Should I Borrow Money to Fix Up My House Before I Sell? Borcina Cash Home buyer can buy your property as is condition with no repair need now. Let’s get right to our question, it comes to us from Joyce. This is kind of a long question, but I want to read the whole thing, because I want you to pay attention to the improvements that Joyce needs to make in her home. Okay.
We want to sell our home, but it needs a lot of work. The work varies from the wood trim needing painting, half of some windows are stripped of paint and stain, and other windows are finished. Plaster in a bedroom closet near the fireplace stack needs repair. Small basement leak with heavy rain. Do we take out a loan for repairs, and expect to get our investment back? I don’t know what to do.
Now let’s go over those repairs again real quick. She says she needs to take out a loan for these. She’s got wood trim that needs painting. Some windows are stripped of paint and stain. Plaster in a bedroom closet near the fireplace needs repair. And a small basement leak when there’s heavy rain. I’m wondering how much money you would have to borrow to fix this stuff.
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To answer your question Joyce, you always want to have your house in the best possible condition when you sell. The reason why is simple, because obviously, there are a lot of people out there looking for homes, but not as many are looking for homes that need work. So you always want to do the simple things. You don’t want to do major things, because they’re hard to recoup your investment on, but you certainly want to do the simple things, the things that make your house serviceable. And one of the simplest things you can do is paint, and I don’t think you need to take out a loan to do a little painting.
So try to do whatever you possibly can, with whatever money you have, to make your home look as good and be as serviceable as possible. The better it looks, the faster it’s going to sell, and also of course, the more money you’re going to get for it. So do try to do that. I mean, if it’s a giant project, then you might not want to borrow money and do that project because you might not get that money back.
If you’re using a realtor, ask the realtor. But by and large, do everything you can to get your house in as good a shape as it could be in before you put it up for sale. And there’s lots of information online too about how to stage your house. For example, declutter it, take personal pictures out, there’s lots of stuff you can do to make your house more presentable. Even painting the front door can really help it give curb appeal. So take a look at some articles like that, do what you can to fix up your house, and get as much money as you can for it.
That’s all we’ve got today, except of course for our quote of the day. This one comes from mystery writer Agatha Christie, and she says, “What good is money if it can’t buy happiness?” Pretty good Agatha. Okay guys, have a super profitable day, and be sure and meet me right here next time.