If you're thinking about selling your property, you’re probably wondering if any investments are needed…
Choosing whether or not to sell your house is a major life decision. If you have decided that this is the right choice for your current situation, the next step is to put the selling process in motion by contacting a real estate agent to assist you.
With the help of the right real estate agent, there are numerous actions that can be taken to not only maximise the sales price of your property but also ensure that it moves quickly towards this eventual sale.
Step into the Shoes of Local Buyers
A real estate agent will have the expertise required to help pinpoint your target market and present your house with these potential buyers in mind. It’s a good idea to choose a local agent who has a strong working knowledge of your particular neighbourhood or suburb. They will have vital data regarding the types of buyers who are active in your area, gleaned from attending auctions and showing comparable homes.
This demographical knowledge is important because it will help you work together to formulate a more effective marketing strategy. You may want to highlight different aspects of your home if the main active buyers in the area are young families rather than retirees, for example. Try to find an established estate agent who will have opinions regarding the types of buyers in your area.
Spending Money before Selling
With this background knowledge in place, you can work with the agent of your choice to style the property most effectively. Although in some cases it can be beneficial to undergo massive renovations or structural changes in order to achieve a higher sales price or appeal to a specific demographic, this is not always practical or effective. It’s best to weigh the pros and cons of spending money before selling your home to determine if upgrades are necessary.
Spending money on your home to improve showcase areas such as the kitchen or bathroom can be effective in some situations, but it will also add a higher element of financial risk to the overall transaction. Should your home sell for less than you anticipated, you will not get the maximum return on your investment.
There are four main areas to focus on with the help of a qualified estate agent in order to present your home in its best light. These involve the lowest amount of financial investment, yet are designed to maximise the eventual sale price.
Selling My House Tip 1: Fix Anything Broken
After consulting with your choice of local real estate agent, you may determine that major upgrades aren’t necessary to sell your home. However, if you have any broken fixtures or appliances it’s important to fix or replace these. Buyers will not be impressed by a home that hasn’t been properly maintained, and broken fixtures will be a red flag that could impede your chances of success. Small repairs could include fixing loose door handles, oiling squeaky doors, and repairing any cracks in the walls or ceilings. Water damage, torn or stained carpets, and broken windows should all be fixed up to make your home look its best.
Selling My House Tip 2: Create a Clean Slate
Choosing to buy a home is an emotional decision, and as potential buyers come by to inspect your property they will be looking for signs that this is the right choice for their needs. To help facilitate this, you’ll want to remove any traces of personal clutter to allow them to envision their own possessions in the property. This is called “staging” a home in America or “plain Jane-ing” the property. Creating a plain and simple atmosphere will not only make your home look more spacious, but it will also help your buyers feel emotionally connected to the space.
You can speak to your choice of real estate agent about the best ways to achieve this effect. They may recommend that you remove personal photos or eccentric touches such as stuffed toy collections. It’s also a good idea to paint the walls with light, off-white colours to create a blank canvas for your potential buyers’ benefit.
Selling My House Tip 3: Bring Your House into the Modern Era
If you own a century-old heritage property, it may make sense to leave the original fixtures and decorations intact to showcase its history. Yet in general, buyers appreciate the conveniences of modern living and will be looking for this in a property. Your real estate agent can help serve as a guide as to whether or not you will need to modernise the property. This will depend on other homes in the neighbourhood. If the comparable properties in your area all have brand new kitchen units while yours is stuck in the 1970’s, it may be a good investment to install an upgrade.
Buyers will look at large appliances such as the dishwasher, stovetop and oven, as well as refrigerators, washing machines, and air conditioning units. Providing new units can make a property more attractive to buyers because it will save them the expense of going out and replacing these items on their own. Even smaller items such as showerheads, door handles, and light fittings can help boost the overall appeal of a home, at little cost.
It’s a good idea to speak to your choice of real estate agent regarding what items would be worth replacing in order to increase your home’s value. This will vary depending on your region and target demographic.
Selling My House Tip 4: Create a Specific Atmosphere to Suit your Target Market
Another benefit of appointing an agent early in the selling process is to gain their knowledge of your local market. Identifying your target demographic will help you stage your home to suit their needs and desires. If your agent’s research shows that many buyers in the area are mature couples looking for a place to retire, for example, you may wish to cater to their needs with age-appropriate furnishings and items of modern convenience.
Yet if you are trying to appeal to young couples planning on starting a family, you could stage your home with an outdoor play area or turn your spare room into another bedroom or play room. Both outdoor and indoor furnishings can be hired to help you stage your home to suit these needs. Families will also have child safety in mind, so be sure that your yard is fenced in and that any gates have locks installed.
The Right Presentation Increases Value
Creating a modern, warm, and inviting environment is worth your while on many levels. It can not only make your home stand out from comparable properties in the area, but it may even increase your property’s sale price. Using the services of a knowledgeable real estate agent and a home makeover company can help you set the stage professionally and competently. According to Richard Armstrong of The Makeover Group, “homes can sell for up to 15% more than their rivals” when presented well. Rental properties can benefit from a makeover as well, with enhancements helping boost capital value and bringing in up to 20% more rent according to The Makeover Group. This can increase yearly yields by up to 2.5%.
Whether or not you decide to purchase new appliances or make major renovations, simple tasks like cleaning, landscaping, polishing floors, and removing rubbish can make a world of difference. A coat of paint and simple repairs can work wonders on transforming your home into a more attractive prospect to buyers.
Benefit from a Professional Outlook
Before undertaking any of these tasks, it’s a good idea to consult with a professional real estate agent. They can help you identify your target market, compare your homes with others in the area, and help you decide which tasks are worth your time and which are a waste of money. You can maximise your property’s value by following these hints and getting in touch with a competent real estate agent in your area.
You can find out more about selling your house with our other articles:
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