If you’re thinking about selling your home, but are worried that you’ll need to make a lot of repairs first then read on. Homes can be a lot of work to maintain and often years go by and we just don’t get to those pesky home projects even with the best of intentions. Your home is your biggest investment, and you want to get its maximum value back out when you sell it. The cost of deferred home maintenance has serious financial consequences. Deciding to defer the required maintenance can have you facing harsher financial consequences than you realize. So, before you decide to put your home on the market, read this guide about deferred maintenance.
What Is Deferred Home Maintenance?
Deferred maintenance means you put off your property’s maintenance tasks. The most common reason property owners delay maintenance is due to a lack of finances. Other reasons are the lack of materials, supplies, know-how, or manpower. Some larger needs are purposefully delayed due to climate or seasonal weather conditions.
The Cost of Deferred Home Maintenance
The longer you defer a home repair, the more expensive it becomes. What starts as a small leak turns into a full replacement of rotten wood and a mold issue. One cracked tile turns into many. The overall cost can easily multiply several times over.
Some deferred maintenance tasks are a safety issue. Should someone get injured from a neglect maintenance issue, you face the financial liability of damages.
The cost of materials and labor vary based on supply and demand. The cost of a repair can greatly increase by the time you are ready to make the repairs.
Stop Gap Approach
Performing small patchwork repairs ultimately costs more in the long run. These small repairs add up over the years and add to the overall maintenance cost.
Deferred Maintenance When Selling Your Home
You can face serious financial consequences when selling a home with deferred maintenance. For many homeowners, the loss they experience during the selling process is greater than the original cost of the maintenance. The majority of buyers want a home that is ready to move into. They aren’t interested in buying a home that requires additional maintenance and repairs.
You can encourage interest from buyers by reducing the asking price. However, the more you reduce your asking price, the smaller your profit is. This can leave you in a financial bind if you have an outstanding mortgage on the property or have very little equity to cover the cost of the home sale. Deferred maintenance can also delay the sale of a property. This can cost you if you are on a tight deadline to sell.
Should You Perform Maintenance and Repairs Before Selling?
Don’t worry about fixing everything, some deferred maintenance is acceptable; others are not. Think about the upfront cost and potential benefit you’ll experience when choosing which deferred maintenance tasks to do before putting your home on the market. A fresh coat of exterior paint may be worth it, a whole new roof may not be worth it.
Sell Your Home When It Needs Maintenance
Don’t let your deferred home maintenance become overwhelming or prevent you from selling your home. Shona Buys Houses works to make the home selling process faster, easier, and painless. We buy homes as-is and unlike a traditional real estate sale we don’t require homeowners to make repairs before selling their home. All you have to do is request an offer, and you’ll receive your fair offer within 24 hours. You can sell your home even if it needs repairs.