Knowing what to fix when selling a rental property is determined first by who you plan to sell it to. obviously if you’re selling it to a person who was going to live there the expectations will be much higher then if you’re selling it to an investor.
Because we have focused on a fast sale we need to keep the renovations to a minimum. this is because the average person will take a week for every $1000 they spend. If you spend $10,000 you will delay the sale of your house by 10 weeks.
Good luck So what can we fix quickly and cheaply? What will give us the biggest bang for our buck?
Have you heard the saying first impressions last?
when it comes to selling a property quickly the curb appeal is what potential buyers will see first. therefore it is important the front yard is tidy. to do this make sure there’s no trash blown into the yard. run the lawnmower over the grass. Trim back any hedges too.
Once you have done this take a step back and see what else you can see. Unless the buyer has already indicated they wish to purchase your house as is I would recommend quickly tidying up any chipping paint or falling down gutters. again the first impression is very important.
some items on the inside that can make a huge difference and doesn’t cost much are switching out outlets switches in giving the interior a fresh coat of paint. if you consider yourself handy you could even do this yourself.
Of course be sure to follow all safety measures.
as I mentioned at the start of this chapter determining what to fix really does depend on who you are selling to. when it comes to selling a rental property it has a lot of deferred maintenance selling as is can be a great option for many people.
the reason this is a great option is most people don’t have access to industry level prices for renovations. the average homeowner or landlord will be paying retail. when it comes to fixing a property to sell it for a profit it just doesn’t work out for you if you pay retail.
in fact there are many studies out there that show on a good day for every $1000 you spend you will only increase the value of the house by $760.00. Plus it’s going to take you a lot of time.
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