Real Estate Rental Properties

Important Repairs for Selling Real Estate Rental Properties

 

If you’re preparing to place your property on the market, you’ll need to do some minor repairs and slight improvements before your broker can place a for sale sign out front. There are many projects such as a fresh coat of paint and other similar improvements that can make your asset more attractive to potential purchasers. Although some of the projects take more time and money than others, it is worth the cost when you consider it can make the difference between selling or not and how close you can come to getting your asking price. These necessary repairs can also speed the sale of your rental properties Dallas TX.

There are minor repairs that cost little in time and money to prepare your land but there are also larger repairs that while they don’t present a health or safety problem that can make you question as to whether to disclose the issue and let the person purchasing your home deal with them or if you should fix the issues before you list the house for sale. Before you make this type of decision, consider that repairing the problem can possibly result in a higher selling price if you did not fix the problems. Many potential investors appreciate greatly the words-“brand new or just replaced”, especially if it is a major issue. If your home is in “ready to take occupancy now” condition, this is a major selling point, especially with first time buyers or people with busy lifestyles. Most investors will not give a second look to investment properties for sale in Dallas if it needs a great number of repairs. There is a very narrow market of potential investors looking for “fixer upper” properties. When your home is in top shape and have great visual appeal get the most attention on the market in most situations. Properties that look sharp can demand a better selling price also and stand a greater chance of their owners getting the price that is being asked. When it looks great, they sell quicker and get more bids.

Another point you have to consider when placing your property on the market is that many realtors include the use of an inspection clause when putting a purchase agreement together. This clause can allow potential buyers to terminate a contract if the property inspection doesn’t meet their satisfaction or if certain repairs are not completed by the current owner in a set amount of time. There are numerous places where this inspection clause can essentially reopen negotiations on the sale if the potential investor is not satisfied with the findings on the inspection. An unsatisfactory inspection can also cause a buyer to ask for a discounted price that are being offered for sale, often based on their view or opinion of the costs to make the repairs.

You should also consider local market conditions for selling before you decide what to repair and how much improvements you are going to make. The realtor handling your sale can make the best suggestions as to what’s needed to make the deal competitive in the local market. If you’re in a seller’s market, you may not need to do much if anything at all, but if your property is in a buyer’s market, you will need to do whatever is necessary to make your listing “hot” so that it will sell quickly. You also have to be cautious and not overdo on any repairs and improvements to the asset. If a property outshines its competition too much, buyers may think there is something wrong or you are selling it for suspicious reasons. Follow the advice of your rental properties Dallas TX selling agent. They know the best way to make your properties marketable within the local area and the necessary action to take on repairs or improvements.