Real Estate

Want to Know What Not to Fix When Selling a House?

The real estate market is a challenging one for both buyers and sellers. While buyers are looking for ready-made properties at bottom prices, sellers are interested in making the most from their sales. The disjointed expectations often make it harder for buyers and sellers to reach a middle ground. If you’re looking to sell your property in Tenerife with Tenerife Estate Agents, chances are high that you’re already looking for ways to make the best out of the decision.

One major way to increase your profit margin is to avoid fixing some issues as you put your house for sale. A 2022 Buyer and Seller Insights Report note that 23% of buyers purchased their homes in worse condition than they expected. While this isn’t advice to neglect the important repairs, it certainly is tailored toward protecting the seller’s interest.

As you plan to list your property for sale, below are some fixes you can save cost on.

Cosmetic Flaws

Cosmetic flaws are a common part of living in a home. Some cosmetic flaws like painting and landscaping maintenance are simple and relatively cheap. Homeowners can invest money into such fixes to improve the property’s appearance and appeal.

However, other cosmetic flaws like home remodeling and renovations are much more expensive. Avoid expensive cosmetic detailing like countertop replacement, kitchen and/or bath remodeling and renovation, etc.

While you can save money on remodels and renovation, pay attention to smaller fixes like cracked tiles, minor hardwood floor scratches, and outdated finishes. These cosmetic flaws fall in between, so you may need to gauge the required financial commitment and how it impacts your property’s price.

Please note that fixing minor damages DIY is not recommended, especially when you lack the required knowledge and experience. You may end up damaging the property further. This will ultimately cost more to fix than earlier intended.

Minor Electrical Issues

The home buying and selling process often involves using a property inspector. Inspectors look around the property to identify issues that may hinder its sale or purchase. Sellers are required to address electrical issues that require major repairs or those that constitute a safety hazard. Such issues, including old wiring, outdated electrical service panels, exposed wires, dangling light fixtures, etc., must be fixed or declared during the sale. Other major electrical problems to fix include damaged circuit breakers, ungrounded outlets, and other safety hazards.

However, homeowners may ignore smaller problems like dead outlets, loose outlet plugs, bad light switches, etc. These problems do not constitute a safety hazard and, as such, can be passed on to the buyer.

Cracked Driveway Or Walkway

Walkways and driveways contribute to a property’s appeal and appearance. However, the cost of fixing cracks can sometimes be greater than what sellers are willing to part with. Sellers are better off passing the cost of repairing cracked driveways and walkways to the next buyer instead of doing a shoddy repair job.

Ancient Building Code Issues

Building codes evolve. This means that new building codes will be implemented years later, and houses built years before them will be deemed non-compliant. You might be able to pass on grandfathered-in building code issues if the house was compliant with codes at the time of its construction.

For example, a house built in the 1970s is likely to be deemed non-compliant with the newest building codes. However, sellers may decide to sell such properties as long as they comply with the building codes existing at the construction time.

Old Appliances

New appliances are rolled out into the market almost every year. This means older appliances become outdated the more you use them. Replacing older home appliances as part of the sale process can be tricky, especially as people have preferences regarding appliance brands, features, and models.

You may be better off saving your money for other important projects instead of replacing old, worn, or broken appliances. Instead, you could remove such appliances to create a clean slate for the buyer who can then choose their most preferred replacements.

Partial Room Upgrades

Budgeting and planning are important parts of a remodel. It is recommended that you avoid partial room upgrades or remodels, especially if you don’t have the finances to support the full project. You could also avoid remodels or upgrades close to the sale period, especially as it may not contribute to your property’s price.

Removable Items

It’s cost-saving to get rid of removable items rather than replace them. So, you’re better off removing items like window treatments, worn or dated curtains and rods, and others. You can save costs by creating a blank canvas upon which the new buyer can experiment with their preferences.

Following the tips above can help you to save money on your property sale and increase your profit margin.

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