An old, damaged fence is more than just an eyesore. It could be a serious hazard, and it can also be preventing you from selling your home. If you’re putting your house on the market or have already have it listed, you may want to consider rebuilding that fence to maximize your selling price. Here are some things to keep in mind when it comes to the real estate market, potential buyers and a damaged fence.
It Can Prevent Financing
Agencies like Fannie Mae help first-time buyers get into their homes, but they have tight standards regarding the structure. In many cases, a loan will not be approved as long as the home or surrounding structures are in need of repair. If you have a home that appeals to first-time buyers, then the damaged fence can actively shrink your market.
High-End Buyers Don’t Want Problems
If you have a high-end home, then you’re appealing to a different market. You’re looking for experienced homeowners who are trading up. The problem is that experienced buyers are trying to avoid problems. They’re looking for homes that are move-in ready. They don’t want to deal with having the fence repaired after they take possession, and so they may just decide to keep looking rather than making you an offer.
It’s All About Impressions
First impressions are everything with visitors. From the moment people pull into your driveway, what they see is telling them a story. A home that’s beautifully maintained with a neatly trimmed lawn gives the impression that it’s been meticulously cared for. The broken fence in the side yard, however, sends a signal that the home has been neglected. It will cloud how people view your home. Even if the fence is not damaged but it just sagging and faded, it can still turn off buyers. Rather than walking through the door and looking at the positive attributes, then will enter the foyer looking for problems. This can lead to fewer offers and lower bids.
The Cost of Replacement is a Concern
As homeowners go through your property, they’re not just looking at room size and how functional the closets are. They will also have a running tab going of items that need attention. They’ll also tend to estimate the cost of repairs or replacements high. If they put a bid in, they will either deduct the cost of a new fence or request that you replace it as part of the sale. Regardless of the direction they take, you can rest assured that the bid will be lower due to the reduced curb appeal of the home.
Turn the Fence Into an Asset
You have the power to turn that damaged fence into an asset by rebuilding it. When your fence is professionally rebuilt, it’s going to look amazing. People pulling up to the curb will see the new fence and take note of it. They’ll believe that your home is well cared for and walk through the front door expecting to be impressed with the rest of the dwelling. In the end, it can lead to more interest, higher bids and a better closing price.