Help Homebuyers Help You

You walk into an open house that’s a cosmetic fixer. All you think it needs is paint, new floors, and new appliances. You make an offer, it gets accepted. Now you, as the Buyer, get the home appraised.

Your Lender sends an appraiser out to appraise the home. The home appraises at value but with one problem – the lender states: Roof must be replaced prior to close of escrow for loan to fund.

Say what?

More often than not, this happens in real estate transactions. Deferred maintenance can kill deals, especially when it comes to the following:
• Roof
• Foundation
• Sewer line
• Termite/mold damage

As a homeowner, you think, who cares? I’m not selling. But have you considered the long-term effects of ignoring the life spans of certain items? This can hurt the overall value of a home. Houses are like people. When they get older, they require more maintenance. If you don’t take care of it and do the maintenance required, it can be much costlier down the line. Time and time again, I go into homes that have not been touched in 50 years. Some are a time capsule, and some are even “unlendable” (banks won’t lend on homes if they have too many big-ticket items to repair). Yet some hit the sweet spot of being clean and well cared for. Even if the décor feels old, the big-ticket items have been replaced such as roof, hvac, plumbing, electrical, and termite. It’s apparent when the home has been cared for. These are the homes that sell quickly and retain the most value.

Selling your “forever” home is usually not on one’s agenda. But when the unexpected happens, and you have to sell, have peace knowing you’ve already jumped over the big hurdle of getting your home ready. Your future homebuyer will thank you for it!

Post a Comment