Table of Contents:
- Why there are thoughts to make repairs before selling a house?
- What repairs should not be done before selling a house?
- Renovation before the sale for expensive real estate
- Renovation before the sale of an ordinary house
- How to tidy up a house for sale?
- Method to visually prepare a house?
- How to prepare an old house for sale?
- Does the renovation affect the cost of the house?
- Is it worth changing windows, wiring before selling a house?
- What is the best way to sell a newly built house, with or without renovation?
- What repairs to make in a new house for sale?
- Conclusion whether it is necessary to make repairs before selling a house
Many people think that renovation increases the value of the house for sale by the amount of money invested. But it is not always the case. This article will tell you whether you need to make repairs in a house before selling or not.
In addition, we will tell you what repairs are not worth doing and what needs to be done. We will give advice and recommendations on how to increase the speed of sales and sell your house profitably.
Why there are thoughts to make repairs before selling a house?
Everyone wants to sell a house faster and at a large price. Repair before the sale is a common thought among many. But it is worth considering this issue very carefully. One renovation can increase the speed of finding a client and selling a house, while another renovation will only drag out the terms, and you will lose money.
You must assess the real condition of your apartment. If you can live in your apartment and there is some repair, then this will be enough. In this case, the main thing is to visually prepare the house for sale according to what is mentioned in the documents.
If the place is not worth living for one reason or another, like a new building, it caught fire once or has significant defects, and then basic repairs or cosmetic ones may be required. In such cases, we will tell you what kind of repairs you should make.
What repairs should not be done before selling a house?
It is not worth doing major repairs. A large investment in renovations rarely pays off. The only exception can be the luxury real estate with unique characteristics. But in this case, the repair takes only a small part of the total cost. Therefore, it can be considered a minor improvement, which helps visually present the house and sell it faster.
Renovation before the sale for expensive real estate
If you have expensive real estate and repair costs that can only be up to 5% of the total cost, then it is worth renovating the main important details. These can be walls, floors, and ceilings. Your task is to present your house to the buyer in the most profitable way.
To do this, you can even invest in interior design and make it as modern and neutral as possible. You don’t know who will buy your house, but more and more buyers should like it. The minimalist style is more suitable, as it is the most neutral one.
If you are updating the ceiling, we recommend that you immediately install fabric stretch ceilings. It looks expensive and beautiful. People with money also value environmental friendliness and comfort. Therefore, ordinary cheap films will no longer work. Materials must match the level of the house.
Suspended ceilings can be ordered, they have a high level of European fabric, and at the same time, the prices are not high. This is fine for various purposes.
Renovation before the sale of an ordinary house
If we talk about the mass segment of real estate, then any significant improvements do not affect the value. The more expensive your house is, the longer you will be looking for buyers. Therefore, we try to do all the improvements ourselves and at the lowest cost.
Secondary real estate market buyers in the budget segment do not usually buy renovated houses. They buy a house in a certain location. The renovation only affects the general perception. Usually, it can always be altered to your liking. Therefore, there is no point in spending too much on renovations.
How to tidy up a house for sale?
Before the sale, you should ensure that the house does not have significant defects and attracts the buyer with its price, location, and general condition. You cannot change the house’s location or an apartment, so we focus on the visual arts and the price.
Method to visually prepare a house?
You need to understand that you are not doing repairs but only eliminating visible significant flaws. These are visible improvements that will help the apartment look its best. For example:
- Wash windows and all dirt around the house.
- Install bright lighting. Two hundred-watt bulbs will brighten your house.
- If the wallpaper is on the walls with mold or mildew, it is better to remove them completely and wash the wall with soapy water. The overall view will improve.
- Remove all old items and furniture from the house. Remove carpets.
- Eliminate unpleasant odors if any. It should smell good.
- Take away and clean up anything that seems dirty and old.
Your task at this stage is to make the apartment or a house clean and spacious. There should be a minimum amount of things. It is better to hide all personal belongings and photographs in a closet.
How to prepare an old house for sale?
If you are thinking of selling an old house with no renovation, it is better to make it as similar as possible to houses near it and try to make it the way it looked before without anything in it. To do this, we throw out and remove everything possible. We leave the bare walls, floor, and ceiling.
The buyer must see his future home and imagine how he will live here. He should not be embarrassed by your belongings, dirty wallpaper, or a large sofa in the center of the room. Ideally, your apartment should look like a hotel room. Everything is clean, light, and with minimum stuff. This will create a better impression of the house.
Does the renovation affect the cost of the house?
When selling secondary real estate, repairs do not add to the value of the house. Usually, repairs are estimated by the market at 40-50% of its real cost. This is the amount that buyers are willing to overpay for a finished renovation.
This means that you can only get a minor profit by investing a lot of money in the renovation of a house for sale in the secondary market. This happens because repairs in houses are usually liked only by their owners. Buyers usually see flaws in them, and already when they buy, they think about what they would do and how much it will cost.
Is it worth changing windows, wiring before selling a house?
This usually makes no sense. Buyers will certainly appreciate new copper wiring or new windows, but you will not sell a house much more expensively and, most likely, will even lose money. New windows and wiring will improve the overall impression of the house. Therefore, leave the replacement of windows and wiring to the new owner.
It will be better for the buyer if the price of the apartment is lower than the cost of replacing windows and wiring. This will help you sell your house faster and without investing in renovations.
What is the best way to sell a newly built house, with or without renovation?
If you have an apartment in a new building, then there are two options. The first is to sell the apartment as it is, in a condition from the builders. This offer will appeal to those who want to buy an apartment at a minimal cost and repair themselves.
Remember that the lower the cost of the apartment, the more buyers you can attract. But there is a big minus in the apartments from the builders – you cannot immediately move in and live in it, although it is inexpensive. Some buyers will filter it out, and they will look for an option suitable for living.
But on the other hand, in the version from the builders, you will have the minimum cost of the apartment, and you will not be involved in repairs. Some will like the discount on the purchase. Each product has its buyer.
What repairs to make in a new house for sale?
The second option for selling a newly built house is to make a budget for a minimal repair so that you can go in and live right away. The buyers will make the rest of the modifications to their liking. Such offers are appreciated in the market.
In this variant, your task is to prepare the house for the minimal life. Plaster the walls, make a screed, and install a toilet and a shower. Everything is in a minimalist design, like the ones in a hotel. And most importantly, repairs should not be more expensive. Yes, they manage to make repairs to a newly built house for sale for such a price.
In this case, you can sell the house for a higher price and, possibly, earn a little more. But you have to save a lot and have a minimal idea of making repairs as cheaply as possible.
You should not glue wallpaper and make a stretch ceiling. These are quick jobs, and the buyer will do them themselves. You can offer to do this already for the buyer according to his preferences. The main thing is that a minimum of work remains for the buyer before moving into the house. He will already do the wallpaper or painting to his liking. It will take a week, and he will be able to call in to live.
Conclusion whether it is necessary to make repairs before selling a house
No matter how much we write about repairs, the price has the maximum value for the buyer when buying. It all depends on what and for what money you are selling. The better the condition of your apartment or a house, the faster you can attract buyers and sell it.
Therefore, you should evaluate the cost of similar offers on the market and offer your house a little cheaper than the others. With this option, you will sell quickly and without any hurdles. The main thing is no or minimum renovations with a good cost.
If you invest in an expensive house renovation in the real estate market, then you have a good chance of being stuck with the sale for a very long time. You can put it for sale, and nobody will buy it for years.
Therefore, the main advice is to make minimal improvements to eliminate the shortcomings. It is better to give the buyer a discount on repairs than to change the bathroom tiles yourself or lay a new laminate throughout the apartment. No one will appreciate this; they will tell you that the color of the tiles is not the same, or the wallpaper generally needs to be re-glued.
If you have a newly built house for sale completely without repair, then the investment is minimal repairs will pay off. But only basic preparations and not a completely furnished version with wallpaper. It is not easy to guess the design of an apartment, and everyone has different tastes. Therefore, it is better to leave just white walls and a perfect floor screed. They are ready to overpay a little for this.
If you need help with documents or support for the sale of a house, you can visit us at Sirmaya.com, as we will help you at all stages of the sale of your property. We hope you have understood how to prepare an apartment for sale and figured out what improvements you should make in your house for sale in Lahore. Happy sale!
