Homestead Road Feel The Joy Spring Issue 2022 - Flipbook - Page 7
READY TO
SELL YOUR HOME?
HERE ARE 3 THINGS YOU CAN CONSIDER
LEAVING OFF YOUR TO-DO LIST
IT’S NORMAL to feel overwhelmed
when planning your sale, and it’s easy to
wonder whether your home is up to snuff
to attract an attractive offer. There’s a
lot of prep work needed to get a home
ready to sell, and that can include not
only repairs but updates. It makes some
homeowners wonder if they are doing
everything correctly, including making
the right choices in which updates to
do and then doing them in a way that
makes sense financially and to appeal
to potential buyers. It goes without
saying that certain repairs and updates
are definitely worth undertaking, as
they typically yield a high return on
investment, even if they may be a little
costly. Others can be a waste of time
and money that could be saved or spent
in other ways to improve the appeal of
the home.
As a place to start, a good rule of thumb
is that obvious defects (e.g., broken
fixtures or appliances) or non-operable
systems (e.g., heating system or leaky
roof) around the house should be fixed
before the home goes on the market.
This could also include things like
environmental or safety hazards, pest
infestations, drainage issues, to structural
or foundation issues. All of these will
most likely be discovered during the
home inspection process which can lead
to a reduced sales price or a buying party
walking away from a viable offer due to
an inspection contingency.
Think long and hard when you start
calculating what areas of the home you
want to spend money on. While there
are non-negotiable tasks that need to be
completed before your sale is finalized,
such as cleaning, decluttering, and
enhancing your curb appeal – there
are some things you can consider
crossing off that to-do list from the
very beginning, because they won’t
necessarily offer huge financial returns
when the property is sold.
1. EXTENSIVE AND
(POTENTIALLY)
UNNECESSARY RENOVATIONS
While it’s important to keep your
home in line with the homes in
your neighborhood both internally
and externally, don’t get carried
away. Installing regular tile in the
bathroom for an update over the dirty
and old linoleum will be a smart
update but there’s not much value in
having the finest Italian terrazzo tile
installed. There is definitely a point
of diminishing returns when it comes
to spending on updates. Choose nice
quality, attractive materials and finishes
rather than your personal favorite or
expensive options. Think of selections
through the buyer’s eyes.
availability of materials like lumber, if
required.
2. EXPENSIVE STAGING
SERVICES
After the repairs and cleaning has
been done, dressing up your home and
making strategic cosmetic changes is an
essential component of a successful sale.
In a fast-moving market like our
current one where listings are limited,
the good news is that you don’t need
to spend extra money on a staging
service to make a positive impression
on prospective buyers. Here’s the thing:
buyers need to envision themselves
within the home easily. This means
muted paint colors, tasteful furniture,
and decor that gently accentuates the
home. Those bright orange walls in
the kitchen or lime green bedroom you
loved so much two decades ago can be
painted in a neutral gray in a matter of a
day and only a gallon or two of paint.
If you’re unsure whether the repair or
renovation you have in mind is in line
with this advice, consult your real estate
agent before making any big moves. Do
a little math on how much your repair
costs would be and compare that amount
with how much you could reasonably
stand to sell your home for - and see if
the profit is worth the risk.
Above all, don’t start a task you can’t
finish! If your real estate agent says that
the state of the bathroom, kitchen, or
of any other room or area in the house
is something that should be fixed if you
want to make a profit on the sale, doing
the job halfway won’t do you any favors.
If you have a limited amount of money
available to spend on renovations and
repairs, spreading things out so you
are able to make minor renovations to
a number of different rooms will likely
have little or no benefit. If you are
planning to update a room, rather go
all the way and make it shine. Kitchens
and bathrooms are key impression
makers for potential buyers. Remember,
there’s no point in replacing worn-out
countertops, but leaving the weathered
kitchen cabinets and worn out flooring
the way they are.
A partial fix is as good as no fix at all.
Speak to your real estate agent about
those areas of your house that have the
potential of yielding the best return on
investment and focus on making these
look really good. Remember to always
do your research, secure a few quotes if
you’re using a contractor, and check the
7
to redecorate according to their own
preferences once they have bought the
house so keeping things neutral gives
their imagination more space to explore.
Trends are interesting, especially with
user engagement apps like TikTok and
Instagram. They’re also fickle, fade fast,
and can be location specific. This means
that what might look stylish and trendy
to you might look gaudy to a prospective
buyer with different tastes.
THE BOTTOM LINE
Bear in mind that you may not actually
need to update as much as you might
think to put your home on the market.
Just because your home isn’t decked
out with the newest, trendiest decor
doesn’t mean that a prospective buyer
won’t want to put in an offer. Plus, many
potential buyers will want to make it
their own using their color palettes and
style selections. Stick to taking care
of essential repairs and correcting any
obvious eyesores.
Lastly, be sure to remove all aspects
of ‘day-to-day life.’ While that might
seem strange to do, removing photos,
marked-up calendars, knick-knacks, and
other personal items can be helpful for
a potential buyer as they look through
the home to allow them to imagine
themselves in the space without any
potential distractions.
The key points to remember are
ensuring that your home gets a nice,
deep clean and decluttering, the exterior
of your home is well kept, and any
significant safety issues are dealt with.
This may be something you consider
hiring externally for depending on what
needs fixing or updating.
3. ULTRA-TRENDY
RENOVATIONS
IN THE END, KNOW YOU HAVE
ANOTHER OPTION
If you do need to perform repairs or
renovations, ensure the end result is
tasteful and as neutral as possible. Stick
to the classic rather than the crazy (like
the aforementioned green bedroom or
orange kitchen)! Keeping things neutral
when doing repairs ensures that you can
cast your net as wide as possible when
appealing to prospective buyers. Again:
trends are mostly fleeting – don’t opt
for trendy colors when you repaint, as
these might be out the door in a year
or two. Most real estate agents advise
home sellers to repaint rooms in neutral
colors, as this appeals to the largest
group of potential buyers. Keep in
mind that the buyers will likely want
At Homestead Road, we buy homes in
any condition, as-is so you don’t have
to even think about updates, and all the
cleaning and repairs. In addition, there
are no showings or open houses. Quite
simply, we know selling a home can be
a lot of work, time and money and we
are simply here to help homeowners
move forward, faster so they can get on
with their lives. We use a streamlined
and transparent process where you'll
be working personally with one of our
home sales advisors who live in and
know your local community. Best of all,
we put your needs first and work on your
timeline.