If you can’t afford to upgrade or update your home before listing it, you can always offer an allowance to buyers.
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When your home is on the market, it needs to stand out from the crowd. Certain features like beautifully appointed kitchens or hardwood floors are great at drawing eyeballs to your listing. If you can’t afford to renovate, though, you have other options.
Some sellers, for instance, offer an allowance or discount in order to entice buyers. In this situation, the allowance is written into the buyer’s offer, but they would have to check with their lender before agreeing to this clause—some may have a problem with it.
If you can’t afford to renovate your home before listing it, offering a home improvement allowance is certainly a viable option. This may also be a good strategy if you’re having trouble selling your home or the buyer brings up the need for updates. It’s usually best to get written estimates from contractors to do the work and offer an allowance for the estimated amount.
If you can’t afford to renovate, you have other options.
There are two reasons, in particular, why offering an allowance is a solid strategy. First, buyers can choose updates and colors to their liking. Also, they’ll have peace of mind being able to manage the project themselves and knowing that the renovations are completed to their liking. A primary disadvantage of offering an allowance, however, is that your home’s not move-in ready.
If making upgrades to your home isn’t in your budget, your best bet is to speak to a REALTOR® to ensure you price the property correctly.
If you have questions about which upgrades you should make before listing or have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.