According to Berkshire Hathaway’s Homeowner Sentiment Survey, 23% of today’s homeowners are considering selling their home, but they’re stalling. Why? A majority of them feel like they don’t know how to maximize the return on their investment. If you fall into this group, check out five seller tips on how to get top dollar when you’re ready to sell.
Avoid additions or renovations that don’t add substantially to the market value:
This U.S. News & World Report evaluates 35 popular home improvement projects to determine which ones will pay owners back at closing. But relying on national stats doesn’t always provide a comprehensive picture. For example, incorporating granite to your kitchen in a neighborhood known for older homes with rustic charm isn’t necessarily a sound investment. On the other hand, adding a pool to your backyard in an area where pools are standard may be a good use of funds. Before you hit the hardware store, check out this post for more advice on how to determine which upgrades are going to give you the best returns.
Embrace current aesthetic trends:
Exposed brick and hardwood floors are in, so if you’ve got it, flaunt it! Knowing what’s in style can be hugely beneficial when it comes time to list your home. When buyers walk in and see little touches of modern trends, they’ll be excited about the potential of the space (and relieved they have one less project to take on).
That said, you should cater to the masses when it comes to your overall design to maximize interest in your home. If you know you have very taste specific decor or colors in your home (like a teal blue room), you should paint it a neutral color before you put it on the market. Why? Because some potential buyers have a hard time visualizing something different than what they’re looking at – and that can hurt your final sale price. If you can’t handle living in a dull house (and who could blame you?), use easy-to-change accessories to make it fun when you stage your space.
Prioritize general home maintenance and pay attention to details:
Cracks in brickwork, grimy bathroom tiles or shower doors and non-working fixtures makes buyers concerned about other areas of the home that may have been overlooked. Make sure you keep up with general maintenance, cleaning your home thoroughly, replace burnt out light bulbs and pay close attention to all the little details in your home. Doing so will help you get more money for your home because it will give overly critical buyers peace of mind that the house has been well cared for.
Properly care for wood floors:
Wood floors are beautiful and are very in right now, but rather than seeing them as an asset, buyers will view them as a chore if they’re dry, scuffed or scratched. If your floors are a little dull and have seen better days, clean them up yourself or consider in investing in a buffing service. Buffing is much less expensive than a complete refinishing job and can still make your floors look good as new (so long as they’re not too far gone).
Consider selling your home yourself:
Cash savings aren’t exclusively tied up in home improvement projects – you can also save big money when you list your home for sale. Many sellers are still unaware of selling methods outside of the norm (i.e. – hire an agent, let them handle it). However, today there are lots of different ways you can manage your own home sale.
In fact, the average California homeowner saves over $14,000 by listing with HomeBay. Our comprehensive MLS listing package is free to use – you only pay a low one-time fee when your property sells. So before you bring on an agent, take some time to research your options to determine which path is right for you.
Now that you know how to maximize the return on your real estate investment, get out there and make some money!
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