Knowing the true condition of your investment property can help you make an accurate evaluation of your property’s worth. Home inspections are traditionally done by the buyer once a sales contract is in place, but can also be done by the seller before the property is listed. A professional home inspection can allow the seller to identify and fix any problems before the home is under contract.
Often there certain repairs that may be missed by a homeowner but brought to light during a professional home inspection. There are also some cases where repairs or upgrades must be done according to local laws. This is especially true when dealing with Boston’s older stock of multi-family homes and the city’s landlord-tenant laws, which are always changing. A good home inspector will help you discover these repairs and avoid any them from slowing down or breaking the sale.
It’s always better to know the true condition of your home prior to determining your listing price. If a pre-listing inspection is not done, and an issue arises during a buyer inspection, it can put the sale on hold or at risk if the buyer determines it's of significance. By taking a proactive approach and getting an inspection, you can identify and make any repairs ahead of time, saving yourself a headache and possibly preventing a qualified buyer from walking away from a contract. You will also make a better first impression with buyers when you have the property in top shape prior to their visiting.
Though making repairs may sometimes seem like an unnecessary expense, these repairs, especially to the kitchens and bathrooms can really help you increase your selling price as well as assist in the speed of the sale. You may be one of many sellers that are very familiar with the needed repairs in their property but have chosen to avoid them for various reasons. Once you've made the decision to sell, you can no longer afford to put off these chores.
Take your home inspection report combined with your knowledge of the property, and create a written list of what repairs must be done vs. those that could be done. Preference should obviously be taken to those repairs that must be done and only once those improvements have been made should you consider any other work. Your Realtor can also help you uncover quick and inexpensive improvements that could be done before the home is listed and may also be able to put you in contact with good local contractors.
Not every home needs to be in mint condition to sell, but many times these small improvements will help you justify a higher asking price and gain an edge over the competition. If you are assuming at least one or more units will be owner-occupied, be sure that that particular unit is in “move-in condition”. For many buyers, your multi-family home will be there primary residence as well as an investment. They will look closely at the unit where they are to live and you will want them to like what they see. Buyers will also assume that the others rental units will be in similar condition to the “owner unit”.
Interested in Selling your Property? Just want to know what it's worth? For a no-obligation market analysis, call 617-297-8641 or email Willie@MandrellCo.com