Where to Spend Money When Selling

Author
YNM Real Estate
Date
18 December 2021
Category
News

Thinking of selling your home? Wondering whether to spend a bit to get the best possible selling price, but not sure where?

Every property is different, so you will need to consider a number of different factors when making your decision – but the most important of these is Return on Investment (ROI). You will need to attract a selling price that is more than your total investment in the property. The key to understanding the market value of your property is a good agent. Find an agent who is active in your area, and make sure that the agent is licensed in your state – you can contact your relevant state government department to check whether an agent is licensed. Interview more than one agent – three should enable you to make the right choice.

Consider the market appraisals provided by the agents that you are considering, against the research that you have conducted. Going with an agent that provides an estimated selling price above or below the norm for your area could be a mistake.

If you are going to spend money on your home prior to selling, you must ensure that you will achieve a higher selling price than if you don’t.

One way of ensuring a great ROI is to give your property a top-to-toe makeover.

Remove any clutter in your home (family photos, memorabilia, books and DVDs, animal bedding, toys etc) – this will allow prospective buyers to more easily get a feel for the size of the rooms and will make the rooms feel larger, more airy and appear to have more light. Outside the home check for and tidy away garden hoses, rubbish bins, bicycles and washing. Make sure that the garden is neat and tidy.

Clean your property thoroughly – both inside as well as outside. Ensure that there are no pet smells in the home – this can deter would-be buyers unnecessarily.

Ensure that your garden is tidy and well-trimmed with weed-free, well turned beds. Planting a few seasonal bedding plants can make all the difference to the kerb appeal of your home. If you have a courtyard or patio – a few well-placed potplants which are green, healthy and well watered will enhance the appeal of this area of your home.

Attend to basic maintenance – go round your home and identify all of those basic maintenance jobs that need to be done. Leaking toilets, taps, grubby walls needing a coat of paint, loose handles on doors or cupboards and so on. Attend to worn/marked carpets and refresh any dirty grout in tiled areas.

If you do have the money for more extensive renovations, choose carefully where to spend money. You don’t want to price your home out of the market – which could well happen if your home is to be priced at the high end of the market for your area. Homes in your neighbourhood that fall into the same price range should be the standard by which you hold up your own home. If these homes have features and amenities that yours doesn’t; this could indicate the need for renovation.

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