As a home seller, you may be thinking that a ‘fixer-upper’ property would appeal to most first-time buyers trying to put their first step on the property ladder. However, according to the results of a recent Coldwell Banker® survey on the preferences of first-time buyers, you’d better think again!
Coldwell Banker recently conducted a survey of real estate brokers and sales professionals across Canada and the U.S. to determine the preferences of first-time buyers. The survey findings clearly show that First Time Buyers want a ‘turn key’ property where they can simply move in and start to enjoy living in their new home. These individuals have typically put the majority of their financial power into the down payment. They don’t have large reserves of cash available to start putting more money back into the property on major upgrades and renovations.
Bottom line? The less there is to do on your property in the way of repairs or updates, the more appealing it’s going to be to those buyers.
In addition, first time buyers are typically just starting out in their career and –especially in the case of single buyers — have little free time available for house repairs. Bottom line? The less there is to do on your property in the way of repairs or updates, the more appealing it’s going to be to those buyers. In most cases, it’s well worth the investment to do the necessary repairs and finishing before putting your home on the market.
Of course, if you’d like to discuss how any planned repair, upgrade or renovation may affect the potential resale value of your home, your first step should be to reach out to a professional – that would be us. We’re just a phone call away and always ready to talk real estate!