You’ve inherited your parents’ home or you’re helping your elderly parents move into a senior retirement community by selling their home. Maybe you’ve lived in your home for many years, and you’re ready to move on to the next chapter in your life. Whatever the reason you’ve decided to sell the property, you look around and see a lot of work that needs to be done.
From updating the old shag carpet and painting the walls a neutral color to repairing the leaking roof or fixing structural damage, it often takes money to get a home ready to sell. But, how much money should you expect to spend on a house you plan to leave?
If your roof is in need of repair or replacement, it will get dinged in a home inspection. Many buyers will want that taken care of before they buy, so expect to spend anywhere from just under $1000 for a simple repair job to over $10,000 for a full replacement.
Hopefully, you’ve taken care of any plumbing leaks as they have come up or you could end up with a lot of water damage. A recent leak could cost you a couple of hundred dollars to around $1000 or more, especially if you need to replace the hot water heater. If you do find water damage in the home, expect to pay $2000 or more to fix everything. You may need to come up with $500 or $600 to replace a pipe or as much as $3000 for a repair in the sewer line.
Furnace or AC Repair
Even if you’ve been making do with window units because your central air went out last summer, you’re going to need to have it fixed if you want your home to sell for top dollar. You could pay as little as $300 for a simple repair or up to $10,000 for a new furnace and installation.
This one’s a big one and a bit unpredictable, depending on how much damage you have. For example, mold removal that has caused significant damage will cost you in hiring a remediation company and any repairs. For termite damage or damage from other wood-eating insects, you will have to pay for treatment at a few hundred dollars. Plus, you’ll have the cost of repairs, which depends on how much they have eaten on your wood. You could spend $8k-$10k to repair the structure. And this is one area most buyers won’t budge on. They don’t want to inherit these kinds of problems.
Interior Repairs and Updates
In many homes, especially older ones, you may spend much of your time working on the inside of the house. Older windows don’t do as good of a job of keeping the cold out as newer thermal windows. It can cost at least $100 per window for replacement, not counting the cost of the glass.
Flooring is another area of cost when you want to sell. Old carpet may need to be removed while even wood may need restaining. Appliances also impact the value of the property, and most buyers expect to have them included in the sale. If your appliances are old or not working, you will need to have them replaced at a cost of several thousand dollars to fit the wants of today’s buyers.
As you can see, it often ends up being quite costly to fix up an older home to sell. And that’s not counting updates to outdated kitchens and bathrooms. If you don’t keep up with repairs and renovations, you could find it’s more expensive to fix your home to sell than what you want to spend.
A cash buyer can take these problems away. They often won’t ask for a home inspection and are willing to pay fair market value for a house that needs a lot of work. If you’re ready to sell but not ready to do all that work, contact Quick Home Offers® to find out how we can help you.