The funds from a home’s sale can go towards purchasing a new home. Those funds can also make their way into your retirement “nest egg.” But, of course, that means the price has to be right.
Your listing agent will help set that price based on the current housing market conditions. Many factors go into determining that market value, such as location, size, and if the home is move-in ready.
Before that price can be locked down, some repair items might be needed around the house. Those repairs can quickly add up. That can result in your deciding which repairs will add value and which are just cosmetic.
You want to avoid getting into a hassle where the money you spend on repairs cuts into your profit from the home sale.
Here’s what you need to know about the average cost of making repairs to sell a house fast in Greenfield:
Average Cost to Fix Up a House to Sell
As you prepare to put your home on the market, there will be costs that are “baked in” on the sale. Those costs start with the real estate agent commission. That cost can be negotiated, but expect to pay anywhere from 3% to 6% of the home’s total price.
The real estate agent’s commission fees aren’t the only cost associated with a home sale. You could also pay for the following:
- Staging costs
- Landscaping costs
- Home repairs and maintenance
- Home improvements
- Closing costs
The staging and landscaping costs could average at less than 1% of the sale price each. The home renovations and improvements costs would vary depending on the projects you want to take on.
Finally, the closing costs, paid to realtors, could be as much as 3% of the final sale price. All of these items need to be part of your seller’s budget.
You might also consider paying for the home inspection up front. Having that report ready for potential buyers can speed up the selling process.
Identifying the Cheapest House Repairs to Make
Homes are sold based on how they look to a potential buyer. That makes cosmetic changes the cheapest house repairs to make. Not only are these kinds of repairs inexpensive, but they can also be done as DIY tasks and will save on the cost of handyman services.
For instance, you can upgrade your light fixtures for a more modern look. You can find plenty of great-looking fixtures that are easy to install for less than $100.
Updating your cabinet hardware can give them a whole new look and cost a fracture of what it would cost to replace those cabinets altogether. All you need are the fixtures and a screwdriver to get the job done.
If those cabinets look dated, a fresh coat of paint can boost their appearance. The cost would be for that paint and supplies. You can also paint the other rooms in your home for a fresh look.
Of course, a deep cleaning should also be on your preparation list. That will help create a positive first impression for your open-house visitors.
Whatever you can accomplish with a trip to Home Depot would fall under the cheapest ways to sell a house category!
Identifying the Most Expensive Repairs to Make
At the other end of the repair spectrum are those repairs that are the most expensive. That often leads to the dilemma of whether to sell your house as is or fix it up before it goes on the market.
Either way, start at the top of the house with the roof. Among the first questions that prospective buyers will want to ask about is the condition of the roof and the foundation. A roof inspection can reveal the state of the roof.
If there is a recommendation for replacement, that could cost anywhere from $5,500 to $10,000 and beyond. That cost depends on the roof size and the material type.
Another expensive repair would be replacing your home’s water heater. Like the roof, a plumber could recommend a replacement if your water heater is significantly old. The average goes of replacing a water heater can be between $500 and $1,000.
Beyond the water heater, if your plumbing pipes need replacement, that could cost upwards of $1,100 or more. Those costs can impact the profit you would make off a home’s sale price.
Making House Repairs that Will Add Value to Your Home
You can make a few repairs in your home that would be worth the investment when you consider the value they can add. At the top of the list would be a kitchen remodel.
Future homeowners are looking for updated kitchens. If you take on that project, you can recoup around 60 to 80 percent of your investment. That’s a decent ROI that can boost your home’s sale price.
Next to the kitchens, the bathrooms will be a focal point for potential homebuyers. That is another area where you could recoup up to 87 percent of your investment.
With any type of remodel, you don’t want to go overboard. You need to weigh the cost of the project versus your recoupment potential. You don’t want to price yourself out of the current market for your home.
Types of House Repairs that Add Value to Homes
The types of house repairs that add value to homes are the ones that can be seen at a glance. Consider the following repairs:
Fixing Foundation Cracks
Foundation cracks can give the appearance of a literal broken home. To a prospective buyer, a foundation crack can indicate that the house is “old,” even if it isn’t.
That is why it is essential to have those cracks repaired by a professional. That same professional can also indicate if there are structural foundation issues beyond the cosmetic.
Fixing Any Water and Damp Damage
A prospective buyer who walks into a home with a mildewy smell will turn around and walk back out. No one wants to buy a home with visible water damage.
You might have fixed the leak in the roof, but you also want to fix the stain on the ceiling. And if there is any damp damage down in the basement, that should also be repaired. That can involve replacing sections of the floor, walls, or molding.
Fixing Up Your Garden
They call it curb appeal because the appeal starts at the curb. As a test, stand across the street from your home and judge what needs replacing or sprucing up in the garden. A few freshly planted flowers and scrubs can go a long way toward boosting that curb appeal.
Your garden fix-up should also extend to the backyard. Families will spend more time in the backyard than in the front yard. That is why you should strive to create an inviting oasis in your backyard. That should be an area with the potential for relaxing, entertaining, and family fun.
It might seem like you’re just planting flowers and trimming hedges, but that work can increase the value of your home.
The goal with any repair to your home would be to recoup the money you put into the repair as an added value to your home’s final asking price.
The adage, “you have to spend money to make money,” applies in this situation. However, you don’t want to spend more than your potential to earn.
Here are the average range of costs associated with these repairs:
Fixing Foundation Cracks Costs
The severity of the foundation crack will determine the repair costs. For instance, a few small cracks can be patched with an epoxy tube. Unfortunately, severe foundation issues can cost between $15,000 and $25,000.
There is also the initial cost of a foundation inspection. That should happen before you put your home on the market. You don’t want that kind of repair bill to be a “surprise” when negotiating with prospective Cash home buyers in Wisconsin.
Fixing Any Water and Damp Damage Costs
Water damage can occur from broken plumbing or storm surges that overrun a home’s sump pump. So even though the initial cleanup happened, there could still be lingering damage that needs to be repaired.
That water damage could entail replacing flooring, carpeting, drywall, or molding. Those repairs cost anywhere between $1,200 to $5,500 to complete.
Fixing Up Your Garden Costs:
Fixing a home’s garden areas could include work on the front, back, and side of the house. You might have existing garden areas that can support new plants. Consider adding gardening along fence walls or at the base of a tree.
A professional landscaper will charge a flat rate covering all the improvements. That rate could run anywhere from $4 to $12 per square foot. But, of course, the more you change, dig up, or replant, will impact the total cost of your garden renovation.
Before the landscaper can begin their work, you want to give them a “clean space.” That can involve hiring a junk hauler to clear away any yard debris.
That can include the things you won’t bring with you on your move to a new home, like an old swing set or trampoline. The cost for this type of junk hauling can be several hundred dollars. That is money spent to enhance the look of your backyard.
If you tackle all the repairs mentioned in this post, you could easily spend several thousand dollars to prepare your home for the market.
Are you willing to make that kind of investment to increase home value without a guaranteed return? An alternative would be to utilize Cream City Home Buyers.
We buy houses Milwaukee residents want to sell fast by making cash offers on homes without needing cleaning, repairs, commissions, or closing costs. That can mean more money in your pocket! Call Cream City Home Buyers today to discuss the home buying options. We want to make your next real estate transaction a fast and fair one!