Thinking about selling your home can be daunting. My husband and I think about selling our home often, but eventually the discussion falls to the honey do list. You know the one, it’s got all small preventative maintenance issues on it that you don’t seem to get to because it doesn’t bother you. In our house it’s painting. However if we were to sell our home it would be something that we would need to do. Why? Often times sellers assume that prospective buyers are ready, willing and able to invest in those needed home improvement projects, post-sale. The reality is that not only is this belief often inaccurate, by making this assumption sellers are greatly reducing the probability of getting fair market value for their home.
The truth is that when you sensibly invest in meaningful home improvement projects prior to listing you will better-position your home among comparable properties.
Step 1: Before you get started on your home improvement projects, consult with your local Realtor®. They can provide you with valuable insight on comparable properties, estimate your return on investment on potential improvements, as well as prepare a comparative market analysis on your home allowing you to determine a budget for renovations. You can expect to see the highest return on investment on kitchen and bath remodels, as well as improving the curb appeal of your home. After all it is the first impression potential buyers will have of your property.
Step 2: Once you’ve determined which handful of home improvement projects are the most feasible it’s time to begin interviewing licensed professionals! Don’t worry if you don’t have any in mind, you can lean on your local Realor®. They have access to a handful of trusted experts who are available to you.
Step 3: It’s time to get to work. You will need to determine a timeline for your home improvement projects and when you will be prepared to list your home for sale. Your Realtor® will help you to determine a solid marketing plan for your home.
Relying on prospective buyers to determine what it will cost to make necessary home improvement projects can lead to them drastically undervaluing your home and submitting a lowball offer. The solution to help you avoid this is to have your local Realtor® tour your home prior to listing to help you come up with a list of home improvement projects that you should consider prior to selling your home. A few gallons of paint are cheap when compared to a low ball offer because a buyer feels they will need to spend thousands to repaint.