Home Selling in West Lawn>Question Details

Sue Mckenna, Home Seller in Chicago, IL

wondering would I be better off not throwing 20,000 into repairs/updates and just pricing 2 flat less?

Asked by Sue Mckenna, Chicago, IL Wed Sep 12, 2007

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6
Ask yourself a few questions. Are you looking to realize any equity in the home/property? Do you just want or need to cut your losses and move on? Putting money in doesn't automatically mean you will sell for more money or in less time. It depends on where you put the money (kitchen & bath, landscaping, etc.) I believe that if Sellers want top dollar for their properties, they need to realize that those Buyers want turn-key properties.
2 votes Thank Flag Link Wed Sep 12, 2007
If these are truly repairs, then yes, definitely do it! Updates, however, are more subjective.

My recommendation would be to look at other properties in the price range you're hoping to sell yours for. And be brutally frank with yourself. Is the current condition of your home as good as those other properties? If the answer is no, then do the updates.

The benefit of updates in a buyers market is that your property would presumably go to the top of the list based on desirability. This is an important concern if you are looking to sell quickly.

I wouldn't be concerned with generating a higher sale price for the upgrades. Rather, if you can get your investment back and get your property sold quicker, then the upgrades are still a good investment.

Good luck,
Rita
0 votes Thank Flag Link Mon Sep 17, 2007
Spend a little money on a facelift..a can of paint can be worth its weight in gold. Put some flowers in the front yard....basically at least give the home some love...and specifically love in the kitchen and bathrooms.

This may mean simply changing some light fixtures. If the house is dated, you pay for it with a reduced price you will get for your home.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Sun Sep 16, 2007
Sue,

The cost of your repairs will 9/10 be less than the money you would loose in negotiation and the effect will be priceless. If you think it needs improving then your buyer definately will.
Web Reference: http://wwww.TeamRenton.com
0 votes Thank Flag Link Fri Sep 14, 2007
Make your house look as neat and clean as possible. I'm not sure what types of repairs you are doing, but fresh paint, new carpet or refinished floors go a long way. With today's market, the neater and cleaner the better. As far as pricing goes, you need a CMA to know where to price. Kitchen and bathroom renovations always bring the best return, fyi.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Sep 12, 2007
Every property is unique and needs to be evaluated independently. That said, I think you should consider your time investment as you calculate the expense of upgrading. Many upgrades are of such average quality that the buyer will ultimately pass on the listing because they will need to do them over again anyway.

I would interview a couple of Realtors to get their perspective and recommendations in your particular market. There is no charge for this and you'll feel better about the decision you ultimately arrive at.

Good luck to you Sue.
0 votes Thank Flag Link Wed Sep 12, 2007
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