Roofing, plumbing and electrical are the big 3 ticket items. Most likely, though, if you need one, you need a few others. If you know that there is absolutely no problem with any of those areas, then by all means, you don’t need to repair them. If you tell them you need a new roof, they will tell you that you need a new roof.įollow this same process with plumbing, electrical, and paint contractors. Don’t tell them that you need a new roof, tell them you want them to inspect it. Have a roofing contractor (make that 3 roof contractors) come out and inspect your roof. Do you think your house needs a new roof? It probably does, if you think so. By worst repairs, I also mean the most expensive repairs. This is a mixed-bag approach, but it can work if a house needs repairs. If it doesn’t appraise at the sales price, the lender will only lend on the appraisal price, then buyers have the right to renegotiate and now you are stuck with a low appraisal. With newly remodeled homes, the appraisal can become a huge issue. Having the nicest house around might help you sell it quickly, but the appraisal needs to meet or exceed the sales price. If you complete the remodel and everything goes according to plan, you may still have an appraisal issue. The one other point I want to make here is that we won’t know what the real estate market will look like in 6 months to a year, let alone in 1 month. If you have the time to manage the project, the cash to finish the remodel and are okay with selling 6 months to a year from starting, then you are good to go. Not to mention the holding costs while the remodel is taking place. What could go wrong, you ask? Your contractor could flake on you, there could be additional repairs that weren’t visible until the work started (think water damage, like a pipe dripping behind the walls for years, think mold, think termites). You have to ask yourself if you have the money to pay for this remodel, accounting for the fact that you will want a 10% additional buffer in case something goes wrong. Your house will be the best on the block and will sell at a high price.ĭo You Really Want to Pay Those Home Remodeling Costs? On average, if a house needs repairs that are expensive and has deferred maintenance, then a rough estimate on price would be $100 to $125 per square foot.