To fix or not to fix cracks before selling investment property?

Question

Hello! I am hoping to get some advice on about an investment property we're about to put on the market in VA. The area has very low inventory and our tenants are moving out in May so we believe now is the tell to sell. Here's the concern...there are some settling cracks and ceiling damage that are quite visible in several areas of the home. In order to address them, we'd have to delay the sale until the tenants vacate at the end May and repairs may delay listing until sometime in June. On the other hand, we have an opportunity to strike while the iron is hot. Please advise on the best approach to take and whether these cracks could hinder the sale of an othewise great home in the best school district with no other homes for sale right now.

Trenton Miller · Answer

I would have these fixed prior to selling just to avoid further questioning or investigation into the problem. Drywall repair is not expensive so you might as well get it fixed before listing/selling. Even if you don't fix these problems before listing you have to know that buyers will try to get concessions for this that may be unrealistic.

William Sing · Answer

This is one of the things that freaks out a lot of first-time home buyers. If you have a higher price point and you are dealing with people who understand homes a bit more, I wouldn't worry too much. I would just make it very clear to your agent to emphasize that these will be fixed prior to closing. If you can find a good drywaller, these fixes shouldn't take too long. When you get photos done you can also make sure these are not very apparent to at least get the "coming soon" photos. If you have a good agent, they can help guide you through this a bit more.

Let me know if you need any agent recommendations :)

To fix or not to fix cracks before selling investment property?

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