Rose Hart's OutSide
At the close of the 2010 fiscal third quarter the reports show that the Minneapolis housing market is showing a pulse. In light of this, many people who have delayed putting their house on the market may find the time is now, especially with mortgage interest rates at their lowest in 50 years.
Now the question becomes; how much time and money to invest into fixing up a house before placing it on the market? In the City of Minneapolis, and in several surrounding communities, a seller is required to have a city inspection, and this report must be available to potential buyers. So it's a good place to start by checking what the city might require for possible repairs to your house, and then decide from that what to tackle. Try to look at your home like an impartial inspector would look at it, and this exercise will help you to determine what items are possible "deal breakers". Many potential sellers will hire their own inspector for this express purpose, but keep in mind that if you do have a city inspector come out, usually their reports are only good for one year.The City of Minneapolis' web site has a complete list of items that will be inspected. First and foremost the inspector will look at the overall structural integrity and mechanical systems. A selection from the list of Most Common Repairs are these examples: The venting for the boiler and hot water heater, exposed wires, improper or uncapped gas lines, missing smoke and/or carbon monoxide detectors, missing back flow valves and drain clean- outs.
After the "must fix" items are addressed, then you can decide on which items to do simply to make your home more appealing to buyers. Over the winter is a good time to get going on those "deferred maintenance" projects. Homeowners frequently live with these items; the door that sticks, a broken window, or the water stain on the ceiling from "before the roof was replaced." Getting a buyer on- site is your objective, and you want them ooh- ing and ahh- ing at your pride in ownership. Anything that might cause them a second thought will lessen your chance of seeing a Purchase Agreement, much less one filled in with the numbers you have envisioned.
Finally, quite often sellers will remark they should have done some upgrades earlier so they could have enjoyed them too! So, whether you're planning on moving this year or sometime in the near future, it helps to look at your house through "buyer's eyes". I would be happy to walk through your home with you to help you decide which items will make the most difference to buyers, just give me a call at 612-250-0119.
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