When it comes time to sell a Connecticut house that needs repairs, one question you may ask yourself is, Should I fix my house or sell as-is? Below we share some important points to consider before fixing your house. They will help you make the right decision and help you avoid making costly mistakes.
#1 – Should I fix my Connecticut house or sell as is? Calculate your return on investment.
The most important step before making any home improvements is to calculate the return on your investment. In other words, estimate how much the value of your home will increase with each dollar spent on the repairs.
Ask one of our Realtor’s to inspect your home. According to the local buyer demands and current market conditions, we can recommend what to fix up when selling a house.
One of the best places to invest your money is in the kitchen and bathroom. According to the National Association of Realtors (NAR), kitchen remodeling offers the most bang for your buck. Minor kitchen remodeling offers on average a 79.3% percent return, while mid-range bathroom remodels will return 65% of the money invested.
Check out the latest Cost-Vs-Value Report from Remodeling Magazine. The Cost-Vs-Value Report breaks down the cost and return on investment of the 21 most popular remodeling projects. The best part of this report is that you can zoom down to the region or even the city. It includes the average costs of 149 markets and the return on the resale of your house in 100 real estate markets.
Regardless of the improvements, most repairs will not give you a return on investment equal to the amount you spend. Even worse, you could wind up losing quite a bit of money by making home improvements that are not in line with comparable homes in your neighborhood.
#2 – Should I fix my Connecticut house or sell as is? Decide if you want to take on the role of a construction project manager.
Unless you have experience fixing houses or are a handyman your best bet is to hire a professional contractor.
Before you do so, ask yourself if you want to take on the role of a project manager. You’ll have to approve contracts, coordinate the work activity between the different contractors, schedule permit inspections with your local municipality and put up with the overall stress of keeping everyone on schedule.
If you decide to move ahead. Be very careful when you hire a contractor. It’s important to interview several contractors and ask for referrals from each one. Also, since repair estimates can vary greatly from one contractor to the next make sure you get at least two repairs estimates. This alone could save you thousands of dollars.
Keep in mind, some contractors accept any work they get, even if they know they cannot complete your project on time. They postpone the start of your repairs or drag out the repairs well beyond the promised completion date.
Other contractors will use your money to finish projects they’ve begun and delay your work until they receive money from new clients. The most scrupulous contractors will ask you for a partial payment in advance to buy materials and then walk off with your money.
#3 – Should I fix my Connecticut house or sell it as is? Assess your schedule.
Before you make the repairs yourself or hire a contractor, assess if in addition to your job and family obligations you have the time to properly oversee your home repairs.
There is nothing worse than unfinished repair projects. Buyers are unlikely to recognize your time and money. Ultimately, partially finished repairs will make it more difficult to sell your home and in the long run cost you more money.
Call Venture One Realty now at 860-644-7898.
Venture One Realty has recognized that Connecticut Homeowners need and want a way to keep more of their hard earned equity when selling their home. Our Clients save Thousands of Dollars without sacrificing the services that are critical to maximizing the sale price of their home. We offer all the same MLS exposure, marketing tools, technology, quality of service, expertise, and personal attention as the Other Realty Companies but without the costly Real Estate Commission. You pay only 1%.
We are a full service Real Estate Agency that will manage the entire home selling process from listing to closing. You get everything you would expect from a traditional Real Estate Agent but with the added benefit of working with a technology enabled and customer focused team of Agents. Our results speak for themselves.
Venture One Realty has recognized that Connecticut Homeowners need and want a way to keep more of their hard earned equity when selling their home. Our Clients save Thousands of Dollars without sacrificing the services that are critical to maximizing the sale price of their home. We offer all the same MLS exposure, marketing tools, technology, quality of service, expertise, and personal attention as the Other Realty Companies but without the costly Real Estate Commission. You pay only 1%. We are a full-service Real Estate Agency that will manage the entire home selling process from listing to closing. You get everything you would expect from a traditional Real Estate Agent but with the added benefit of working with a technology-enabled and customer-focused team of Agents. Our results speak for themselves.
