Correctly being able to estimate the cost of repairs to sell your Tampa house is a critical part of getting the maximum value from your sale.
When you sell your house on the open market with a Realtor, prospective buyers will likely want a professional house inspection. For many homeowners, this part of the process is a source of restless nights and lost sleep–a failed inspection means more money out of your pocket in the best case, and in the worst case your sale could fall through at the last minute, leaving you to start over again with finding a new buyer, knowing the house is just going to fail inspection again.
Unfortunately, any house that is listed on the MLS will attract buyers that need an inspection, so you won’t be able to get around it if you’re selling on the open market. Most buyers that are looking for a place to live (AKA retail buyers) will need the house to meet their minimum standards in order to get insurance and financing. For buyers to be willing to pay the top market price, they also need to see that the house has been updated to the latest finish styles and that those finishes are good quality.
The best strategy for inspections is to be proactive: start by accepting that buyers will inspect your house and find problems. In order to be prepared, we suggest doing your own inspection in advance of listing your house, rather than being surprised mid-contract by a large unexpected expense that takes even more money out of your pocket at closing. Estimating the Cost of Repairs to Sell your Tampa House in advance can be a challenge, but we are here to help you!
Once you know what the issues are, you can begin reaching out to contractors for estimates of what it would cost to bring the house up to the level that your buyers are seeking.
Three estimates for each project are usually sufficient to give you a clear idea of what you’ll be facing in terms of repair costs. Be sure to ask about permits, timelines, overruns, potential supply chain issues, subcontractors, and any additional costs you could face if the job turns out to be more complicated than you first thought.
Knowing your costs before listing your property on the MLS will let you take the necessary steps to prepare your house and ensure a smooth listing experience. You can also rest assured that your hard work and money spent in advance of listing means that your house will meet your buyers lenders’ and insurer’s requirements
Read on as we dig into the nuts and bolts of estimating repairs for selling your house in Tampa.
How Long Will It Take?
It takes time to put together estimates for repairs to prepare for selling your house in Tampa, so you will need to be patient and persistent while contacting industry pros and scheduling your estimates. Contractors (especially good ones!) tend to be very busy and can be hard to get estimates from quickly. In order to avoid frustration, leave at least a month in your timeline for this part of the process. When you are on the phone with a contractor requesting an estimate, be sure to ask each contractor how long they think your project will take to schedule, get permits for, begin, and ultimately finish. That way you will have a realistic timeline of how long it will take to get your property ready to put on the market.
If the schedule gets to be longer than you’re able to wait and time is of the essence, you may want to consider working with a direct buyer, like the friendly people at You Pay Zero Tampa who can offer you a guaranteed closing date, often within a matter of days.
Do Your Research
Not all contractors are created equal. While there are professional and reliable contractors out there, there are also plenty who will make big promises but leave you high and dry when the going gets rough. Thats why it’s important to research the reputation of anyone you plan to hire before you give away any of your hard-earned money.
A good place to start is by asking for referrals from other homeowners that they have worked with. If they act unable or unwilling to give you the names and phone numbers of people they’ve worked with in the past, you know that’s a big red flag. Once you have the referrals, make sure that you call them to ensure the numbers are real!
Another tip is to check is the length of time that the company has been in business. You are able to verify the contractor’s license and the date of issue directly with the state of Florida. It’s also not a bad idea to check with the BBB in case of any complaints.
While investigating your contractor, the last step is to run a background check and ensure no history of fraud. Repair projects can run into the tens of thousands of dollars, so you want to be sure the person you’re handing that kind of money to is trustworthy!
Staying Organized
If you are going to be juggling multiple repair projects, it’s a good idea to make a spreadsheet of all the repair projects and estimates necessary to sell your house in Tampa. This comes in handy when you are expecting multiple deliveries, subcontractors, and county inspectors to arrive at the property at certain times.
It is best to meet anyone you hire to work on your house at the job-site and walk through the project with them before they begin the project. They may notice issues that you missed in your initial assessment and anything else that may make the job fall short of your expectations.
Another factor to pay close attention to when managing your repair projects is the levels of communication, timeliness, and responsiveness you receive from your contractors. If they are not keeping their word or paying close attention to your questions or concerns, you may want to find a different pro, even if you have to replace them mid-job. It’s always better to cut an underperforming contractor loose early rather than wait until it’s too late to get your money (and time!) back.
Small Details Make a Big Difference!
A crucial thing to consider when selling your house in Tampa is the level of detail in the estimate and scope of work that a contractor gives you. Even small repair projects have many details that can add up fast. If you have a miscommunication where you expect a larger amount of work than the contractor thought they were doing, you will be the one left with the bill.
For larger jobs, where the final cost won’t be known until the project is close to finished, the estimate should include a price range with a low and a high cost. For instance, replacing an air conditioner could be between $10,000 and $12,000 depending on how much labor is actually required to do that specific job.
For smaller jobs such as replacing a single door, it is reasonable to request and receive an exact estimate. Just be sure all of the work that is required for that small job gets included in the initial estimate. Think through everything that is required, from initial prep and supplies to labor and final cleanup.
Lastly, be consistent in the way you collect bids from your contractors. To get a fair comparison, all bids should be for the same work, the same materials, and the same terms.
Decision Time
Often, there are many choices to be made when it comes times to select the structural and finish materials that your contractor will be using. The cost can very widely from brand to brand and finish level, which means that these choices will play a significant role in your final decisions.
Taking the time to educate yourself about the sourcing, installation, and care of the building materials you’ll need means that you won’t end up choosing something that’s unsuitable for your house. That way, your contractor won’t be surprised by special installation instructions for a product they are unfamiliar with.
Educating yourself about the costs of supplies, appliances, or anything else you might need for the job can help you make better decisions when selling your house in Tampa. In addition, doing some legwork before reaching out to contractors for estimates can help you understand the quality and suitability of the materials that your contractor plans to use.
You Pay Zero Tampa
The direct buyers at You Pay Zero Tampa can provide all of the information you need because we have gone through this process dozens of times!
Our business is helping homeowners like you skip all of the extra work while still getting a fair price for their house. When you contact us, we will provide full and transparent information about every detail that matters so that you can compare your choices in a way that is easy to understand.
We will walk you through the options of making the repairs yourself and listing your property vs. skipping the work and selling your property as-is. When you make a direct sale to You Pay Zero Tampa, we want you to feel good about the deal long after closing.
At You Pay Zero Tampa, we stop everything and listen to you. Contact You Pay Zero Tampa today at (813) 686-5404.
You Pay Zero Tampa at (813) 686-5404