Profitable Fix Up? Yes or No
“We’re planning to sell our home. Truth be told, our home is far from perfect. The kitchen is old, the inside needs a new coat of paint, the yard’s a mess, to name a few. Do you think we I fix up my home first or just sell it?”
***ANSWER:
Great question—another one that I hear all the time. And, like many questions, it’s not just a yes/no answer.
There are a few factors involved:
1. How profitable?
If the work is such that you can spend $1,000 and make $5,000, that’s sure an argument for it. If your $1,000 will return you $1,200, forget it.
2. Got money?
If your home could use $10,000 in fix-ups, but your bank balance reads closer to $10, maybe fixing isn’t for you. Or perhaps you can borrow the funds on a credit line or from family.
3. Got time?
This is a 2-parter: 1) Do you have the time to arrange for bids and repairs or make the repairs yourself? &/or 2) Can you wait to put your home on the market as repairs are bid and done, or are you in a rush to close? (Remember: repairs ALWAYS take longer than you think!)
4. Got skill? (optional)
Do you have the skill to do the work yourself?
5. Got desire and energy?
If #1-4 are no problem, but you’d rather avoid the hassle of it all, then perhaps you should do the minimum (cleaning, etc.) and get your place on the market.