How do you sell your home when there are many sellers, not so many buyers, and you are trying to maximize sales profits? This question has troubled property owners everywhere, regardless of what season of the year they are trying to sell their homes.
To solve this challenge, sellers will often renovate the critical features of their home to make it more attractive to buyers. The thinking here is that, if a property has great curb appeal and its features are modern and in top condition, buyers will be willing to pay more for it.
However, Atlas Management says, this strategy only works if sellers know what buyers in their location want. How do homeowners know that a kitchen or bathroom renovation will help them sell their homes faster and for more money? Is this type of renovation something buyers are looking for?
There is a better way to solve this problem.
Homeowners should prioritize renovations that buyers are guaranteed to value. They should focus on those features of the home that will never go out of fashion but can retain their value despite a home’s location and what is happening in the housing market.
This means improving the essential features of the home instead of focusing on cosmetic improvements. An example of an area sellers should focus on is their home’s plumbing. Up-to-date plumbing systems that are easy to maintain will never go out of style.
Savvy buyers prefer a home with well-maintained plumbing than one with a nice kitchen and a neglected sewer line. A home with an updated plumbing system is a safer bet because it is hard to tell how bad a home’s plumbing issues are and how much it will cost to fix them.
Tankless water heaters are more efficient than traditional water heaters; they use less energy. Additionally, not only do they take up less space, they add a modern feel to the home.
The top plumbing repairs and updates for a smooth home sale
Address water pressure issues
Buyers expect sufficient and consistent water pressure when they flush a toilet, open a faucet or turn on the dishwasher. Low water pressure can be a telltale sign of bigger issues in the plumbing. How you fix the water pressure issues in the home depends on the source of the problem.
Fix leaky pipes and appliances
Leaks that happen inside the walls of a home, below ground and in hidden parts of the house (under the sink, behind appliances and in the basement) are notoriously hard to detect. Hidden leaks not only waste water, they can cause major water damage.
Replace old water pipes
Repiping your home is a major expense, but it is worth it. This step will address all lingering issues caused by old and corroded pipes; leaks, water discoloration, low water pressure and strange noises from the plumbing. Buyers will pay you more for a home with new water pipes.
Schedule drain maintenance
Professional drain maintenance done on a schedule can help to solve the drain issues in a home; slow drains, bad odors from drain outlets and noisy drains. To make sure you are solving the actual problems in your drains, a sewer camera inspection should precede this maintenance step.
Install efficient plumbing fixtures
Buyers love features that help them save money while protecting the environment. Low-flow plumbing fixtures help to lower a home’s water bills. Buyers know that the extra money they pay to buy a home with eco-friendly features will be recouped through lower energy bills and other benefits.
Add a tankless water heater
Tankless water heaters are more efficient than traditional water heaters; they use less energy. Additionally, not only do they take up less space, they add a modern feel to the home. This is yet another energy-efficient and eco-friendly update that buyers are willing to pay more to have.
Insulate your water pipes
Insulating your water pipes will improve the overall efficiency of your plumbing by eliminating the risk of frozen pipes. You also lower the home’s energy cost by reducing the work your water heater does to heat water. This step also minimizes the risk of water damage due to frozen pipes.
Add a water filtration system
Water filtration systems help to address buyers’ health and safety concerns. Potential buyers are assured they will not face problems like impurities, contaminants, and unwanted odors or tastes in their water supply. Most buyers will pay more money to get that peace of mind.
Lastly, you should order a professional plumbing inspection and make the inspection report available to potential buyers. This kind of transparency is a big deal for buyers. Because buyers can see that you are not trying to hide the true condition of your home’s plumbing, they trust you more.
This helps to make the negotiations easier. Since both are less suspicious of one another, it is not hard to reach a compromise on issues. Doing a plumbing inspection does not mean you have to fix all the issues in your plumbing. It means you know the existing problems, you can choose what issues you want to repair and buyers also understand what they are getting into.