Even among the current coronavirus crisis, people are still buying and selling real estate throughout the Puget Sound and the Pacific Northwest. Those that had listed their homes and property before the the “stay-at-home” mandate still need to sell and buyers are still out in full force looking for homes online, completing zero contact mortgages, and moving into properties without ever having to see the seller or deal face-to-face with many of the parties involved in a real estate transaction. So if you’re planning on selling, you want to make sure that your home is appealing to the majority of buyers. Here are 5 of the biggest deal breakers for homebuyers.
#1. Major structural defects.
Every real estate buyer should have their own home inspection completed and they should accompany the home inspector is much as possible. Understanding is much as you can about your new home or property just makes wise financial sense. This is an investment so structural issues can be costly to repair. Foundational issues, roof, siding, plumbing, electrical, and insulation issues are all major structural components that if fail can be a costly renovation. If you are a seller it’s best to take care of these things ahead of time so as to not delay the real estate process and become more appealing to all buyers.
#2. It needs a new roof.
While this may fall under major structural defects, a roof is kind of its own component. The average cost to replace the roof is about $8000 but higher and roofs such as shingles, shake roofs, and tile roofs can be upwards of $20,000 or more. A roof repair is usually not that expensive so if the property just needs some repairs to the roof, it may be worth it to conduct those repairs before listing the property. New roofs can also be structured into the sale price of the home by lowering the cost and allowing the buyer a credit at closing to repair or replace the roof.
#3. Not enough bedrooms.
37% of homebuyers say that if a home just doesn’t have the number of rooms they need, it’s a deal-breaker. Of course, adding in a new roof can be extremely expensive and to be qualified as a bedroom it has to have an escape route such as an additional door or window and it must have a closet. If your home has enough rooms but they are being used as other things besides the bedroom, it may be time to restructure or restage those rooms to show as a bedroom instead of an office or storage space.
#4. No garage.
32% of homebuyers say that a home without a garage is a dealbreaker. A garage is simply a convenient addition to any house. Not everyone parks in the garage but it is a convenient space for storage. You can install a shed in the yard, build on a custom-built garage, or at least have someplace for additional storage. If your home doesn’t have a garage there may be options depending on where you are located, the association in which you live, and the space provided.
#5. No air conditioning.
Here in the Pacific Northwest, the majority of homes are built without air conditioning but for other places of the country, having a home without air conditioning is a dealbreaker for 46% of buyers. It may be time to install that heat pump or central air conditioning system if you’re planning on selling. We don’t get a lot of hot days around here but when we do, that air conditioning is awfully nice.
Each home is unique so it’s important to discuss with your real estate agent some of the deal breakers that your home may present. We’ll want to promote the benefits and positive features of the home while downplaying those things that might be deal breakers. There’s a home for everyone and there’s a buyer for your home. Call me today to find out what your home is currently worth and how quickly it could sell in today’s market.