So you have decided to put your home on the market, you may have checked out a few listings in the area you want to move to, but now your wondering what your next step it. Contact a local Realtor..
I say this right away because so many home owners make the mistake in thinking they can do it all on their own only to find out that some of the things they did to get their home ready for the market doesn’t hold as much value as they anticipated.
Just because it cost you a lot of money to add a feature, or do an upgrade to your home, does not mean it will directly translate into profit… or that the buyer will see these upgrades worth the same amount you paid for them. For example, you could spend $14,000 on brand new hardwood flooring, in the eyes of the buyer that same flooring may only be worth $10,000. Many home owners spend lots of money on making it perfect ‘for them‘ and wonder why the market value is much lower then they had anticipated it would be.
Did you know?
- Painting and decorating, interior has a 73% potential payback
- Kitchen renovation has a 72% potential payback
- Bathroom renovations has a 69% potential payback
- Painting, exterior has a 65% potential payback
- Flooring upgrades has a 62% potential payback
- Window door replacement has a 57% potential payback
- Main floor family room addition has a 52% potential payback
- Fireplace addition has a 50% potential payback
- Basement renovation has a 49% potential payback
- Furnace / Heating replacement has a 48% potential payback
*the percentages above are not always the case, but are meant as a guideline to assist in your expectations *
Brining in a realtor early will give you the opportunity to build a relationship and make a plan, one that financially makes sense. Sometimes they may even advise that no upgrades are needed or the ones you think you need to do are not necessary. Or the meeting may be an eye opener for you, as the seller you may think your home is perfect, but in reality the realtor is able to point out some key things a potential buyer will notice and may not want.
Staging your home is another big part of the process…
- buyer want to see bright and airy rooms, they are buying the impression along with the reality
- Clean clean clean, having a very clean and presentable home is very important, cleaning needs to be done regularly while the home is o the market. If cleaning is something you may need help for, think about hiring a cleaner.
- get rid of the clutter, as much as you can you want to space to come across as clean and organized
- if it is broken, fix it, to a buyer even the smallest things can translate to them that you don’t care about the property.. if they see this out in the own what are you hiding behind the walls? those are the sort of questions they may be asking themselves
- its all about the buyer not the seller, as much as possible de personalize the space, this will help the buyer imagine themselves and their things within the space easier.
- clear the traffic areas, if you have a couch that is too large and blocks a walk way or an extra tale at the entry, if you can store it and get it out of the way. an open airy space is what will be appealing to the potential buyer
- floors are also important, many listings outline the flooring features as it is something buyers like to know about. make sure you mind your floor and have anything that needs to be fixed or updated addressed. If it feasible to do so.
- don’t ignore the empty areas, such as an unfinished basement. If the basement is used primarily as a storage area then do your best to get it all on one side and cleared away, make sure the space it well lit and allows the buyer to see the extra potential of this extra living space
- smells don’t sell well!! make sure all garbage and recycling is out. Use room defusers and deodorizers in the areas they are needed. Also think about steam cleaning any carpets, especially with pets they will hold a lot of odor. A fresh smell in the home is very inviting for potential buyers
- don’t forget your garage, buyers will want to see it, so no you can’t just declutter your home only to load up your garage.
There is a lot going on when you decide to sell your home, don’t you think it makes sense to have an expert help you navigate what very well be the largest financial transaction you ever will do?