Before coming up with a listing price, it’s important to know the true condition of your home. What repairs do you need to make? What repairs should you make? How much will this all cost? Is it worth putting money in or selling “as is”?
Big Ticket Items
To stay in a strong negotiating position, you’ll want to make sure that you have these essential items updated, relatively. It’s likely that buyers will negotiate for a sizable credit to replace these items.. or even walk away from the deal if the upgrades seem too daunting. From small to large, they include:
Hot Water Tank
Gas tanks typically last 8-12 years. Average cost for a new water tank ranges from $650-$1,800.
A typical gas furnace will last 15-30 years. The average cost is $1,500-$2,500.
Plumbing issues could simply just be coming from a clog in the pipes, to which you can hire a plumber to snake for $100-$200. If you have to replace an entire two-bathroom house, you are looking at $8,000-$10,000 (copper). The new way to go is PEX plumbing, which would only cost $4,000-$6,000.
Electrical problems can be range from small to large and should last up to 50 years. To swap out an old fuse box (see below) for a circuit breaker, you’re looking at $1500-$2000. To rewire an entire house, you can spend anywhere from $8000-$15,000.
Windows are good for about 15-20 years. The average cost of a window with install is $500-800. For larger, more custom windows, you could be looking at $2,300 or more!
Asphalt shingle roofs have a life expectancy of 20-25 years. Slate, copper and tile roofs can last more than 50 years. The average cost for a moderate sized home is $7,500, but you can spend $15,000-$35,000 for a new roof.
Hopefully lasts you a lifetime but it’s not uncommon in older homes in cities like Cleveland to have structural and/or flooding issues due to inclement weather. Whether you need to waterproof or tuck-point the walls, the cost to repair can range from $500-$10,000, with an average of $4,000. An extremely poor foundation can be catastrophic, not only for the deal, but also for the live's of whomever resides in the home.