Being proactive with your home will save you money later

BY PHILIP A. RAICES

I am not sure which is more neglected these days, the upkeep of your home or one’s yearly physical. I am fairly sure that it would be a tie as many homes’ interior and exterior need anywhere from some basic fixes to major repairs and upgrades. I also know from conversing with many people, that there are those that also neglect their yearly checkups, colonoscopies (after age 50), or even going to the dentist on a regularly scheduled basis. It doesn’t always matter what the income may be, people procrastinate and put off personal things and agendas because they may not have the budget, don’t care or just plain don’t worry about anything, until an issue or emergency arises.

If and when you are ready to sell, it is important to have your home prepared before your buyer’s inspection. You need to look at your home as if you were the purchaser. Observe and ascertain what repairs and upgrades that may be required. Be smart and proactive to deal with them as much in advance as possible before you decide to put your home up for sale. Do you have the money or budget to do those basic simple repairs, like fixing leaks, caulking around your bathtub, and grouting where needed. Do your wood floors need a facelift, light sanding 2 coats of polyurethane to create a fresh appearance? How about an interior paint job? If it is a major repair, that you may not have the money to do, like your roof or upgrade your boiler, you might want to get an accurate esti- mate, before your purchaser does their inspection. You will then have a basis for negotiations. A thorough de-cluttering, organizing, and cleaning will go a long way when your buyers arrive. You don’t get a second chance at a first impression.

My professional opinion is to do a home pre-inspection if your home is 20 years or older to determine what issues may be lurking that you aren’t aware of. Listen, you don’t do your own dental work or physical, right? So there is a need to hire a licensed and insured home inspector who will go through a very thorough checklist from your roof to your basement checking all your utilities, plumbing, cac, heat, and electric. In addition, they will also check the exterior too for hazards, broken steps, cracked sidewalks, poor drainage, etc.

If you are considering downsizing or purchasing a larger home, you must have a plan. As I sometimes say, “if you fail to plan, you plan to fail.” It would be prudent to create a list beforehand, so you will know what you are taking with you, selling, giving away, and lastly discarding. So you must begin determining what you will take with you; and those things that you will either have a tag or garage sale for. Donations to your local charity may allow you deductions to your taxable income. However, always speak to your CPA or whoever does your taxes to provide you with the necessary advice. The rest will be thrown away. Being consistent and doing a little bit every day will minimize your stress and simplify your move.

Unfortunately for most purchasers, it is still a seller’s market for homes, assuming they are priced correctly using comparables from 2-3 months ago. Inventory is still historically low and even with the higher mortgage rates, demand is still very much apparent There is increased competition for Condos and co-ops by those who could no longer afford a single-family home, but still want to own. However, pricing is critical and what prices were 6-12 months ago have very little relevance in the current market. So again, preparing your condo and co-op will be crucial in the showing process so maximize your sale price with fewer chances of adjustments by your purchasers.

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Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 40 years experience in the Real Estate indus-