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Defects When Selling Your Home - Fix Them or Leave Them?
"Defects When Selling Your Home - Fix Them or Leave Them?
When it comes to selling your home, you realize there are a limitless number is questions to be answered. This dilemma begins on the repair of your home, inside and out. Should you repaint, redo the flooring, get new carpeting, and so on. All of these decisions contribute to showing your home in the brightest light. Invest a little time and money into your home and you will likely see the returns. You can always decide to sell your home as is, although you might lose a significant amount of money.
It is shocking to see all the homes being sold with defects. Almost any home that is fifteen years or older has one or more serious problem. Even if you bought a newly constructed home that doesn’t protect you from shoddy construction, by the use of poor quality materials, or basic elements such as earthquakes, hurricanes, or common ground settling. It is rare that there is no physical defect of any type.
All sellers are entitled to disclose any serious problems to the buyer. Once informed the buyer can use the information and insist that the problem be fixed or agree to a significantly lower price. Failing to disclose problems isn’t an option, its illegal.
That said, now the seller has some important decisions to make. Now you are aware of a problem, should you repair it, or sell with a discount? Once it is fixed it isn’t an issue in sales negotiations, although you will be required to disclose that there was a problem, that you repaired it, and who repaired it.
There are three reasons you should repair a defect before you put your home up on the market. First of you don’t want to scare off any buyers. Most people don’t want to buy into a fixer upper, and even if the seller intend to fix up the property before they sell, many buyers believe what they see is what they get. Also by not fixing up even little things, buyers automatically feel that if the homeowners can’t repair normal wear and tear, what else have they let go?
Another reason to repair any damages before selling is because you can repair the damages cheaper yourself. If you disclose defect to a buyer that is interested in purchasing your home chances are they will want a top notch repair job, knowing you will be footing the bill and they’ll be reaping the benefits. In order to make the buyer happy you must obey, but had you dealt with the issue before hand, you could have gotten the problem fixed at a discounted rate had you searched around.
If you wait until you sell your home, and are forced to disclose all defects to potential buyers, chances are you will have to go by the book for repairs. If you tend to a problem before your home is on the market your repairs can be more creative.
There are also three reasons you might want to think about leaving the repair up to the next owners. First the buyer might not want to repair it the way you want to, maybe they want brick instead of concrete, or wood flooring instead of new carpet. Also the buyers might want to do it their own way. Maybe they don’t want the lowest priced, temporary fix you might be after, and you would have wasted your time and money. And lastly the buyers might not think it is too expensive to fix. Maybe they are contractors themselves or can get great discounts on their own? Any route you choose should be carefully considered.
About the Author: Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.
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