Search
  • Chris madalone

Ready, Set , Sell! - What Prep Does Your Home Need Prior To Placing It On The Market?


When preparing for the sale of your home, it’s important to know the data of similar homes in your neighborhood that have sold or are actively being sold on the market (know your competition!). These comparisons should revolve around homes similar in square footage. Also Included in this calculation is the amount of bedrooms and bathrooms, number of garages, lot size, and the condition of the home. A qualified Real Estate Brokerage can research and offer you this information free of charge. This report is called a CMA (comparative market analysis) .

Once you have your target number (price point) and have investigated the competition , you can use this information to determine several factors. First, it will give you an idea of the equity you have in the property (amount the house is worth minus what you owe), how much money you will have after the sale to use as a down payment for your next home, what you can afford to fix, and most importantly what needs to be fixed based on the competition’s pricing and condition of the houses they are selling. You want to be cautious about over improving the value as you will not get that investment back from the sale. Rather, you want to do what minimally needs to be done prior to competitively listing your home on the market. . In certain cases, you can offer concessions (price reductions or credits) for things you choose not to fix. A qualified realtor can help you with these decisions.

CURB APPEAL


So what are the items buyers look for in a home for sale? Lets start with the exterior and work inwards. Curb appeal is important. You’ve heard the phrase coined "first impression is a lasting one". In my experience as a realtor, I have driven to homes for appointments set for a viewing and had my clients choose to abandon the showing due to the property’s condition. Fixing up or minor landscaping is such a cheap/inexpensive way to lure in buyers. There are many wholesale plant stores where you can fill the back of your SUV for under One Hundred Dollars. Plan a family weekend day where you pull out the dead or unattractive foliage and pop in some new colorful plants. This will make a huge difference.

Also, make sure each and every plant or tree is trimmed neatly, and the grass is cut. Don't have time or prefer to avoid labor? Craigslist or nextdoor is a great place to find a worker for rates as low as One Hundred Dollars A Day. Make sure walk ways are cleared and the front entrance is decluttered.

INTERIOR

Moving inside is a whole other ball game as in most cases the workload is much greater. First and foremost, we need to declutter. Buyers need to be able to visualize their own belongings inside your home. This is where we turn the word "home" into "house". The good news is that by decluttering and placing your personal belongings into boxes stored neatly in the garage, your are one step closer to moving. The house needs to be depersonalize and as neutral as possible. Even though I don’t recommend painting the entire home, you will want to paint any bold or unusually colored rooms. You can also touch up spots of chipped paint and stains on walls.

Paint, and then some. Fresh paint looks clean! If you have untraditional colors, an off white is a suitable change that will help your house look larger and neutralize your 'taste", allowing a buyer to envision their furniture and belongings in this house. Painting will also cover up all the little cracks that have accumulated over the years. Potential buyers tally up an expense and job list when they view houses. This will give them less to put on their to-do list. You also want to clean base board and blinds. Window treatments should be neutral as well alongside carpeting. A simple carpet cleaning might be a remedy, unless the wear and tear has taken its toll. Home depot sells inexpensive carpeting if needed, and they can install it as well.

Once you and the buyer get in contract, s/he will have a window of time to perform an inspection. You may be aware of things that are broken or not working well. Anything that requires fixing will be brought to your attention. It would be beneficial to repair things such as plumbing, roof, and electric prior to the inspection. It can be financially beneficial for you to do the repairs as opposed giving the buyers a financial "credit" towards the repairs. Especially if you’re handy and can do the work yourself. Necessary repairs will definitely show up in the home inspection. Fix that switch that doesn't turn off correctly, or the running toilet in the guest bathroom that doesn't seem to flush correctly and all other items that fall into the category of "not working right".

Once you and the buyer get in contract, s/he will have a window of time to perform an inspection. You may be aware of things that are broken or not working well. Anything that requires fixing will be brought to your attention. It would be beneficial to repair things such as plumbing, roof, and electric prior to the inspection. It can be financially beneficial for you to do the repairs as opposed giving the buyers a financial "credit" towards the repairs. Especially if you’re handy and can do the work yourself. Necessary repairs will definitely show up in the home inspection. Fix that switch that doesn't turn off correctly, or the running toilet in the guest bathroom that doesn't seem to flush correctly and all other items that fall into the category of "not working right".

Alternatively, you can sell your home as it is, and make the price reflect the amount a buyer will need to spend in order to bring the house value back to "a fair marketable home".

Selling a home can be stressful and worrisome, but it doesn’t have to be. Proper preparation will compensate for later worries. Have a strategy to stick to and ask for the advice of a professional when needed.

13 views
  • Facebook - Black Circle
  • Twitter - Black Circle
  • Google+ - Black Circle
  • YouTube - Black Circle
  • Pinterest - Black Circle
  • Instagram - Black Circle