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Don’t Let Deferred Maintenance Decrease Your Bottom Line

Life is busy and as the old saying goes, “If it isn’t broke, don’t fix it.” However, for many property owners, deferred maintenance and home improvement projects that have piled up really end up slashing their bottom line when they go to sell. Even in a hot seller’s market, home repairs that have been ignored can severely detract from maximizing your potential earnings. There are three major reasons why home maintenance issues can affect your bottom line:

 

  • Deferred maintenance defers some potential purchasers creating a smaller buyer pool for your home
    • Peeling paint, rotten door and window casings, cracked masonry, and separating caulk, while minor maintenance issues, can pile up in a buyer’s mind and keep them from considering a property. Bigger home repair items like an HVAC system, roof, outdated or problematic plumbing (like Quest), can cause a purchase to cross your property off of their short list when comparing to other properties in their price range or ideal neighborhood. Obviously there are some projects that are smart to leave for the next owner, however, if it is a problem that you’ve had with the property for a while and it hasn’t been addressed, it will certainly become a problem for the potential purchaser either in their initial offer or during the home inspection negotiations.
  • Deferred maintenance will haunt you during the home inspection negotiations by slashing your bottom line
    • It is a good idea to keep up-to-date with maintenance issues around your home. Check your crawl space, ensure it is staying dry. Change your HVAC air filters on a monthly basis. Powerwash your exterior Hardiplank siding and brick. Control water near your home’s foundation. These tasks really don’t take too much time and can save you lots of money when you go to sell your property. Home inspectors are looking for systems and elements of the home that are failing or are in disrepair. Prior to putting your home on the market, it is a good idea to go ahead and take care of these items. It will be cheaper to have them repaired by the contractor that you select, rather than allowing a purchaser to make that call during the home inspection negotiation period. Lots of deferred maintenance items are going to end up costing you potentially thousands of dollars to ensure that you keep your potential purchaser interested in the deal.
  • Deferred maintenance could kill your deal entirely
    • For many sellers, issues yielded during the home inspection are things that they had no idea were going on with the home. If you are proactive about keeping up with monthly and yearly maintenance, it is less likely that these types of problems (mold in the crawlspace, underperforming HVAC equipment, faulty wires/plumbing) will actually exist.

-Josh White, Sales Partner and Realtor®, Story House Real Estate


Posted on March 7, 2019

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    💰It's National Financial Awareness Day! To celebrate the day, take a moment to revisit that monthly budget, spend some time looking over your finances, and pay a little extra attention to those yearly saving goals!

Have any questions about finances, budgeting, etc.? Do you have financial goals that include buying or selling? Reach out to us! 

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    🌟 "Ann went above and beyond in her responses and communication." Thank you so much Tracy for trusting the Story House team to help sell your home!

👏 Big shoutout to Ann for all her hard work! Communication is key, and Ann and the entire listing team strive to keep you up to date through frequent updates and constant communication. 

Let our team give you the attention YOU deserve by being by your side every step of the way. Give us a call if we can help sell your home (434) 260-1435 📲.

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    Your daily reminder to enter our teacher giveaway if you haven't already! Check out the video above to see some of the items that you or your favorite teacher could win in our 2022 Teacher Giveaway. 

Have you entered yet? Follow us, like this post, and tag a teacher you know in the comments below! 

p.s. Turn your volume up to rock out with us! 🔊 🎸🤘 

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    Aug 12

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    Happy weekend everyone! As we make plans to celebrate the end of the week, we're also taking a pause and reflecting on the events that occurred 5 years ago here in Charlottesville. Our hearts go out to the victims and the community as a whole as this anniversary serves as a reminder of the work we must do to heal the deep wounds of our community.

As we research, attend events, and reflect on the 2017 events, remember to take care of your mental health amid the painful memories as they arise. We will continue to care for one another as we work to heal, learn, and grow to make Charlottesville a safe place, for everyone. ❤️ 

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    Aug 11

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    JUST LISTED | FOUR NEW HOMES 🎈 

🏠 32 Out of Bounds Road, Palmyra, Virginia 22963 | MLS #633544 | $400,000 | 🛏️ 3 bed 🛁  2 bath | 🎉 OPEN HOUSE Sunday, August 14th from 12 PM - 2 PM, hosted by Virgil!

🏠 12 Bunker Boulevard, Palmyra, Virginia 22963 | MLS #633545 | $350,000 | 🛏️ 3 bed 🛁  3 bath | 🎉 OPEN HOUSE Sunday, August 14th from 12 PM - 2 PM, hosted by Zoya!

🏠 127 Goldenrod Court, Charlottesville, Virginia 22902 | MLS #633524 | $550,000 | 🛏️ 4 bed 🛁  2 1/2 bath | 🎉 OPEN HOUSE Sunday, August 14th from 2 PM - 4 PM, hosted by Jess! 

🏠 1800 Jefferson Park Avenue, Unit #15, Charlottesville, Virginia 22903 | MLS #633521 | $225,000 | 🛏️ 2 bed 🛁  1 bath | 🎉 OPEN HOUSE Sunday, August 14th from 11 AM - 1 PM, hosted by Kristin!

📩 Email showings@storyhouseRE.com with questions! Showings begin by appointment on Friday, August 12th.

#justlisted #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #Charlottesville #startyourstorywithus #newlisting
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