One common question home sellers ask is, “what should I do to get my home ready to sell?” This is a loaded question because the answer depends on their timeline, their budget, and the current market (sellers, neutral, or buyers). The answer for you will also depend on these factors.
No matter how much money you have allocated to get your home ready to sell, it’s your timeline sets the stage for what you are able to accomplish. If you need to sell quickly, forget the major upgrades and try to accomplish as many deferred maintenance items as possible, while considering what refresh items will provide the most benefit. Your real estate broker and their team will be able to help you create a punch list and prioritize the items based on your situation.
There are three areas to focus on when it comes to pre-listing home prep:
1. Major upgrades
What they include:
Major upgrades include large projects such as a kitchen remodel, renovating a master bedroom/bathroom, or adding a backyard patio.
Who should do them:
Typically, these work best for those with a hefty budget and lots of time on their side before looking to list.
Best time to do:
A great time to do any major upgrade is right after you buy the home, especially if you know you might sell it within the next 5-10 years. Who better to enjoy the upgrades than you! If you are going to end up footing 1/2 the bill you might as well get some enjoyment from it!
These types of projects will give you about a 50% return on investment. While it will make your home more appealing and raise the list price, you may end up a little disappointed at closing.
2. Deferred Maintenance
What it includes:
Think smaller when it comes to deferred maintenance. Instead of the “oohs and ahs” that major upgrades provide, these are the little items that show buyers you’ve tenderly cared for your home — leaving buyers questioning less about the condition of your home. (more…)
Source: Aldo Svaldi of the Denver Post
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