If you’re looking to sell a house in Minnesota, you will likely need to consider completing home improvements and deep cleaning the property to get a better sale price. It can help you potentially get more bids on the house and even a bidding war that will end with a high home sale price.
However, the average cost of home repairs has grown in recent months as inflation has risen. The global pandemic also hit the costs of materials for contractors. With the average cost to fix up a house to sell growing, homeowners may need to perform some DIY projects and complete their own landscaping work.
So, what’s the average cost to fix up a house to sell in Minnesota? We will answer that question below. You will also learn about material inflation fees, labor costs, and major and minor repair expenses. Ready to find out more? Let’s get started!
Types of Costs To Consider When Fixing a House
There are numerous costs to consider when pursuing renovations. Before you start picking what to upgrade, you may want to get a home inspection to see what desperately needs fixing.
The recent trade labor shortage, inflation, and COVID-19 pandemic have led prices to skyrocket in the home improvement industry.
The costs of typical home upgrades have grown significantly, with window coverings and furniture prices rising more than 13 percent yearly. In these cases, choose home improvement projects with a good return on investment (ROI) after the home sale.
You will need to consider the total cost of common renovations like bathroom or kitchen remodels. Check out the fees for fixing hardwood floors or repairing light fixtures, which are renovations likely to attract more potential buyers.
Doing your own landscaping work and painting the exterior will improve the curb appeal while saving you on the costs of landscapers and painters. That will make your property stand out in the real estate market. You can also increase the asking price once you complete the standard upgrades since you will increase the value of your home.
Materials Inflation Prices in Minnesota
As of May 2022, building materials costs rose 19.2 percent year-over-year and grew 35.6 percent once the COVID-19 pandemic began. The prices of home building services also skyrocketed 13.3 percent in the first four months of 2022.
The price index of home building services jumped 45.6 percent since the beginning of the COVID-19 pandemic. Softwood lumber prices have also significantly increased since the beginning of the pandemic. Steel mill products also grew in cost since the end of 2020.
The costs of Gypsum products have also grown significantly since the middle of 2020, while ready-mix concrete fees began escalating in early 2021.
In general, the costs of consumer prices grew 7.5 percent by January 2022 in the United States, according to the Bureau of Labor Statistics Consumer Price Index.
Another huge increase came from the living room, dining room, and kitchen furniture costs, which grew 19.9 percent year over year.
Along with the inflation surrounding building materials and furniture or appliances, a labor shortage is also making home improvement projects more expensive. When considering home improvement projects, you should account for the escalated costs.
The best option is to choose projects with a good return on investment (ROI) to increase your home value when completing a real estate transaction. A few of the upgrades with a high ROI include HVAC repair, kitchen remodels, floor renovations, and yard landscaping work.
Some prospective buyers may also prefer a fixer-upper as long as you keep the asking price low. Home sellers may want to consider only completing a few repairs and keeping their home sale price lower to save on the costs of major home improvement projects.
Labor Costs for House Repairs
The labor costs to repair a single-family home in Minnesota are an average of $550 in 2022. However, these prices have grown as high as $1,165 in the past year. Yet, these costs align with all homeowners in 2022 and not merely the ones attempting to sell their homes.
Home sellers, however, will need to handle new home repairs beyond that of a typical homeowner. That way, impressive renovations can attract more homebuyers and allow you to increase your asking price further. As such, the labor costs are much higher in Minnesota when looking to sell your place and complete major renovations.
After getting a home repair estimate from a handyman, you will also need to remember that certain fees may add more to the total cost. General contractor fees can add more than $80 to the final bill. Make sure to provide new owners with a home warranty and guarantees on all major repairs.
With the high labor and material costs, you may need to pursue several DIY home repairs instead. Eight common DIY home improvements you can try to do on your own include:
- Fixing a leaky faucet or pipe
- Painting the inside of the house
- Fixing a broken or clogged garbage disposal
- Repairing a running toilet
- Replacing a faucet
- Installing chimes to a doorbell
- Patching holes in the drywall
- Cleaning out your clogged gutters
You will also want to complete home staging yourself instead of hiring stagers. Essentially, you will want to save on house repairs. Also, ensure you have enough funds to cover the real estate commission fees, closing costs, and the possible down payment for your next home.
Minor House Repair Costs (Minnesota)
Even minor house repairs can ensure the first impressions of potential buyers will improve when your real estate agent begins home showings.
There are numerous minor house repairs you can complete, such as fixing a leaky fill valve in a toilet, replacing a ceiling fan, repairing a leaky faucet, or fixing up some drywall.
The cost of fixing a leaky valve in a toilet ranges from $61 to $223 in total, while the fee for replacing a ceiling fan ranges from $104 to $1,200. Fixing a leaky faucet can cost as little as $97 to as high as $330.
Whether you’re in Minnesota or another state, a contractor can fix up drywall for anywhere from $97 to $286. Cracked tile repair costs can range from $34 to $430, depending on the amount of work required.
Further, replacing the caulk in your showers, tubs, and sinks will cost anywhere from $31 to $354. Are your doors out of alignment? If so, a contractor can repair that for as little as $35 to as much as $355, depending on the work that needs to get done.
If you cannot fix your gutters yourself, you can spend anywhere from around $143 to $300 to get your gutters cleaned or replaced.
Major House Repair Costs (Minnesota)
Major house renovations can cost around $4,000 to more than $22,000. Major home repairs tend to cost more in material fees and labor prices. The most expensive major home repairs include:
- Foundation repairs
- Replacing water heaters
- Roof repairs
- Water damage renovations
- Termite damage fixes
- Mold removal
- Installing new pipes
- HVAC repair
- Fixing electrical problems
Fixing the foundation issues of a house can cost anywhere from $450 to $11,000, while replacing a roof can cost up to $6,000. A partial roof replacement costs an average of $650.
Replacing a water heater can cost an average of $1,000 while repairing water damage typically costs an average of $2,330. Repairing an HVAC system costs around $300 to about $400. Mold removal prices average out at $2,155. These are a few of the typical major house repair costs you’ll need to cover.
Cosmetic House Repair Costs (Minnesota)
Cosmetic house repairs relate to the upgrades in the home that are not associated with problems that endanger the lives of homeowners. For instance, cosmetic repairs may include interior painting, new fixtures and appliances, and floor coverings that will make the home move-in ready for new owners.
A cosmetic upgrade covering these issues for a 1,500-square-foot house will cost an average of $9,200. You can reduce those costs by completing several DIY projects.
With the average cost to fix up a house to sell increasing, you may need to complete several repairs yourself, compare contractor prices to find the most affordable services, or even sell your home to companies that buy a house in any condition.
You may need to DIY some home improvement projects or agree to a lower asking price by selling your home in its as-is condition. If you need to sell a house fast in Plymouth, Minnesota, you won’t have time to renovate and will probably need to sell as is to a real estate investor or cash home buyers in Minnesota.
You can also save on agent commissions by selling a house on your own to investors or cash home-buying companies. Cash buyers can complete a home sale in a few weeks since they won’t need a mortgage loan approval.
We buy houses Minneapolis locals enjoy, so call us today!