Deferred maintenance might not sound like a big deal, and most homeowners delay the minor repairs that are often required on a property. They take care of those things only when the problem becomes intolerable. Selling a home with deferred maintenance is a tough deal, but you may find some tips below to make it easier.
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What is deferred maintenance?
Selling a house with deferred maintenance in real estate market can be a big issue for most homeowners. It means that a homeowner continuously postpones necessary repairs to the extent that the house is no longer livable. It happens if they want to stay within the budget, save money, or cannot afford to repair their home. Here are some examples of deferred maintenance:
- Visible mold growth
- Cracking foundation
- Broken windows
- Visible rotting in wood siding
- Paint peeling or chipping
- Ripped window screens
A deferred maintenance project can be big or small. It means that deferred maintenance in one home could be entirely different from that in another home. If you are selling a home with huge issues, it is essential to understand the needs of a buyer. You might want to inform them before the deal closes that all the windows are rotten or that there is some other problem rather than them discovering it after the deal is closed.
What to do when selling a property with deferred maintenance
Selling a home with deferred maintenance involves making repairs before the house is put on the market. Because if you make repairs after that, you will have to make upgrades in the real estate listing, which is quite cumbersome. If you do not want to list your home for sale until deferred maintenance has been addressed, then you should:
Get a home inspection.
Getting a home inspection has many benefits. It will help you determine the necessary maintenance requirements of your home that every buyer will address. Although home inspections are expensive, they provide great insight into your house’s condition. You will get a report on what repairs need to be done in your home to restore it to a decent condition.
Work with an expert.
Hiring a contractor, handyman, or repair person is good if you need repairs done correctly. Poorly done or incorrect repairs could put the home’s sale at risk. Therefore, you should hire a professional to ensure a smooth selling process.
Prioritize
It can be overwhelming to perform all home maintenance tasks at once. Homeowners who can’t afford to make all the repairs must choose which ones to prioritize. There can be neglected maintenance inside and outside the house. Overgrown trees or shrubs or an un-mowed or unkempt lawn are a few examples of neglected maintenance on the home’s exterior. The curb appeal and proper landscaping can help sell it for more money. A buyer may overlook the inside issues but make the necessary repairs that, if left unattended, could negatively impact the lifestyle of the new owner. The homeowner can prioritize repairs by asking the agent which of those are likely to deter buyers.
Conclusion
Selling a house with deferred maintenance in the real estate market won’t be a problem in a few years as this industry is booming continuously. Nowadays, too, there are many options to sell your neglected property; however, the only thing that matters is the right buyer.
