Selling your home is one of the most significant steps in your life.
For most people, selling their home means cashing in their biggest asset. In other words, it must be handled with immense care if you desire to protect and capitalize on your property.
These Helpful Tips were written with one objective in mind: to give you the information you need to maximize your profits, retain control, and reduce the anxiety that comes with the home-selling process.
Tip No. 1 - Know why you’re selling.
The reason you look closely at why you want to sell is because your motivations play an important part in the process. They influence everything from setting a price to determining how much time and money you’ll invest in getting your property ready for sale. For example, what do you feel is more important to you: the profit you walk away with, or the length of time your property is on the market? If your aim is a quick sale, that can dictate one kind of approach. If your desire is to maximize your profit, the sales process will usually take longer.
Tip No. 2 - Once you know, keep it to yourself.
Your reasons for selling will influence the way in which you negotiate the sale of your home, but they shouldn’t be given as ammunition to the person who may be a potential purchaser. For example, a prospective buyer who perceives that you must move quickly has the upper hand in the negotiation process. When questioned, simply state that your housing needs have changed. Your reasons are of no one’s concern but your own.
Tip No. 3 - Do your homework before setting price.
Deciding what price your property should be listed at should take careful consideration. Once you’ve set your price, you have told prospective purchasers the absolute maximum they will have to pay for your property. The objective for the sales representative is to get a selling price as close to the offering price as possible. If you begin by pricing too high, you might not be taken seriously by prospective purchasers and their agents. Starting too low, can result in selling for much less than market value. Setting your home’s sale price can be reasonably easy. If you live in a subdivision consisting of homes with similar or identical floor plans, built around the same time, all you should have to do is average out the asking prices for the recent resales in the neighbourhood and that should give you a good starting point. This could pose a problem for people who live in older neighbourhoods that have changed quite a bit over the years. Every home in your neighbourhood may be different in insignificant or substantial ways - the house next door may have added an office, for example, or the one across the street might have been built recently to occupy a vacant lot. As a neighborhood evolves over the years, you may find that there are less and less homes that are truly comparable to your own. If you choose to sell your home on your own, the most common way to set a value is to look at homes that have sold in your neighbourhood within the past 3 to 12 months, as well as those presently listed for sale. That’s unquestionably how prospective buyers will assess the worth of your home. It is common to learn what homes have sold for in your neighbourhood by making a quick trip to City Hall; home sale information is public record in most communities (but not all). If you would rather not risk a possible negative conclusion, you may decide to hire a Realtor. Your Realtor will do all the market research and provide you with comparisons showing where your home should be priced to best meet your goals - a fast sell, maximum profit, etc. Keep in mind a great Realtor is attuned to certain market conditions that may not be evident from comparable sales and listings.
Tip No. 4 - Go home shopping yourself.
One of the most informative ways to get to know your competition is by viewing other homes on the market and trying to identify features that are popular and to discover what turns buyers off. Plan on spending a couple of weekends touring other homes on the market to learn what other sellers are asking. Be sure to make note of the floor plan, condition, appearance, size of lot, location and other features. While you visit these homes, be observant to the details (and what other ‘buyers’ are saying), this will help you acquire a good understanding of how different features affect pricing. It is at this point that you can apply what you’ve learned to the task of setting your price. It is important to include in your equation what homes are actually selling for, not just simply what people are asking. And remember, if you’re serious about selling your home quickly, don’t be more expensive than your neighbour.
Tip No. 5 - Know when to get an appraisal.
You may find that sometimes you can use a good appraisal to benefit you in the marketing of your home or property. And if you get a certified appraisal, you can use it to let potential purchasers know what amount can be financed. However, you must determine whether the costs are worth it or not. Also keep in mind that it has a limited life.
Tip No. 6 - Your tax assessment means almost nothing.
In some cases people look to their tax assessments to assist them in determining a value. There are a number of things wrong with this approach, for example assessments are based on criteria unrelated to property values, so they often don’t reflect the true value of your home. It is quite common to find two identical homes in the same neighbourhood with drastically different tax assessment values because one was purchased more recently than the other.
Tip No. 7 - Find a good Realtor.
Almost two-thirds of the people who try to sell their own homes say they wouldn’t do it themselves again, according to research by the National Association of Realtors. People surveyed found that there were difficulties in determining a price, limited marketing approaches and avenues. As well there is a liability concern among the primary reasons they would turn to a Realtor next time. And quite often selling a home privately takes up more time and effort than you might have initially expected. Many top Realtors are more than willing to assist do-it-yourself sellers with some of the paperwork, contracts, etc.. Plus you’ll have built up a relationship with an agent if problems do arise that require professional assistance. If you decide to work with a Realtor, contact two or three. Explain to each that you’re thinking about putting your home on the market and you’d like to meet to talk about pricing and marketing. By having this group “evaluation” done, you should end up with a fairly good price range to assist you in your decision. If a Realtor’s price is substantially higher or lower than the average price range, you should ask him or her to justify the estimate. Just as you should be concerned with a price that is too low, beware of agents who gives you the highest price — they may be trying to buy your listing. Educated Realtors know the market, and your neighbourhood in particular. They will supply you with information on past sales, current listings, a marketing plan, something on their own background, and references from past clients. Take the time to carefully evaluate candidates on the basis of their sales experience, negotiating abilities, qualifications, enthusiasm and personality. One of the most important factors is to make sure the person you choose is going to put in a lot of hard work on your behalf.
Tip No. 8 - Give yourself room to negotiate.
It is important to make sure you leave yourself enough room in which to bargain. If what you ask for is unacceptable to the buyer, and their first offer is unacceptable to you, then you had better make sure you have some negotiating room. Start with the absolute minimum price you would accept, then pick the price you’d get if the world were perfect. This gives you your range to keep in mind when working with your Realtor to negotiate the sale. In setting your asking price, review your priorities. Do you want to maximize your profit or sell quickly? You will price high if you want to maximize your profits, or close to market value if you want to sell quickly.
Tip No. 9 - Maximize your home’s sales potential.
Each year, corporate North America spends billions of dollars on product and packaging design. The lesson here is that appearance is critical—and it would be foolish to ignore this when selling your home. You may not be able to change your home’s location or its floor plan, but you can do a lot to improve its appearance. And you should. The look and “feel” of your home generates a greater emotional response than any other factor. You may price your home to sell, but a prospective buyer reacts to what they see, hear, feel and smell.
Tip No. 10 - Rely on other people’s judgement as well as your own.
The key to effective marketing is knowing your product’s good and bad points. In the case of your home, accentuating the good can mean a faster sale for more money; failing to deal with the bad can mean months on the market and a lower-than-desired sale price. One of the biggest mistakes you can make is to rely solely on your own judgement and personal feelings. Remember this is YOUR HOME, a place of fond memories. There are bound to be emotional and personal issues that can impair your ability to make an honest assessment of your home’s strengths and weaknesses. In assessing what improvements you can make, you should ask others for their opinions. It is important that the person gives an honest answer; some may try to spare your feelings, and that is just what you don’t need. Fortunately, your Realtor won’t be shy in discussing what should be done to make your home more marketable.
Tip No. 12 - Fix everything no matter how insignificant it may appear.
The step that squeaks, the light switch that doesn’t work, the crack in the drywall —they might be minor irritations to you, but they can also be deal-killers. The problem here is that you never know what will turn a buyer off. And even something minor that’s gone unattended can suggest that perhaps there are bigger, less visible problems present as well.
Tip No. 13 - Remove all traces of you from your home.
If you have ever toured someone else’s home, you may have felt uncomfortable. You probably felt that way because you saw, heard or otherwise sensed something that made you feel like you were intruding into someone’s life. The last thing you want others to feel in visiting your home is that same sense of discomfort. You can avoid this by making your home as neutral as possible. Anything that interferes with a potential buyer’s ability to see themselves living in your home must be eliminated. A few carefully chosen knickknacks and family portraits may add warmth and character to the home, but too many are a distraction. Avoid unique or trendy colour schemes — paint and carpet in neutral shades of white or beige.
Tip No. 14 - The little touches can make a difference.
While personal items can detract, other small touches can help make your house a home to buyers. A well-placed vase of flowers, accent pieces of sculpture, potpourri in the bathroom — all can enhance the attractiveness of your home in a subtle, soft-spoken way. You may get more helpful tips in home magazines.
Tip No. 15 - Don’t let a smell be your downfall. Odd smells kill deals quickly.
All traces of food, pet and smoking odours must be eliminated. Even when you’re not there, don’t encourage prospective buyers to imagine things. If they know you’re a smoker or that you have a dog, they’ll start smelling odours and seeing stains that may not even exist. Be safe — don’t leave any clues.
Tip No. 16 - Disclose everything.
Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers —in writing. If the buyer knows about a problem, he or she can’t come back with a lawsuit later on.
Tip No. 17 - The more prospects, the better.
Marketing strategies specifically designed for the client can maximize your home’s marketability, and this will increase your chances of attracting more than one prospective buyer. Why is this better? Because several buyers competing for the same home will not only increase the sale price, but they can effect closing dates and your home may even sell quicker.
Tip No. 18 - Don’t get emotional during negotiations.
The limit of most people’s experience in the art of negotiation begins and ends at their local auto dealership. And we all have unpleasant memories of haggling with car salesmen. It is important that you let go of the emotional side of the negotiations and approach the negotiations in a detached, businesslike manner. Then you will find the process to be a lot less painful. In fact, you might even enjoy it — and you’ll definitely have an advantage over prospective buyers who get caught up in the emotion of the situation.
Tip No. 19 - Know your buyer.
In the negotiation process, your objective is to control the pace and set the duration. And the better you know your buyer, the more easily you can maintain control. As a rule, buyers want the best property they can afford for the least amount of money. But knowing specifically what motivates your buyer enables you to negotiate more effectively. Maybe your buyer needs to move quickly. Or the maximum amount he can spend is just a little below your asking price. Knowing this information puts you in a better bargaining position.
Tip No. 20 - Find out when the buyer would like to close.
When a buyer would ‘like’ to close is often when they ‘need’ to close. Knowing this gives you his deadline for completing negotiations —again, an advantage in negotiations.
Tip No. 21 - Don’t sign a deal on your next home until you close the deal on this one.
If at all possible you should avoid closing a deal on your new home before your present home is sold. The reason for this is that you (in the eyes of the buyer) then turn yourself into a seller who is eager (or desperate) for the first deal that comes along.
Tip No. 22 - Sell before you move out.
Studies have shown that it is more difficult to sell a home that is vacant —it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably motivated to sell.
Tip No. 23 - Don’t give yourself a deadline.
Forcing yourself to sell by a certain date adds unnecessary pressure and puts you at a serious disadvantage in negotiations.
Tip No. 24 - Don’t take a low offer personally.
The first offer is almost always well below what both parties know the buyer will end up paying for your property. Don’t get angry or feel insulted; evaluate the offer objectively. Make sure it spells out the offering price, amount of down payment, mortgage amount, a closing date and any special conditions or special requests. This now gives you a point from which you can negotiate.
Tip No. 25 - A really low offer may mean the buyer’s not qualified.
If you feel an offer is far too low, this would be a good time to make sure the buyer has been qualified to carry a mortgage of this size (if you haven’t learned this already). Ask how they arrived at their figure, then suggest to their agent that they use comparables to establish what homes are selling for in your neighbourhood.
Tip No. 26 - Don’t take a lowball offer seriously.
Any unacceptably low offer should not be taken personally or seriously. Rather, it should be countered, even with the slightest of reductions in your asking price. This lets a buyer know that his or her first offer isn’t seen as a very serious one.
Tip No. 27 - Make sure the contract is complete.
The best way to avoid problems is to make sure that all terms, costs and responsibilities and conditions are spelled out in the Agreement of Purchase/Sale. A contract should include the date it was made, the names of the parties involved in the transaction, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there’s any personal property included (or not) in the sale, among other things.
Tip No. 28 Don’t deviate from the contract.
Resist the temptation to deviate from the contract. For example, if the buyer asks to move in prior to closing, just say no. Now is not the time to take any chances of the deal falling through. If this all sounds like a lot of work, it is. But it’s to be expected when you’re selling anything of such great value. And you’ll thank yourself for all the expense and hard work when the outcome works to your satisfaction.
Maximizing Your Return.
The secret to making top dollar when I sell your home isn’t really a secret at all. It involves a lot of self discipline and hard work, and for this reason many people decide to take short cuts. And that’s when the price you could demand begins to drop. I hope you choose not be one of those people.
During my time in real estate, I’ve seen examples where well-thought out, well-placed investments of time, effort and little cash have dramatically improved the asking/sale price and decreased the time period in which a property has sold. This copy of Terry’s Tips will show you how even minor home improvements can substantially improve the worth and marketability of your home.
In today’s real estate market, there are no guarantees that you will recoup the time and/or money you spend to improve the value of your home — and this is why it is important that you pick the right items/investments. But even when you don’t recoup all the money you invest to upgrade, many improvements can give you a significant edge over other properties on the market. And the failure to make some improvements can leave you at a tremendous disadvantage as buyers compare your property with other similar properties on the market.
Spend time before you spend a dime
Unless your home is in excellent condition or you’re selling it as a “fixer-upper”, there’s probably quite a list of repair or remodeling projects to consider.
These can range from very simple jobs, such as painting a bathroom, to more complex room additions or remodeling projects. In considering any home improvement project, you need to keep in mind a couple of important questions: Why are you doing it? Is it work that really needs to be done-such as a paint job or replacing a leaky window, or is it an item that you think might appeal to a potential buyer - a hot tub or sun room addition, for example. Will it aid in increasing the value of your home, or will it have no impact at all? Will it make the home or property more difficult to sell?
Some investments — like painting and landscaping—involve relatively little investment of money and yet return many times your cost. Other improvements that you think may add value have no meaningful impact. Adding a swimming pool is a good example. Besides the hassles of maintenance, a pool can reduce your home’s appeal among young families because of safety concerns.
Plan First
If there’s one piece of advice I would really like you to take to heart it’s this: Plan first, do second. Careful planning on your part is a necessity to undertaking any home improvement project, major or minor. In fact, the most rapid way a “minor” project balloons into a major one is when you haven’t thought things through in advance. I want to stop you from getting in over your head because you haven’t thought things through before starting the improvement.
Whether you hire someone or do the work yourself, expect to spend more time and money than you initially anticipated. But by planning well, you can guarantee that the work you do adds the greatest value at the lowest cost. Be systematic. Try preparing your list into “exterior” and “interior” projects, then break it down further by room or outside area. Decide which projects you’re going to do yourself and which will require outside help, and then prepare a rough estimate for each job.
One important factor to keep in mind is that if you do the work yourself, you’ll probably generate more profit than what you paid out for the improvement. You can probably save anywhere from 10 to 30 percent by removing hired labour from the equation. One the other hand, you may pay more for work done by professionals, but the improvements can speed up the sale of your property.
Whether you tackle the work yourself or hire professionals depends on several things. Do you have the time? Can your friends or relatives help you, or are you going to do it all yourself? How skilled are you and family and/or friends in the task at hand? You may decide to divide the job—the contractor does the major work and you do the less complicated work eg. finishing and cleaning. Doing some of the work yourself can still save you money. Whatever you do, the key lies in doing it well. If that means hiring a professional, do it.
A poorly done job can do more harm than good. Now let’s take a look at some projects you may consider, beginning with some simple steps that can reap huge rewards.
Exterior
Catch’em at the curb
“Curb appeal” isn’t just catchy real estate jargon. It recognizes the fact that many buyers form their first, and often strongest, opinions before they even enter the home. Keep in mind, buying a home is first and foremost an emotional commitment, especially for first-time home buyers. You may have a long list of sound reasons your home is a good investment, but a buyer is usually reacting emotionally to what he or she is seeing. Knowing this, you can use a buyer’s emotions to your advantage. First, it is important that you take a good, hard look at the first impression your property makes. Whatever you see, that’s what they will see. If it’s flaking paint and a messy yard, they may feel the home needs a lot of work. Here are some investments in your home’s exterior that I’ve found through firsthand experience can pay huge dividends.
Paint
It should be no surprise that surveys indicate that painting the exterior of your home results in the greatest return on time and money invested when compared to other improvements done for preparing your property for sale. An investment of $ 800 - $1,800 can mean adding $2,800 - $3,800 to your asking price. And if you do a professional job yourself, your return may be even greater. Even if your home doesn’t need the complete painting, it is a good idea to check the trim around windows and doorways for cracking or peeling, and do any necessary touch-up work.
Landscaping
Another important first impression is made by the landscape of your home. If you can improve the attractiveness of the grounds without spending a lot of money, you can add possibly 5 to 10 % to the value of your home. You should, at the very least, prune existing trees, shrubs and bushes, clean out dead plants from flower beds and replace them with colorful flowering plants.
Landscaping can become a high-maintenance headache if not done carefully, and it is for this reason you should choose hardy perennials that require minimal care. If you have a damaged lawn, you may need to take additional steps. The easiest step is to repair damaged sections with new sod. While seeding is less expensive, it won’t produce grass quickly. A good patch job can make for a great quick fix.
Other lawn problems — dead areas due to lack of sunlight or a tree’s root system - can be solved by planting ground cover or creating additional flower beds. Like a new paint job, a relatively inexpensive upgrade of existing landscaping can bring far greater returns than what you spend. But don’t do anything that would be deemed excessive by neighborhood standards. The important factor is that you make your home more attractive, so that it doesn’t stand out as an oddity.
The Driveway
Because it’s big, dark, and usually takes up a significant portion of the landscape in front of your home, a driveway can affect a buyer’s first impressions. If yours is in good condition, make sure you keep it swept and neatly edged where it meets the lawn. If yours is cracked, buckled or oil-stained, fix it. Patching concrete can be a problem because matching colour is difficult: tar and asphalt are relatively easy to match. Whatever you do, be careful that you don’t create a bigger problem through quick-fix solutions - use high quality patching materials and sealers.
Decks and Patios
These can be popular additions that add value to the property, especially with smaller homes, because they add leisure space. Be aware that any deck or patio should adhere to your home’s architectural style and integrate well with your outdoor areas.
The Garage
If your garage has that rough, unfinished look, consider drywall and matching switch and outlet plates. At a minimum, make sure all switches and outlets work. And give everything a good cleaning.
Don’t Neglect the Minor Details
It’s often the little things that really stand out. If your mailbox is in poor shape, replace it. Varnish or repaint your door if need be. A door knocker and brass kick plate can also be nice additions. Spruce up the entryway with new light fixtures, potted plants and other decorative touches. With the exception of adding a costly deck or patio, most of the steps I’ve touched on here can be achieved in relatively little time and with little money.
But the impression your home makes on prospective buyers will be sensational. Surprisingly, some of the larger, more expensive, items you might consider spending your money on will do little to enhance the marketability of your home. Aluminium siding, for example, is prized by some and despised by others. Hot tubs may or may not appeal to potential buyers. Be careful, because changes you may find appealing may end up limiting your home’s appeal to others. Besides swimming pools, some other investments you probably won’t see a return on are tennis courts and automatic sprinkler systems. Unless they’re for your own enjoyment, don’t waste your money.
One major expense you may have to consider is a new roof. In this case don’t think you can pass the cost along to a buyer. Everyone expects a good roof, and they will not pay extra for it. And more importantly, a roof in poor condition can kill a deal very quickly.
Make the Best Second Impression
There are many interior enhancements that will push all the right emotional buttons in prospective purchasers. In all rooms, certain minimum standards should be met:
- Make sure all plumbing and electrical systems are in working order;
- Repair cracks in the wall;
- Paint — a fresh coat of paint throughout the house will more than pay for itself;
- Remove torn and discoloured wallpaper;
- Replace missing moulding;
- Replace cracked or broken window glass;
- Make sure window and door hardware match;
- Install new floor coverings;
- Install new light fixtures;
- Make sure switch and outlet plates match from room to room;
- A coat of paint can literally make the difference between a sale and no sale. Be sure to stick to neutral colours - white or off-white. They tend to make everything look new, clean and bright.
- Be sure to paint everything: inside closets, cabinets, pantries, etc. If a prospective buyer opens a door and sees dirty walls or shelves, you’ve just squandered the advantage you had achieved by painting in the first place.
- Like paint, new carpeting should also be in a neutral shade. This will help buyers visualize their furniture in their possible new home.
- Wallpaper, like wall colours, makes a personal statement about the owner’s tastes. Remove it. Buyers want to visualize what they would do with your house, and wallpaper gets in the way of their dreaming.
- Many buyers value good wood floors, so sand and refinish yours if they need to be restored. Otherwise, you might consider new flooring. If your home is short on storage space, consider how you can add shelving, cabinets or other storage systems to remedy this inadequacy. You may also consider replacing windows and doors with more energy-efficient models.
Each of the above improvements may seem overwhelming. But you’ll find that the cumulative effect of fixing even relatively minor problems will be dramatic. A crack in the wall, a carpet stain or a light switch that doesn’t work can send a negative signal that results in the loss of a buyer. I’ve seen it happen.
Let’s take a closer look at improvements on a room-by-room basis, starting with your two most important rooms.
Kitchens and bathrooms have long been the top two remodelling projects, and you can expect them to remain so for years to come. They are the rooms that most consistently make or break a sale. A new or updated kitchen, a sparkling bathroom…these are features that help to sell a home.
The Kitchen
If you can get away with a remodel rather than a new kitchen, do it. Because the kitchen is so important, sellers sometimes over-improve them to the point where there is no chance of recouping their investment when they move. Don’t fall into this trap. Add a new coat of paint, refinish the cabinets and replace the counters, change drawer handles, install new appliances, even put down a new floor—but don’t gut and start over it if isn’t necessary. When adding new appliances, be aware that many buyers consider brand name to be an important factor. If you don’t paint everything, at least repaint the ceiling bright white.
You’d be surprised how much it can lighten up the room. Another great way to brighten a kitchen is to add a skylight or a new window ( you may be pleasantly surprised at the cost of adding one). If you do choose to put in a new kitchen, keep in mind what helps sell. Buyers are looking for lots of cabinets and counter space, new appliances, and an easy flow between the sink, food prep areas, stove and refrigerator. Think sunny, spacious and clean.
The Bathroom
New fixtures, wall tile and flooring can make a big difference. If the bathtub is in poor shape, you can replace it, but a less expensive option may be to re-enamel. If you keep the old tub, at least regrout and recaulk it. A good bathroom remodel or expansion can easily return more than 100% of its cost when you sell the property. If you’re feeling ambitious, adding a half-bath or second bath to a one-bathroom house is another option to consider. Whatever the family size, one bathroom never seems adequate to most people.
Bedrooms
For most people, the master bedroom is the third most important room in the house. If you have a large home with four or five small bedrooms and the floor plan allows for it, you might consider combining two rooms into a master bedroom. If you have a two - or three- bedroom home and a decent-sized lot, you might consider adding another bedroom.
Trends to Watch
A more recent hot remodelling trend is the “great room” - combining the kitchen, dining and family room into one larger living area. While still not as prevalent as kitchen and bath remodels, it is definitely a trend on the rise. Living rooms, family rooms and formal dining rooms, on the other hand, are decreasing in popularity. Another relatively new concept in renovations is the home office. With more home-based businesses and more companies allowing employees to telecommute, many people are looking for office-ready space in their homes.
A recent survey conducted by Builder magazine found that nearly one third of buyers in their 20’s, 30’s and 40’s plan to use a room as a home office. Other rooms that are becoming popular are the exercise and media rooms. Questionable projects include fireplace additions and installation of elaborate security systems. You can find professionals who will argue for and against both of these projects. But with concerns about home safety on the rise, security systems appear to be moving into the “desirable” column. Many of these projects are relatively inexpensive and will easily pay for themselves. With some projects, you may not recoup your investment, but you will have removed obstacles of the sale.
If you don’t take care of things like leaky plumbing, drafty windows or outdated light fixtures, you’re giving a buyer ammunition to use against you during negotiations.
The Don’ts of Home Improvement
There are several things you can do that can actually lower the value of your home or make it more difficult to sell.
Here are a few rules to keep in mind:
Do It Well or Don’t Do It At All
You may be intrigued to do a lot of work yourself to save money. That may be viable if you know you can do a great job. But if doing it yourself means a careless paint job or imperfections in the vinyl flooring, then I suggest hiring an expert. Hiring a professional can often be less expensive and quicker in the long run. This is exceptionally important when dealing with electrical systems or plumbing problems.
Don’t Over-Improve
Any project that raises your home’s value by more than 20% above similar homes in your neighbourhood should be reconsidered. The reason is simple. Say your home is in a typical neighbourhood of $130,000 homes, and you make $50,000 in improvements. Buyers looking for a $180,000 home are looking in neighborhoods where that is the norm, not the exception.
Spend Less If Moving Soon
You probably won’t recoup your investment if you plan to move in less than two years. If you plan to move sooner, spend less money and focus your efforts on the most extreme problems. For example, turn a bad kitchen into a decent one rather than a gourmet’s delight.
Don’t Make Unique Improvements
Sure, you may like built-in bookcases on every wall of your guest room, but prospective buyers will probably view them as a nuisance to tear out — which means they’ll be less willing to meet your price. Also, avoid improvements that make unusual use of a particular room. Anything that limits flexibility will limit interest in your home.
Don’t Create a Mess
Make sure your floor plan will make sense when you’re done. Be careful not to make changes that impede the natural flow of the house - closing off halls, doorways, etc. Room additions, in particular, are often done very poorly. If it looks like something was tacked on to the original house, don’t do it. Adding a bedroom where the only connection to the rest of the house is through another bedroom should also be avoided. As you can see, squeezing every last dollar out of your home sale can be a fairly involved process. But when you consider the end result — a quicker sale and top dollar for your effort — I think you’ll find that a few well-chosen home improvements are worth both the time and the effort.
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