Selling Your Home
Getting on the market
Wow, this real estate market is really INTERESTING! In the 16 years we have been working in the real estate industry we have never seen anything like it. Based on our “part” of the selling process, we have a few suggestions to save you a great deal of money!
- The first person you should call if you are wanting to sell your house is your listing real estate agent and LISTEN TO THEM. Many people make the mistake of doing upgrades prior to discussion with their real estate agent. In this market, you may be doing things that don’t need to be done or worse, will actually reduce the return on your house.
- Be sure you fully understand the difference between upgrades and deferred maintenance including the impact on your sale price. Upgrades should give you a better return or shorter days on market. Deferred maintenance only makes your property presentable and palatable to buyers. If you haven’t painted in 20 years, 4 dogs, 3 kids and 2 cats, you need to paint! If your roof is 20 years old you need to replace it. And, you won’t get all your money back. Look at deferred maintenance as an annual expense, you lived in the house 20 years, you now have to paint and replace the roof (examples only) for a total of $15,000. OK, $15,000 divided by 20 year is $750. So, you are going to spend $750 for each year you lived in the house, or $62.50 per month.
- Don’t short cut your upgrades. For example, If you are going to upgrade a bathroom, then go all the way. If you upgrade everything but the shower enclosure, potential buyers are still going to see a bathroom that needs to be upgraded. Through the years, I have had many people upgrade a room to 80% and don’t understand why the impact is only 25% or nothing. You have to do enough to get full value for what you do. If you are not willing to do that, don’t do anything!!!!! And, if your contractor is not helping you with that analysis, fire them.
- Once you are ready to get on the market your order of priorities should be:
- De-clutter and the de-clutter again (details for another post).
- Get the deferred maintenance and upgrades done (there is no point to pay the contractor to move and work around stuff you are removing).
- Clean inside and out.
- Turn your house over the real estate agent and let the fun begin!!!!
- Involve your contractor in that pesky repair amendment. They should be able to help you understand what is being asked for, is it required for a house built when yours was built and how much does it cost.
- Enjoy your new house!
In summary, call your real estate agent today. They will help you with the rest of the project.