Just a few years ago, you could sell a house that needed repairs fairly easily. Today, the market is changing as a result of an influx of Millennial homebuyers. You may be able to sell an ugly house or a home that needs a new faucet or different light structures, but forget about selling a home with a torn-up floor or broken windows to anyone other than a flipper. There is a reasoning to buying homes that are move-in ready, so if you are looking to sell, take this into consideration.
Millennials are an extremely diverse group of people, and this shows in their paychecks. Some Millennials are millionaires by accident, while others struggle while living with their parents. Yet, one thing all Millennials like is knowing costs up-front. A $100,000 home needing $50,000 in repairs is less likely to be sold than a $160,000 that just completed all necessary repairs and upgrades. The reasoning is simple: there will be little-to-no surprises along the way in terms of cost. Considering home upkeep can cost tens of thousands of dollars each year, a move-in ready house will provide Millennials with plenty of time to save up for the next important home-related purchase.
2. Ease of Mind
House-hunting is stressful, moving is tiring, and at the end of it all, you want to be able to relax in bed without worrying about a faulty security system or a broken hot water heater. Millennials are willing to pay a few thousand dollars more for the ease of mind that comes with a move-in ready house. Make sure you cover the basics when doing repairs, or you may find yourself on the market longer than you’d like. Also, feel free to point out all upgrades you’ve made fairly early on in the buying process. You may get a higher offer than you would if you waited.
3. No Inconveniences
Repairing your home tends to be inconvenient. You have to search for an affordable, but reputable, contractor. Then, you have to schedule an appointment and possibly take days off of work to be home when the contractor arrives. You also have to deal with billing and any discrepancies with the charges. Many Millennials would rather pay for the seller to go through these headaches, so take advantage of this. You may be more stressed out in the short-term, but you will be paid for your inconvenience.
As I’ve mentioned in each point, Millennials are willing to pay more for each aspect of a move-in ready home. You may not see a huge hike, but you surely will receive a better offer than you would if you did not make improvements. In fact, selling a house that needs substantial upgrades is likely to attract lowball offers. You don’t want an offer of $80,000 on a $100,000 house, so give yourself the best chance possible and make the upgrades now, before listing.