetic repairs can make your home more appealing to buyers. It won’t put your home at market value but will make your home more appealing than selling as-is. If you want to get your home as close as it can be to market value, investing in major repairs could help you in the long run. Replacing the roof, HVAC, flooring, or appliances can bring your home immediate value. A kitchen or bathroom remodel can also go a long way, especially if your home overall feels dated.
Condition of Competing Homes
After looking at the condition of your home, you should also consider the condition of the homes in your neighborhood. If every home in your neighborhood is in excellent condition and you want to sell for top-dollar, you may want to lean toward turnkey in your repairs. If the homes in your neighborhood are a mix of poor, fair, and excellent condition, you have a higher chance of making a reasonable sale on your home if it is at least fair condition.