What is deferred maintenance? It simply means postponing routine repairs in a home. This can include neglecting regular upkeep, delaying repairs, or failing to make necessary improvements. In addition, over time, this neglect will lead to a decline in the condition and value of a home.
Regarding selling, deferred maintenance can significantly impact the sale price and the home’s overall appeal. To sell quickly at the best price, a home with deferred maintenance may require extensive repairs. This can be costly and time-consuming. Often, prospective buyers may be reluctant to make an offer on a home that requires significant repairs. This often leads to a longer time on the market and lower offers.
In many instances, deferred maintenance will also impact the home inspection process. Home inspectors will typically identify maintenance and repair issues that need to be addressed, which can become negotiating points for buyers and sellers during the selling process.
In many instances, Harb & Company recommends a pre-inspection. Once we have the opportunity to review the report with the seller, we can then decide if we wish to make any repairs before placing the home on the market. Addressing deferred maintenance issues before listing a home for sale can help increase its value and appeal to potential buyers. Typically addressing these issues before listing will often eliminate the need for a price reduction after the buyer’s inspection.
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It’s such a double edged sword. I hate that my home could end up so much nicer when I sell it than when I lived in it after tending to those pesky delayed maintenance issues but you gotta do what you gotta do to sell your home