This is a timeless question and one that could likely be Googled.
Municipalities, in certain circumstances, can impose mandatory repairs. Even if that is not the case, it may be wise to work with a potential buyer and perform some repairs. In particular, FHA loans are very common and completed repairs can be a condition of loan approval. When a buyer applies for an FHA loan, the appraiser who comes out for the lender will also perform a brief inspection of the property.
Competitive forces of your marketplace might encourage you to work with a buyer on repairs. If other sellers will, and you will not, it might diminish your ability to sell - or cause you to sell for less.
Deborah Madey - Broker
Peninsula Realty Group
732 530 7755 Main
732 530 6350 Direct