I know the traditional advice for getting more money for your home sale is to remodel the kitchen or bathrooms. And while that’s true, unfortunately, I constantly see sellers skip these three important things because they’re not as fun as that colorful new backsplash or shiny granite countertops in the bathroom. Sellers spend tens of thousands of dollars on remodeling but fail to replace the 25-year-old furnace. And then they’re shocked when the buyers demand a new one.
These three things will break a deal faster than anything. (Even in this crazy market!)
Old Roof: A new roof is not only expensive, it’s a hassle and time consuming to replace. The home inspection will undoubtedly reveal the age of the roof, and if it’s more than 15 years old the buyers will be warned that they should be concerned. And if there are peeling or missing shingles they’ll be worried about potential leaks. The buyer’s insurance company may have a problem with an older, faulty roof as well. Unfortunately, this can be an expensive solution, but you may be able to make a claim on your insurance if the damage was caused by hail, etc.
Old Hot Water Heater: This one is a no brainer. You can probably get a new 50 gallon hot water heater installed for less than $1,000 and it looks really good in the listing description to say that the hot water heater is brand new. This is another one of those inspection items that isn’t terribly expensive but for some reason really freaks buyers out. The buyer’s home inspector will tell them that the typical lifespan of a hot water heater is 12 years old so if yours is more than 10 years old just save yourself the grief and replace it now.
Old Furnace: This is another one that scares off buyers. Yes, your buyers are spending hundreds of thousands of dollars to buy your home so it seems strange that a $3,000 furnace would kill your deal but it happens. A lot. While you may assume that your amazing new kitchen will encourage buyers to overlook the 30 year old furnace, it won’t.
If you’re thinking of selling your Denver home in 2018 and are wondering about the best ways to sell for more money don’t overlook these three things. Granted, they’re not as flashy as new bathrooms and kitchens but they’re important.