Repair before put on the market?

[Pilar Jin]

Hi All,

I plan to put my house on market after the tenant moves out in a couple of months. The tenant told me the ice maker in the fridge (10 years old) is not working. Don't think I can have it fixed. Shall I leave it like that? Besides that everything in the house else looks well so far.

What repairs are absolutely necessary, what is nice to have and what is no need?

Thanks

Pilar Jin

[Matt K.]

What's your competition look like when you go to sale? If you're in a hot market you might find that someone will pay good money as is and by the time you wait/pay for repairs you're going to come out more or less the same.

Example being-
185k house as is
Vs
205 with 15k in repairs. Let's say it takes you 3 months from start to finish before your house hits the market.

That's what an extra 5k and 3 month wait probably not worth the outlay. Add on 60 day close, that's 5 mo before you see your money and you're paying a note on a vacant house. Then say you did a 1031 that's 45 days to find a replacement and then 90 days ( I think) to close it so it's been almost a year before you're into a new property.|

Moral of the story, run the numbers.