For Sale by Owner Property – Where to Spend Money on Repairs and Improvements to Make a Sale

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When you are trying to sell your home yourself, you have to decide how much money you will spend to get the house ready to sell. You should spend no more than is required to make sure your home sells quickly at a high price.

Two areas where you can spend a lot of money are home improvements and repairs. You might want to make a list of all improvements and repairs your house needs, and assign a cost to each.

You must then decide which improvements and repairs you will make. You must consider not only the cost but also the increase in value of each one. If you spend $10,000 will that add $12,000 in value to the house? If so it is worth doing. But if it adds only $7,000 in value it is not worth doing.

Some repairs have to be made, but not all. Even if repairs are listed on an inspection report they don’t necessarily have to be made. You can just reduce the purchase price by giving the buyer a credit for the cost of the repair.

Sometimes buyers would rather make the repairs and improvements themselves. They have particular products they like to use. They may have different quality standards than you have. They usually have their own way of doing things.

What you want to do is consider that every dollar you spend is an investment. Be sure you will get a good return on investment for everything you do.

Some improvement and repair decisions are very easy because they add obvious value and are really cheap. Cleaning carpets and painting walls would fit in this category. There are many small inexpensive repairs and improvements you can make, and these are what you should concentrate on.

If you have any questions, talk to an appraiser who is charged with giving the actual market value of your home for the lender. An appraiser can tell you how much a big-ticket repair or home improvement will add to the value of your home.

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Source by Leo J. Vidal

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