Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index
How To Maximize Profit When Quickly Selling Your House
While it may be tempting to rely on your real estate agent to sell your home quickly, there are a number of projects you can take on yourself to speed up the process while also improving the value of your home. Whether you are an experienced renovator or are completely new to the process, you can help make your home appealing to buyers of all types.
Plan your costs beforehand by calculating expected profit
Before beginning to prepare your home, you should estimate your expected profit from the sale of your house, taking into account your planned renovations. To calculate your expected profit, begin with the amount the house has cost you over the years. Add your original purchase price to the total costs of any non-decorative renovations andfees associated with the sale of the property, like commissions and transaction fees. This number is your true cost, the baseline cost of the property that will be counterbalanced by the expected sale price. To factor in the costs of renovations, make a list of project ideas and their associated costs, then add that number to the true cost. Finally, subtract the total cost from the expected purchase price. (It might be helpful to run the calculations with several different purchase points to prepare for lowballed offers.) If your profits seem to be too low, try simpler forms of your renovation (e.g., put a fresh coat of paint on a set of cabinets instead of replacing them altogether).
Quick and simple projects with large results
Begin by straightening up. No matter how perfect your home is, if it isn’t clean, it will be much harder to sell. As such, remove any clutter that may be scattered about, including clothes, storage bins, dirty dishes, shoes, and knick-knacks. As part of this process, also minimize any personal items you may have - family pictures, refrigerator artwork, unusual design elements - as the goal is to reduce your tangible presence in the house to increase the chances that potential buyers will be able to picture themselves as the house’s residents. Remember to clean out your closets and drawers, as few spaces will be free from inspection. As such, make sure every part of the house is equally clean and organized. The same decluttering principle applies to the front and back yards. Toys, pet paraphernalia, and gardening tools should all be put out of sight. Your front yard is the first impression each buyer will get of the house, so it is critical that the space be pleasant to look at. Take time to beautify your lawn- cut the grass, trim any hedges and small plants, and add colorful flowers near the curb - but be careful to make your yard additions low-maintenance. (The average buyer will be less inclined to buy your house if it requires significant upkeep.)
Larger projects can add value to your final sale price
If you want to try your hand at a project on a larger scale, focus on a few key locations. Updated, clean bathrooms are a major selling point, so make sure the shower, bathtub, toilet, and sink look fresh and clean. Also, on average, an additional bathroom can increase your home’s selling price by $26,000, so, if you have the ability and inclination, the extra work to install a second bathroom might be worthwhile. Similarly, you can raise the value of your home significantly by replacing old, outdated kitchen appliances with new, modern ones. Buyers typically pay careful attention to bathrooms and kitchens, and will be more inclined to buy a house that meets their needs in that area. However, small upgrades (as seemingly trite as nicely-folded hand towels) are best for convincing buyers that the house has been cared for down to the smallest details.
The process of selling your home quickly may seem like an intimidating prospect, but the key to making it easier lies in using the smallest changes to make the biggest difference. Save money by choosing to refurbish or paint your existing installations instead of replacing them, make sure your property is clean, and never underestimate the power of fresh paint.
Photo Credit: pixabay.com
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