If you own a Gainesville home that’s in need of some work but are hoping to sell, your options may feel a bit limited. Should you invest money in a house, you’re about to turn around and sell? Would the repairs fit within the timeframe you need to sell and move? Better yet, do you have available cash to put towards fixing up your place? It may seem like you’re stuck between a rock and a hard place- but the good news is, you’re really not! You just need to determine if you should make repairs and, if you do, what repairs would be beneficial for you to complete before selling. Below we share some helpful tips for selling a house that needs repairs in Florida and much more. So let’s get started.
Tips For Selling a House That Needs Repairs in Florida
If you own a fixer-upper, an abandoned property, or a home that just has delayed maintenance. You’re not alone, according to a study by Porch.com, the average American home has 9 DIY projects that desperately need attention, and 32% of property owners have been putting off at least one home improvement job for 12 months or more. Given that the median year houses were built in Gainesville, FL, was 1973, it’s no wonder your home may need some TLC. But where should you begin to address these repairs? Below are a few tips to get you started.
Tip #1 Learn More about the Local Housing Market
Sounds strange, right? Learning about the Gainesville housing market will help you decide if doing repairs is a good idea. So you’ll start by scoping out the competition. You can easily do this by going to a real estate website and search for listings in your area that are for sale and have sold recently. Do most of the houses listed have updated kitchens? Do they have neutral-colored walls? Learning more about what other homes offer will help you decide if you should make repairs or improvements. If your home needs several major repairs you may want to focus on those before making any improvements.
Tip #2 Get a Better Idea of What Repairs Need to be Done
You might already know you have a leaky roof or water damage from a nasty storm that came through a few months ago. But some repairs you may not be aware of that a buyers inspection may reveal and affect your home sale. So to get a better understanding of what repairs need to be made, you may want to get a home inspection. The home inspection report can give you a better idea of any issues with your Gainesville home and what a potential buyer may find in their buyer’s inspection report.
Tip #3 Figure Out your Repair Budget
Once you have a list of all the work that needs to be completed around the house, you’ll want to figure out what you can afford to spend. You may be able to get away with doing some of the repairs on your own, which could end up saving you in labor costs. However, some of the work may need to be done by a professional. But ultimately, regardless of who does it, you’ll need to find out how much you have available in your budget to spend on home repairs or decide if you should make repairs at all.
Should You Make Repairs on Your House?
This is a question you’ll have to ask yourself, should you make repairs to your house? Here are a few things to consider when making your decision.
Do You Have Enough Time to Make Repairs?
Depending on what repairs you’ll need to make, you’re looking at a few weeks to a couple of months until you’ll be ready to put your place on the market. If you can wait that long then this probably isn’t a big deal. But if you need to sell your house fast, you may not have the time to make repairs to your property.
The same goes for renovations and updates, these projects could take months to complete, and that’s if the supplies are available. Because of the pandemic, certain building supplies have seen shortages, and even appliances could take months to come in.
Do You Have Room in Your Budget?
As mentioned earlier, doing work to your house can be expensive, and if money is tight, it may be hard to come out of pocket to make renovations let alone repairs. So if you just don’t have room in your budget, you may want to consider another selling option which will cover more about later.
You may, however, be able to apply for a home improvement loan, but those may carry higher interest rates, shorter repayment periods, and a credit check.
Ultimately, completing the necessary repairs should positively impact your home sale. But there is no guarantee that doing repairs will bring a return on your investment and provide you with a fast buyer.
What Should You Repair Before Selling?
If you have the available time and money to work on your house, you’ll want to figure out what to repair before selling. Of course, certain repairs take precedence over others. Below are some of the most important repairs to make before selling your Gainesville home.
Repair the Roof
If you have a leaky roof or roof problems in general, you’ll want to get these addressed. Having a sound roof is an integral part of a house’s structure. Having roofing issues can be a safety concern, too, so repairing your roof is a must.
Unfortunately, roof repairs are among the more expensive home repairs and not usually a DIY project. That would mean hiring a professional service. To replace your roof could cost upwards of $10,000 and take a few days to complete.
Leaking Hot Water Heater
If you have a leaky hot water heater, you probably won’t be able to avoid repairing or replacing it. Leaving it may cause water damage which can cause severe problems in your house, including mold. So this is one repair you shouldn’t put off for the next owner.
For a new hot water heater, installation and disposal of the old one usually cost between $400 and $2,000. If you have advanced plumbing and electrical skills, you may be able to handle this common repair on your own. But you’ll want to be careful- a botched job could end up costing you a lot more than it would to simply hire a professional.
Any electrical issues you’re dealing with around the house will require attention before selling. Out of date wiring and panels pose safety issues and fire hazards, so they must be repaired. When it comes to electrical work, it’s not exactly a do-it-yourself project, so you’ll want to bring in a licensed electrician for this common repair.
To replace an electrical panel on average costs between $1,200 to $1,700, but can cost up to $4,000. This repair tends to take eight to ten hours to complete.
→ Have you experienced fire damage from an electrical issue? Check out these Important Tips to Consider When Selling a Fire Damaged House in Florida.
Damaged Pipes, Septic Tanks, Sewer Connections
If you have issues with any of these, they will require repair before selling. If not repaired, they may cause serious property damage and pose health risks. The cost to fix a sewer or septic issue will, of course, depend on the situation but may cost several thousand dollars. For example, replacing a septic tank averages about $7,000, while a sewer line replacement costs over $5,000. To complete these repairs can take several days.
Before you sell, you’ll want to address any plumbing issues you’re dealing with. Usually, older homes experience tree roots growing into the pipes or have copper or cast iron lines that need to be replaced. Plumbing repairs like replacing pipes can cost thousands of dollars, depending on the amount of work required.
Some home inspections may reveal foundation problems, and unfortunately, these are among the most expensive home repairs. When buyers hear foundation issues, they immediately see red flags, so these repairs are often necessary for a traditional home sale.
Foundation damage might cause problems such as windows and doors that won’t shut, cracks in walls, sloping floors, and water that gathers in low spots. Don’t be surprised if repairs cost several thousand dollars.
Should You Make Major Repairs Before Selling Your House?
If you have a whole list of major repairs that need to be made to your home, you may want to consider other options besides doing the work. Depending on your timeframe and budget, you may find that it’s not practical to do the major repairs before selling. Although it may increase your chances of selling faster, remember there is no guarantee of that. Plus, you’ll have to go through all the hassle and stress of having work done to the property and coordinating repairs being made with contractors. So at the end of the day, you’ll want to ask yourself should you make major repairs to your house before selling? This is entirely up to you, but there is another way to sell a home that needs repairs in Gainesville.
How to Sell a House That Needs Repairs in Gainesville
Another way you can sell a house that needs repairs is by selling it as-is. Selling your house as-is would pass the financial burden and hassle of making repairs to the next owner. You won’t have to worry about coming up with the money to cover expenses and would get to sell and move faster since you’re not waiting on the work to be done.
You have a few options when it comes to selling your house as-is, you can list with a local real estate agent or sell your house by yourself. Just keep in mind since you’re selling as-is, your asking price will need to reflect repair costs, or at the very least, you’ll want to offer a seller credit.
Furthermore, if you work with a real estate agent to sell your house, you’ll need to account for realtor commissions, totaling 6% of your final sale price. Even if you sell FSBO, you may have to pay a buyer’s agent commission which could cost 3%. Because of this extra expense, you may want to consider selling to a cash home buyer instead.
Consider Selling to a “We Buy Houses” Company
Truthfully, the best way to sell a house that needs repairs is to work with a “buy my house Gainesville” company. These are cash home buyers that purchase properties in as-is condition. So not only would you get to avoid listing your home and deal with months of uncertainty, you wouldn’t have to work with an agent either. You would sell directly to the home buyer and avoid paying costly realtor commissions. Also, these home buyers are usually house flippers, so they know how to handle major home repairs and may even have a crew in place to do the work.
Sell Your Gainesville Home Today is a premier home buying company that works with homeowners looking to sell their properties as-is and fast. They can make you a cash offer for your house within 30 minutes and can close on your schedule. They are also a BBB accredited business and have a 5-star Google rating.
Their friendly team would be happy to help and answer any questions you may have.
Whether you do repairs or not, selling a house, in general, isn’t an easy task. But when you do have a lot of major repairs and not enough time or money to handle the work, it can be stressful and feel overwhelming. It’s nice to know that you do have options, including selling your house as-is or selling to a local home buyer like Sell Your Gainesville Home Today.