Once all the excitement dies down after purchasing your first home; you discover that some aspects of home-ownership are not that appealing….Home repair cost!
Home repairs and maintenance come into play and depending on the age of your home and individual circumstances, repair expenses can quickly add up. Due to the costs of repairs, most homeowners wait until they decide to sell their home, before making repairs. A visit from a realtor or a more thorough home inspection might surprise you on how many items need minor or even major repairs.
What are the common home repair cost needed to sell your home?
Most, if not all homebuyers prefer homes that are ready for move in. Minor home fixes like changing out an outdated leaky faucet, sprucing up the front yard or painting a few rooms amount to a low cost weekend project, but what about more substantial issues that need attention in your home?
Significant repairs such as the roof, water damage, electrical issues or air conditioning unit can be costlier and directly impact your ability to sell the home. When selling your home, you must disclose known needed repairs or problems with the house. An FHA inspection will be needed for any homebuyer using a loan to purchase the home, which is common for such a large purchase. The Home Inspector will document issues and the severity of these issues may affect the ability of a homebuyer to obtain a loan. Additionally, needed repairs will directly impact the sale price of the home. Buyers want a good deal and will quickly use needed repairs as opportunity to negotiate a reduced price.
The condition of a home’s roof and air conditioning are top concerns for home buyers as these are essential items that can be expensive. The average cost to replace a roof is between $5,000 – $15,000 depending on materials and the size of the home. You may be hoping that your old air conditioning unit lasts one more year, while a home buyer will see that old unit as a red flag and move on to the next option or ask for it to replaced. New HVAC systems average between $5,000 – $10,000 or more installed and larger homes in the DMV area often times require more than one unit due the extreme summertime temperatures. Spring and Summer are prime home selling season and a faulty air conditioning unit will be noticed immediately by potential buyers.
Other common repairs that cause concerns and could impact resale value of the home include cracks in the concrete (which may be a sign of foundation issues), damaged or stained walls and/or ceiling (usually signals a prior water leak), or an empty pool (which is both an eyesore and a sign that the pool is most likely in need of repair).
We Can Help
If your home repairs and you do not have the time or cash available to make needed fixes, your best option may be to sell your home to a cash buyer. Integrity Homebuyers can provide you with a cash offer for your home exactly how it sits, saving you time and money on repairs. Avoid the hassle of repairs and months of waiting. Get a cash offer on your house today. Give us a call at (800) 818-4145 or complete a quick form to get started.
We Buy Houses in Maryland and Washington DC
