Spanning the years of my experiences with sellers and buyers I have heard common misconceptions that are repeated in every sector of the country. These statements of “fact” are understandable but do not hold true. I do understand why they are continually said and the reasons they last the test of time. The list I have put together is just a sampling of the most often spoken misconceptions. Share this with your home-buying and –selling customers to help steer them in the right direction.
“That horizontal crack on my basement wall is not a problem! It has been there for years and my basement does not leak.”
That statement is probably the most common to home sellers when getting ready to put their home on the market. Basement issues are the number one problem that will stop a real estate transaction in its tracks! Basement issues can cost $1,500-$30,000, on average, to repair if a problem exists, so you can see why would-be sellers would rather not deal with this issue. There are two major components to the soundness of a basement. One is structural or the integrity of the wall and the other is the drainage system, which is drain tile related. So you could have a dry basement (drain tile system working) but a wall that has lost integrity by the evidenced horizontal crack with wall movement. They are two separate issues but both contribute to a properly functioning basement wall and drainage. It is always best to do any repairs necessary relating to basement problems before putting your home on the market!
“Why should I replace the carpeting? The new buyer will not like the color I choose!”
Yes, it is true that your buyer may not like the color that you choose, but a worn, unappealing carpet will lead to a very low offer, if any, and will turn off would-be buyers. I use the example of that shiny new car you have driven by each day after work. One day you decide to take action and purchase that car once you examine the interior. The salesman opens the door and the carpet is old, worn and torn. What do you think you would do in that case? Most would thank the salesman for his or her time and leave as fast as possible. Although the carpet can be replaced at a relatively low cost, the feeling is that the car, or home, has been neglected. Another sale is lost. The lesson here is to replace old and worn carpet, which will give you a great return on your investment as well as an accepted offer.