Ready to Sell? What Projects To Prioritize
Question:
“I want to list my house a couple of months from now. What projects should I do or not do in getting the house prepared for showing to potential buyers?” - Keith Everston, Tacoma, WA
Answer:
Smartly preparing your house for viewing by potential buyers is critical to help ensure your property sells for top dollar in the least amount of time. Some preparations are relatively easy and very low cost while others may be very expensive and ultimately may not make sense financially. I’ve found that the vast majority of things to do can be placed into one of two categories: Increased Property Value and Increased Marketing Value.
It is well known that the main considerations for determining a property’s values are the recent sales of similar or comparable properties in the immediate area. The first step is evaluating and comparing these recently sold properties to your property by factoring common items such as land size, square footage, number of bedrooms & bathrooms along with accessory items such as garages, swimming pools and additional structures such as a studio apartment, mother-in-law suite, boat dock, etc. The second step is the factoring of the property’s details, such as remodeling, upgrades and improvements, along with certain design elements or finishing materials. But it is important to understand that many of theses secondary factors can be very subjective and usually do not reflect what they may have cost.
Increased Property Value: It’s a hard fact that unless a project, improvement, repair or upgrade adds square footage or additional livable space to the property, the impact on the property’s value is usually very minimal. And is often the case, the costs for these type of projects for the average homeowner often far succeed any gain in property value, creating a negative Return On Investment or ROI. On the other hand, not doing them could actually take away from the property’s value, so it is important to understand the potential consequences either way.
Many homeowner’s make the mistake of thinking that if they replace the roof, install new air conditioning equipment, lay down new carpet or upgrade the windows that they’ve increased the value of their property. While important and perhaps even necessary, these type of projects primarily increase the Marketability of the property while doing little to increase the property’s actual value.
The good news is that when selling a property, Increased Marketing Value is actually more important and cost effective than increasing the value of the property. Below I’ve detailed several things that any homeowner can do without spending tons of money that will dramatically improve their property’s Marketability:
Start Packing and Decluttering: The whole purpose is to sell your house and move soon anyway, so let’s go ahead and get a jump on it now.
Remove any valuables from the home such as cash, jewelry, watches, designer clothes or expensive artwork. Better safe than sorry, right?
Remove all personal or family photos, certificates, awards, trophies, artwork, etc. You want Buyers to be able to envision themselves and their family living in the home, not yours.
Pack up all those clothes, jackets or shoes that you aren’t going to be wearing anytime soon. Closet and storage space is a huge consideration for many buyers, so make sure they can see how much room there is for their stuff.
Box up any collections, knickknacks or overabundance of personal items you may have displayed throughout the home. While displaying your guns and trophies from your hunting expeditions may fill you with a great sense of pride and accomplishment, it might be a huge turnoff or be offensive to a potential buyer. A mancave filled with sports memorabilia from your favorite teams can be a lot of fun, but not if the potential buyer is a huge fan of your team’s arch-rival.
Kids and pets are wonderful, but potential buyers may not appreciate them in the same way as you. So, while it’s not really feasible to eliminate their presence all together, it’s a good idea to keep toys, litter boxes, pee pads and other related items to a minimum.
Replace your existing bed coverings and shower curtains with some inexpensive, white ones. This will help the lighten and freshen up the room’s appearance, plus you get to take them with you when you sell the property.
Fresh Paint: One of the biggest bangs you can get for your buck and dramatically increase a property’s marketability is to paint. Dingy, stained or peeling paint on the outside of the house can give the buyer a negative impression before they’ve even had a chance to go inside. Outdated or excessive amounts of wallpaper, wood paneling or overly personalized color choices can also turn off buyers. Freshly painting the property inside and out can turn a potential negative into a huge positive with very little investment in cost. And don’t forget the front door! A freshly painted front door with new hardware makes a great impression.
Landscaping: The front yard of the property is likely the first thing potential buyers will see, so it’s important to make a good first impression. The front yard should be well manicured and inviting to potential buyers. Adding some flowers for a splash of color and fresh mulch doesn’t cost a whole lot and can go a long way to maximizing the property’s curb appeal. The backyard is important as well and while it doesn’t have to be a paradise, it should be well kept, free of weeds, trash, dead trees or plants. If you have an old swing set or playground that your kids haven’t used in years and has become an eyesore, please go ahead and have it removed.
CLEAN, CLEAN, CLEAN: Obviously, I’ve saved the most important and least expensive project for last. Potential buyers are going to be poking around and looking everywhere and into everything in the home. The kitchens and bathrooms in particular need to sparkle. And don’t forget those windows!
If you’ve done everything on this list, then CONGRATULATIONS! There is no doubt in my mind that you’re exhausted, your real estate agent thinks you’re AMAZING and you have greatly increased your property’s potential to sell quickly and for top dollar without spending a tremendous amount of money.
For more information about selling a property, buying your new home or investing in Central Florida’s amazing real estate market, please contact me - Brian Hayes, Realtor®