(A guest post from the Ilumni Institute.)
It happens all the time. One party in a divorce may not be ready to list the marital property because they know there are repairs needed. This concern could delay the sale or cause major financial challenges. Before you have clients convinced they can’t move forward, keep in mind that not all repairs will bring a significant financial return. In fact, in many cases, they are unnecessary.
In a competitive market, many buyers are waiving repairs and buying the property as-is.
If repairs are needed, the sellers handle that directly with the buyers when the house is under contract.
So, what repairs ARE worth doing to maximize the home’s value before putting it on the market? I recommend the following relatively easy and inexpensive cosmetic changes to my clients:
You get the idea. There are so many moving parts in a real estate transaction that the timing — or even necessity — of major repairs should not impact putting the house on the market.
Hope this is helpful to you and your clients. Should you have any questions about the real property matters in your case, please keep my number handy and give me a call anytime. -Shannon