Redfin has reported that Philadelphia homes spent an average of 57 days on the market during March 2023 – nearly double what was seen nationally.
Major renovations may put off potential buyers and take time to complete, while thoughtful and strategic upgrades or fixes can make your home more appealing to potential buyers.
Cash home buyers in Philadelphia PA can help you avoid costly repairs and delays during the closing process, saving both money and time.
1. Foundations
Foundations are an essential element of any construction project, whether a house or skyscraper. A professionally designed and constructed foundation plays a significant role in maintaining structural integrity of structures.
No matter if you are building a new home or selling the one you already own, fixing foundation issues before listing will increase its value and speed up the sale process.
Legally speaking, sellers are required to disclose any known issues to potential buyers of their property. Failing to do so could result in lawsuits filed by buyers who discover hidden issues later on.
Consider whether investing the time and money required to repair your foundation before selling your Philadelphia PA house to cash buyers; otherwise a cash buyer might be the better option!
2. Plumbing
Plumbing of a home is an integral component of its value for prospective buyers, so leaking pipes, clogged drains and outdated fixtures that compromise its value may turn buyers away quickly and make sale more challenging. So having these issues addressed is crucial for quick and smooth sales transactions.
Home owners must ensure their plumbing complies with regulations. An inspection by a plumber will help verify this is the case and help avoid legal complications at sale time.
If any plumbing-related problems are discovered during an inspection, sellers must disclose them immediately as failure to do so could lead to legal complications for both themselves and/or their realtor/broker.
3. Electrical
Philadelphia offers an abundance of culture, affordable living costs and big city amenities in an intimate environment – but also faces some daunting obstacles which make home purchasing challenging for prospective buyers.
Homeowners selling their property in the city can avoid these problems by following a few easy tips that will increase value and curb appeal of their homes, helping to recoup their investments and bring higher offers from potential buyers.
Even when selling their homes as-is, homeowners should keep in mind they must disclose any defects known to potential buyers. Therefore, working with a real estate professional to ensure sellers meet both legal and ethical obligations is highly advised.
4. Asbestos
Many homes built before 1980 contain asbestos, an extremely dangerous material that poses serious health hazards. While you could leave it alone, for safety purposes it is wise to consult a professional who will encapsulate or remove it from the property.
Asbestos removal may be costly and time consuming, but it can help you sell your house faster for a higher price. Furthermore, in certain states asbestos removal is mandatory – you are required to disclose its presence on your property disclosure form.
However, it’s important to remember that not all home upgrades will add value; some could actually deter buyers and prolong your selling process. To prevent potential complications associated with major renovations and delays in selling process, consult a real estate agent before embarking on major improvements.
5. Leaking Roofs
As a seller, you are legally required to complete a property disclosure statement and report any known issues, such as leaking roof that might impact value and increase repair costs.
Many buyers prefer properties in need of minimal repairs that are move-in ready, without roof leaks or structural problems that deter potential buyers or make them demand a lower asking price. Leaky roofs or other issues could deter prospective buyers, or cause them to request lower offers at auction.
In a strong seller’s market, pre-sale repairs may be worth your while; a good real estate professional can help assess your options and guide your decisions based on both local market dynamics and your unique circumstances. They’ll also guide you through the property disclosure process to avoid making costly errors in decisions.