Have you ever tried to save a little and had it end up costing a lot?
For example, if you’re thinking of selling your Minneapolis duplex, and just don’t want to put another dime, let alone hundreds or thousands of dollars into it.
So, you don’t paint. Or, you don’t fix the rotted soffit, or even make sure you have carbon monoxide detectors in the hallways outside bedrooms.
And then you decide to sell, putting it on the market as is, figuring the buyers can take it or leave it.
The trouble with that thinking is what might in reality have only cost a few hundred dollars to repair, becomes thousands in a buyer’s mind.
Take, for example, a water heater. You may be able to pick one up at your local home improvement store for several hundred dollars. And, you might have a plumber friend who’ll install it for you after hours for not that much money.
However, if you leave it to the buyer, here’s what happens.
The buyer hires a home inspector, who sees the water heater leaking on the floor. As he or she is supposed to do, she recognizes it needs to be replaced, and, according to city or state building code, that repair must be done with a permit and by a licensed plumber.
In reality, the cost of having this done probably won’t be much different than if you’d done it before listing your duplex for sale.