Types of Senior Housing

The decision to sell the home 'as is' or update is one asked by many seniors when preparing to put the home on the market. A couple drives by a car lot every day and they are considering purchasing the deluxe vehicle that they've always dreamed of. Now is the time in their life when they will make their most extravagant purchase. There it is, a gorgeous shiny Cadillac, with all of the features they have been looking for. They decide to visit the car lot on Saturday, and take it for a test ride. Today is the day, and the salesman approaches them as they inch closer to their dream ride. He greets them and prepares to open the door. But before he allows them to enter the car, he states that they should know a few important facts before the ride. 'I must tell you that the engine block is cracked, but we will include a credit to have it fixed'. The balloon begins to deflate. Now he opens the door and they gasp as they gaze at the torn red carpeting covering the floor of their shattered dream. The lesson learned from this story is that we as buyers purchase on emotion. We make decisions, especially one as emotional as purchasing the home we will live in for many years, based on sight, smell, and touch. A home good looking on the outside, but tired and torn on the inside will have an effect on the final sales price as well as time on the market. Your decision to fix up or sell as is should be based on your reason for selling as well as the condition of your home. If you want to get the top dollar for your home, and are willing to spend some money upgrading your home to reflect today's décor, then spending thousands in remodeling may be for you. However, the majority of my senior clients want to sell their homes that they have lived in for many years in its present condition. That is just fine! So are there improvements that should be made even when selling 'as is'? You bet! I would suggest calling a Senior Real Estate Specialist who can view your home and look for structural problems such as a bad roof, basement, siding and concrete. We can also look at the electrical, furnace, and plumbing to suggest a further inspection by a licensed contractor if we see signs of significant problems. Nothing will scare away a potential buyer faster than a defective basement or deteriorating roof. A Senior Real Estate Specialist is trained to look for possible defects so that we can suggest contractors that we have used and trusted. You want an honest and objective opinion so that you can decide whether to replace or repair a significant defect before offering the home to the public. Let's use the example of a basement with a horizontal crack, and possible wall movement. The standard in the industry is ½ to ¾ inch movement of the basement wall in question. There may also be drain tile issues where there may be water stains around the basement. Many times we see mold problems in conjunction with drainage problems. I would suggest a contractor or structural engineer look at the basement to determine if there is in fact a problem. If there is not, then we have a report from a respected engineer or contractor to settle the fears of potential buyers. If there is a problem, then estimates can be obtained to let buyers know exactly what the problem is and what it will cost to repair. I suggest fixing the problem if it is a structural defect if funds are available. No buyer wants to buy a problem. A defect will detract from the focus of the positive points of your home. Instead of talking about the character of the home, you'll be explaining away a problem. Remember that buyers will always error on the cautious side, and therefore double or triple the cost of fixing a defect. So, if you have time and funds available, fix the problem before putting the home on the market. In summary, it's o.k. to sell the home as is. You won't get the top price in the neighborhood, but if priced fairly, you'll get a fair price in a relatively short time. If you want top, top dollar, go all the way! Don't replace carpet without painting the walls and updating kitchen and baths. If selling as is, fix the defects. If funds are not available to repair the major problems, then get estimates and reports from engineers that will be respected and believed by buyers. Proper preparation must involve an expert to guide you in knowing what a defect is and which items can be left alone.