Lets get inside the mind of a first time home buyer with this question:
Should you fix-up your Home Before you Sell?
As a home seller, you may be thinking that a ‘fixer-upper’ property would appeal to most first time buyers trying to put their first step on the property ladder.
With all the shows on the Home and Garden Network you would think that that's the ONLY thing people are looking for.
Why not? you have opportunity to create equity with some elbow grease.
However, according to the results of a recent Coldwell Banker survey on the preferences of first-time buyers, you’d better think again!
Coldwell Banker recently conducted a survey of real estate brokers and sales professionals across Canada and the U.S. to determine the preferences of first time buyers. The survey findings clearly show that First Time Buyers want a ‘turn key’ property where they can simply move in and start to enjoy living in their new home.
You might ask Why these buyers aren't generally looking for a fixer upper?
These individuals have typically put the majority of their financial power into the down payment. They don’t have large reserves of cash available to start putting more money back into the property on major upgrades and renovations.
In addition, first time buyers are typically just starting out in their career and --especially in the case of single buyers -- have little free time available for house repairs. Bottom line? The less there is to do on your property in the way of repairs or updates, the more appealing it’s going to be to those buyers. In most cases, it’s well worth the investment to do the necessary repairs before putting your home on the market.
Do you think you should fix up your property before selling it?
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David Delorme - Coldwell Banker Horizon Realty