Repairs vs. Upgrades: Which Is More Important when Selling a Home?

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A lot of homeowners think that they can raise the value of their property before selling by installing multiple upgrades or doing a wide array of repairs. However, I’ve seen a lot of people dump a lot of money into repairs that would never bring a return that they wanted.

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Repairs are usually more valuable than upgrades when selling.

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Keep in mind that a repair is necessary when something is not in working order. An update or an upgrade does not need to be repaired; the purpose of an upgrade is to completely replace a properly working appliance or system. Most often, upgrades will not bring you a good return before selling your home. 

Repairs work much differently. If you have an item that is defective, scratched, or worn, you definitely need to fix it. Buyers like turnkey homes, and if you haven’t gone through the effort of fixing things, they will hit you with the hassle tax, which is basically just sweat equity. They’ll do a loose estimate of what is needed to fix the problem, and then probably charge you double in the form of price reductions on your home. It’s simply more cost-efficient to repair most things on your own. 

If you have any further questions about what kinds of repairs buyers like to see in our market, please don’t hesitate to contact me.

What to Expect From the Middletown Market This Spring

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Today we are excited to talk about what’s going on in the local housing market here in Middletown. While each neighborhood market can vary, overall we are seeing an increase in the number of sold properties. We’re up by 21.3% from this time last year! At the same time, we are only seeing a slight increase in the number of new homes available, at 1.3%. There is a pretty big gap of what’s been sold and what’s coming on the market.

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Buyers will be competing for your home

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For sellers, a well-priced home in good condition should have competition. Buyers will be competing for your home, and you should sell in fewer days than the average days on market.  On the buying side, be prepared to act quickly, because the competition for these homes will be stiff. Don’t be surprised if you have to put in a really strong offer in order to get that really great house.

The real exciting piece to all of this is that interest rates are still very low, below 4% in most cases. We don’t know how long this is going to last, but an increase is inevitable, so take advantage of the  situation now.

If you have any questions for us about the market or if you’re looking to buy or sell a home, don’t hesitate to reach out to us via phone or email. We’d love to hear from you!

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