If you’re planning on selling your home, you may be left with a few questions. Aside from the actual selling process, finances, profits, and timelines, often one of the questions that many sellers are left with is simply if they should upgrade or replace the flooring within their homes prior to listing. In years past it was quite common to see many flipped homes on the market, however in the last year, many sellers are choosing to forego completing upgrades, especially when it comes to replacing the flooring and are instead offering a flooring credit at closing.
Related: Real Estate Inventory is Rising in New York
Perks of Offering a Credit When Selling your Home
- Less Work – Whether you’re hiring a professional or replacing the flooring yourself, it takes time to have floors installed, work to coordinate schedules, etc. By offering a credit you are eliminating the work needed to replace the floors within your home.
- More Affordable – Oftentimes the credit you offer will end up being less than what the bill would have been if you had chosen to replace the flooring within your home which makes the credit a more affordable option for sellers.
- No “Out of Pocket” Costs – While you will indeed by spending funds to offer the credit, most of the time this credit is offered after closing which means that the funds will be deducted from your net proceeds of the sale. So, while you’re technically still spending the money to offer the credit, it isn’t money that is coming out of your savings account so it will be almost as if it was a “free” credit.
- Free Upgrade for Buyers – Buyer’s love receiving credits for a multitude of reasons, however, the biggest is simply because it allows them to choose their own flooring and ensure that the floors mesh with their personal design taste.
Related: 5 Easy Ways to Save Money on a Remodel
It’s easy to see why so many sellers are choosing to offer credits when it comes to selling their homes, from eliminating stress to affordability, offering flooring credits seems to be a plus for both buyers and sellers. If you’re unsure if offering credits on your home is the best choice, bring up your concerns with your agent as they will be able to help advise you pending on the current market, real estate availability, pricing, etc.
If you’re currently searching for a new home, are considering selling your home and are in need of a seller’s agent, or if you have any questions regarding Medina, or New York Real Estate, please feel free to contact our office at any time.