I received a special request from a friend of the following:
I’m a first-time homeowner [home seller] (I bought two years ago) but I’m starting to think about my next house. I’d love your opinion on what upgrades I can make to my current house that will increase the value when I eventually sell.
Of course, this is a hard question to answer. Every market is different, and you need to compare your home to the homes in your neighborhood selling at the price you desire. But then it becomes an issue known as dollar in, dollar out. If you spend $5,000 to get your home prepped for sale, you better get at least $5,000 out of it.
You might recall one of my past articles, Stop Remodeling Your Kitchen Before a Sale, where I describe why you shouldn’t do remodels on your home before a sale. However, that doesn’t mean there aren’t things you can do if you are on a tight budget or want to be risk adverse. Just putting the house on the market doesn’t necessarily mean you will sell for the highest price possible. Here are four low risk tips to consider:
- Declutter, including personal items: Having an overcrowded home is not only distracting, but you could be hiding some of the best features of the home. In addition, keeping personal pictures at a minimum is a good idea. As one professional designer/stager explained as an example, if the potential buyer is recently divorced and comes through a house with pictures of couples; even though they know those pictures aren’t staying, it can provide negative feelings about what is going on in their personal life.
- Clean the house: Having a dusty and dirty home is also distracting and can emit negative feelings. It could also make the house look and feel dated when it may not be. This includes pet hair and smell. I have hosted open houses where as potential buyers walk through the home, their allergies kick in, forcing them to finish the tour sooner and missing out the great details of the property.
- Patch and paint: Sometimes there are scratches, notches in walls, and nonstructural cracks that need to be addressed. Patch and paint throughout, making sure that it isn’t noticeable. The idea is to avoid a “fixer” feeling and more about moving in. Along these lines, if you have carpeting that is deeply stained, consider changing it out. Even though the next buyer may change it out regardless, there is a difference between WANTING to change it out versus HAVING to change it out.
- If you have an older home, invest in home inspections: This can be very important in avoiding cancellations and renegotiation of pricing. In addition, some inspection reports will express fact, opinion, and upgrades. It is best to have your own reports to counteract the Buyer’s reports, as their goal is to renegotiate the price or request numerous upgrades/repairs. This has saved our clients thousands of dollars by doing this strategy.
Although none of these guarantee a high price or a quick sale, these are some of the lowest cost and risk adverse ideas you can do to maximize your home potential. Keep in mind every house is different, and so is every strategy. Talk with an experience Realtor® to see what route best works for you.
What do you think? What have you noticed that has helped you in selling your home?
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