How Much Does it Cost To Repair Your Home Before Selling It?

Is it worth repairing, renovating or otherwise updating your home prior to selling it? Should you simply list the house “as-is,” or should you even consider selling it to a cash home buyer that serves your area? This blog will shed some light on your questions. If you have any questions at all about selling your house fast for cash in New Haven, or anywhere else in NY, CT, MA, ME, PA, DE, RI or NJ, please get in touch. We’d be happy to have an exploratory, no-commitment conversation with you.

A Quick Discussion Regarding Your Market

In some housing markets, the seller has all the leverage. In other markets, it’s the buyer. If you live in a hot housing market, you may have potential buyers trying to outbid each other whether you update the bathrooms, kitchens, roof, or not. If the market is hot enough, you’ll even have buyers bidding beyond the appraisal value of the house! If your property is located in this type of area, you probably do not need to spend the time, effort and money on updating your house. Your potential buyers will probably have to waive inspection to even have an offer accepted.

But if you live in a region where you’re competing with other sellers for the eyeballs and offers of potential buyers, sprucing up your home prior to the sale may be a necessity.

Here Are The Repairs You’ll Want To Consider

Minor Repairs and Maintenance

Minor repairs can significantly improve the presentation of your home, and that first impression can make or break a sale. Fixing leaky faucets, for instance, typically costs between $100 and $200 per faucet, depending on the complexity of the repair. Patching small holes in walls can cost about $50 to $75 per hole, and replacing a few broken tiles might set you back between $150 and $400, depending on the type of tile and labor involved. You may even be able to find one handyman to do all of these minor tasks for you, and that will save both time and money.

Painting Your House Before a Sale

Don’t underestimate the power of a fresh coat of paint, especially if the current condition of your home’s interior or exterior is dingy. Interior painting costs can vary widely based on the size of your home and whether you hire a professional or do it yourself. On average, professional interior painting can range from $2,000 to $4,000 for an average-sized home. Painting the exterior of your home is more expensive, with costs ranging from $3,000 to $6,000, depending on the size and condition of the home. For small paint work inside, you can probably DIY, but you may create more problems than you solve!

Updating Your Flooring

Flooring updates are among the more expensive home improvements but can add substantial value. Installing new hardwood floors costs between $6 and $12 per square foot, while refinishing existing hardwood floors is less expensive, at around $3 to $5 per square foot. Replacing carpet generally costs about $3 to $7 per square foot, which includes removal and installation. Tile flooring is another option, costing between $7 and $15 per square foot, depending on the type of tile and labor costs.

A good rule of thumb would be – if your flooring is in bad shape (ancient carpets, wood flooring with stains, tiling from the 50s), you will probably get your money back if you update it. But if the floors are in good shape already, going from “good” to “great” won’t net a huge return.

Kitchen and Bathroom Updates

Kitchens and bathrooms are often the first things a buyer looks at. A minor kitchen remodel, which might include updating appliances, cabinetry, and countertops, can cost between $10,000 and $20,000. A major kitchen remodel, involving a complete overhaul, can easily exceed $50,000. Bathroom renovations also vary in cost. A minor bathroom update, such as replacing fixtures and refreshing the paint, might cost $5,000 to $10,000. A complete bathroom remodel can range from $15,000 to $30,000 or more, depending on the extent of the changes and the materials used. Don’t do anything crazy with your bathrooms — many home buyers would rather save a bit of money on the sale, and add their own flare to the bathroom.

Roofing and Exterior Improvements

The condition of your roof can make or break a sale. Replacing a roof costs, on average, between $5,000 and $10,000, depending on the size and type of roofing material. Exterior improvements, such as landscaping and updating siding, can also add to your home’s curb appeal. Basic landscaping updates might cost a few thousand dollars, while more extensive projects can exceed $10,000. Replacing siding costs around $5 to $10 per square foot. Regarding the roof, you will need to prepare for price haggling if it needs repairs. You will get a tangible ROI on updating your roof. But with landscaping, the upgrades will have a more intangible effect. They may really catch the eye of certain buyers, and you may be able to incite a bidding war.

HVAC and Plumbing Systems

Make sure your heating, cooling, and plumbing systems are in good order, or expect to make price concessions in the negotiating stage. Replacing an HVAC system can cost between $4,000 and $30,000. It depends on so many factors. Is there already ductwork in place? Do you have an attic or basement to keep equipment in? Do you need multiple zones or mini splits? Plumbing updates, including replacing outdated pipes and fixtures, can also be costly. Minor plumbing repairs might cost a few hundred dollars, while major plumbing work can run into the thousands.

Updates That Add Value in 2024

In 2024, certain updates are expected to add significant value to homes. Energy-efficient upgrades, such as installing new windows, upgrading insulation, and adding solar panels, are particularly appealing to buyers. New windows can cost between $300 and $1,000 per window, depending on the type and quality. Insulation upgrades might cost a few thousand dollars, while installing solar panels can range from $15,000 to $25,000 but often comes with tax incentives and energy savings that offset the initial investment.

Smart home technology is another update that can attract buyers. Installing a smart thermostat, security system, and lighting can cost between $1,000 and $5,000, depending on the complexity of the system and the number of devices, but it can make your home stand apart in a crowded market.

Should You Sell Your House As-Is to a Cash Home Buyer

Considering the costs and effort involved in repairing and updating your home, selling your house as-is to a cash home buyer can be an attractive alternative. Cash buyers purchase homes in their current condition, saving you from spending thousands on repairs and updates. This option is particularly appealing if you need to sell quickly due to financial difficulties, relocation, or personal circumstances.

By selling as-is, you avoid the stress of managing contractors, dealing with unexpected repair costs, and the time-consuming process of preparing your home for the market. Cash home buyers in Portland, ME and elsewhere offer a fast, straightforward transaction, often closing within weeks, compared to the months it can take to sell traditionally. This quick sale provides immediate financial relief and allows you to move on with your life without the burden of a prolonged home-selling process.

Contact Tristate Holdings With Any Questions

Are you in a time crunch and need to sell your house quickly? Do you need cash in hand as soon as possible, for whatever reason? Sell your house fast for cash in Stamford, CT or elsewhere in the Northeast, and enjoy zero hassle and a fair offer. We look forward to hearing from you.