(Published on - 1/16/2019 9:31:23 PM)
Sellers are always asking their agents how to add value to their homes. They want to know the quick fixes that bring more money. So, agents will walk through the home, room by room, pointing out the things that need to be improved, replaced or simply taken out of the home.
Sellers should think of themselves as a “Flipper”- an investor that makes the right changes in a home to net the most possible money. What can they do to the home to make it perfect? Walk through the home and look for what can be done from the floors to the ceilings and the roof to the yard. Go to new homes that are priced 50% more than yours and see the materials, textures and colors they use. Decide what to do, find great deals on quality materials and get a contractor to do the work. The key is not to cut corners to save money. Yet don’t spend more than you have to on materials and labor.
A house with good street appeal. Make sure your home looks like a million bucks from across the street. Clean-up the landscaping, paint the exterior, clean the roof, driveway and walkways. A nice touch is to paint the front door and replace the door mat.
A functional floorplan. Buyers do not want to feel boxed in when they enter or walk through the home. Quite often there is a wall that can be taken out for very little cost. Sometimes there are doors that can be removed to allow easy flow from room to room. Make sure the placement of the kitchen appliances allows a working kitchen.
Uncluttered, clean and staged for sale. One rule that I have is that we can all remove 30% of what we have and still have more than we need. Maybe there are too many chairs or tables in a room. Possible it’s just how the furniture is placed in the room that makes it feel cramped. Removing a chest and adding shelves in a bedroom closet makes the room look bigger. Take 30% of the cloths out of the closets and thin out the cabinets and drawers.
Move in condition. Buyers really want a home that they can move in and have dinner. I’ve not met the buyer that walks away from a perfectly wonderful home for one that needs work unless they get it for a lower price. Get a pre-List inspection to find all the structural defect of the property … and fix them. If the carpet is worn replace it. If the walls need painting, paint them.
I always look for what my sellers can do to give the Buyer “Warm Fuzzies”. First you must think like a Buyer. What are most Buyers looking for?
A good value in their price range. What does this mean. If your home is worth $750,000 in perfect condition the buyer will discount the price by at least twice the cost to make the repairs or material replacements to the home. As a Seller, this makes no sense. But as a Buyer, the cost to make the improvements is an unknown. Another big psychological driver for the reduced price is “The Seller let these things go, I wonder what else is wrong with the home.
So, don’t leave money on the table. Do all you can to give the Buyer “warm fuzzies”. Everything I mentioned above will either bring more money for the home or ensure a quick sale at full market value.