Are you planning to sell your home? Understanding your competition is very important. Understanding the dynamics of the marketplace and what todays buyers want and don’t want is even more important. Unlike years ago, buyers today do not want to do a lot of work on a home that they wish to purchase. All homes, old and new, need some attention to get the home market ready for sale. If you fail to understand this, chances are you will not be able to sell your home or you will risk losing thousands of dollars in the process.
We have listed for you the top 6 things that you should not do if you want to sell your home.
This is part of a continuing series of articles and helpful tips and insights to help you sell and market your home by Nick Santoro and Joe Santoro of Personal Property Managers. Personal Property Managers specializes in real estate sales and marketing, home downsizing, home content clean-out and removal and estate sales. We service Pennsylvania and New Jersey.
Number 1 – Do not over-improve your
Home sellers often assume any upgrades they make to their home will pay them back in full once they sell, but that’s rarely the case. On average you will recoup just about 64% of the money you spend on renovations once you sell—and certain improvements can actually work against you if they’re undesirable in your market.
For instance, you may want to finish off your basement or put a new deck on your home, but be aware that you may not get a return on your investment or may only get between 50 and 60 cents on the dollar back. For more information, you may want to Google remodeling costs vs value reports for your area.
Number 2 – Do not remodel without
proper township permits
Most townships today require a local inspection to obtain a certificate of occupancy. If an inspector comes out to the house and notices major work was done and finds that a permit was not obtained, he may require you to remove all improvements or open walls costing you tens of thousands of dollars. Additionally, sellers are required to complete a sellers disclosure document when listing the home for sale. If it is determined that the seller did not tell the truth, the sale can be stopped and even after the sale the seller can have legal action brought to the by the buyer opening up all sorts of headaches and financial challenges to the seller. So, even though it may be a pain to apply for permits before you knock down that wall or add a deck, this corner-cutting will come back and bite you when you decide to sell.
Number 3 - Do not limit your home sale showing
Sure, no one wants to leave their home at dinnertime. But buyers are busy juggling work, family, and looking for a new home. If you limit showings to a few hours on weekends, you might miss a potential sale. Be as flexible as possible when selling your home, even if it’s inconvenient, it will pay off in the long run for you.
Number 4 – Do not overlook first impressions
and curb appeal
Even if your home is beautiful on the inside, do not underestimate the importance of the first impression that all important curb appeal has. Make sure your paint job is pristine and your lawn is tidy and mowed. Also replace dead shrubs, prune trees, put out some potted plants, mulch garden beds, and freshen mailboxes.
Number 5 – Do not rely heavily on
Open houses were a great way to sell a house in the pre-Internet era, but these days the vast majority of houses are sold through the internet. Having great pictures of your home and videos are even more important today than ever, as more and more people search for homes at their leisure from their laptop or smart phone. Lastly, open houses today can be risky, giving strangers the opportunity to case your home and break things.
Number 6 – Not listening to your Real
Estate Agent or Expert
It’s funny…but when it comes to real estate, haven’t you noticed that everyone you talk to seems to be an expert; from the gas station attendant to your landscaper. But why would you trust the most valuable asset that most families have to someone who is not a licensed professional? Listen the the advice of your Agent. Sure, you no doubt know more about your home than anyone else. But your real estate agent knows more about how to sell it. And your agent may make some suggestions you might not like to hear, like that you need a new paint job or that the asking price you had in mind needs to be lowered a bit. It’s tempting to take offense or just ignore this advice, but if you do, you could risk seeing your house sit on the market and grow stale.