Should You Improve Your Home Before Selling Or Not?

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.

 

Sean Young

Sean Young is a Mortgage Loan Officer in the great State of Colorado for the last 21 years, a nationally recognized real estate blogger who loves teaching Social Media, Real Estate Technology, and Continuing Education classes. Sean provides weekly Real Estate Agent Power tips and Tuesday Webinars that give the latest marketing strategies and tips on how to grow, build and increase your visibility, credibility, and brand as a Real Estate Agent. Looking for a Home Loan? Sean and his team can provide you with the expertise, professionalism, and customer service that will ensure that your transaction goes smoothly.

MyLenderSean.com is not a lender, but is the domain name and blog website for loan officer Sean Young (NMLS 191647 / LMB 100013240) who is an employee of Broker Solutions, Inc. DBA New American Funding an Equal Housing Lender licensed through NMLS 6606.
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