Spend time before you spend a dime
Unless your home is in mint condition or you're selling it as a "fixer-upper," there's probably a long list of repair or remodeling projects to consider. You need to ask yourself a couple of questions: Why are you doing it? Is it work that really needs to be done—a paint job or replacing a leaky roof? Or is it an amenity you'd like that you think might appeal to a potential buyer—a hot tub or home office addition, for example. Will it add value to your home, or have no impact at all? Or will it make your home more difficult to sell?
Planning is everything
If there's one piece of advice I would give every homeowner regardless of the circumstances, it's this: Plan first, then do. Careful planning on your part is a prerequisite to undertaking any home improvement project, major or minor. In fact, the quickest way a "minor" project balloons into a major one is when you haven't thought things through in advance. I've seen more people get in over their heads because they didn't think things through before starting work.
Whether you hire someone or do the work yourself, expect to spend more time and money than you initially anticipate. But by choosing well, you can ensure that the work you do adds the greatest value at the lowest cost. Be methodical. Try breaking your list into "exterior" and "interior" projects, then break it down further by room or outside area. Decide which projects you're going to take on yourself and which will require outside help, and then do a rough cost estimate for each job.
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 step out of the car. Remember, buying a home is first and foremost an emotional commitment, especially for first-time home buyers. You may have a long list of logical reasons your home is a good catch, but a buyer is reacting emotionally to what he or she is seeing.
Knowing this, you can use a buyer's emotions to your advantage. First, take a good, hard look at the first impression your property makes. What do people see? If it's flaking paint and an unkempt yard, they may be seeing a home that 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
- Landscaping
- The Driveway
- Decks and Patios
- The Garage
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 it needs it. A door knocker and brass kick plate can also be a nice addition. Spruce up the entryway with new light fixtures, potted plants and other decorative touches.
As with the exterior, I've found that there are plenty of interior tricks to punch the right emotional buttons in prospective buyers.
In all rooms, certain minimum standards should be met:
- Make sure all plumbing and electrical systems are in good working order
- Repair cracks in the wall
- Paint-as is the case outside, a fresh coat of paint throughout the house will more than pay for itself
- Remove wallpaper
- Replace missing molding
- 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
- Upgrade insulation in drafty or hot rooms
Home Improvement "Don'ts"
- Do it well or don't do it at all
- Don't over-improve
- Don't plan on moving soon if you're spending a lot
- Don't make unique improvements
- Don't create a mess
29 essential tips that get homes sold fast and for top dollar:
- Know why you're selling
- Once you know, keep it to yourself
- Do your homework before setting a price
- Go home shopping yourself
- Know when to get an appraisal
- Your tax assessment means almost nothing
- Find a good REALTOR®
- Give yourself room to negotiate
- Maximize your home's sales potential
- Rely on other people's judgement as well as your own
- Clean like you've never cleaned before
- Fix everything no matter how insignificant it may appear
- Remove all traces of you from your home
- The little touches can make a difference
- Don't let a smell be your downfall
- Disclose everything
- The more prospects, the better
- Don't get emotional during negotiations
- Know your buyer
- Find out when the buyer would like to close
- Don't sign a deal on your next home until you close the deal on this one
- Don't move out before you sell
- Don't give yourself a deadline
- Don't take a low offer personally
- A really low offer may mean the buyer's not qualified
- Don't take a lowball offer seriously
- Make sure the contract is complete
- Don't deviate from the contract
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.
Please feel free to call us if you would like further explanation on any of these topics, or if you have any real estate questions at all. We simply see our mission as striving to be as helpful as we possibly can to area home owners. We hope this special report provided you with the information you need.
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