Saturday, February 24, 2018
New flooring and fresh paint can be a huge improvement and help maximize your selling price when preparing a home for sale...
I list property for clients where the home has been occupied for many years and then is vacated before the listing goes on the market. Perhaps the seller purchased another home first, moved out, and then listed the home. Or in other scenarios, the property was occupied by tenants who did not leave the home in stellar condition. Whatever the case, sometimes after a long term occupant, a vacant home will not look or smell its best.
Case in point: in an upcoming investment property listing, the tenants vacated the property after living there 8 years. I viewed the property while the tenants were still living there and thought to myself that once they moved out the unit would probably just need a deep cleaning and would ready for market. It became clear after they moved out though, that the unit needed more than a deep cleaning. Their possessions masked the rips and stains in the carpet, and there was a distinct pet odor that remained. Also, after 8 years the white walls were really dingy.
My sellers live out of the area, so I met my go-to contractor at the home and he bid replacing the flooring and repainting the interior, among a few other repairs. The before and after differences are amazing! The unit is now ready for occupancy, whether by a new owner occupant or new tenant.
It does not always make sense to make improvements to a home before listing it though...depending on numerous variables, such as the target buyer for the property, overall condition of the home, the location of the property, and overall market conditions, a seller might be better off selling the property in its current condition. I of course help advise my clients accordingly. It is my goal to maximize the return on any pre-sale repairs or improvements, and sometimes that means it does not make sense to do much, if anything. Or, as in this case, spending some money up-front should yield a three-fold return on the investment with a much higher selling price.