How to Make More Money Selling your Home

Hello World! Welcome Friends! Parting with a home you’ve come to love and associate with happy memories is never easy – but getting top dollar for it when the time comes can definitely help ease the pain! From getting to understand the market so you can pick the exact right moment to list your property, to knowing which renovations, repairs and improvements are going to pay off when the time comes to sell (and which probably won’t); and finally staging your home so viewers fall in love with it the moment they step through the door, we take you through some of the best strategies for making more money when you sell your home.

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Timing

Did you know that houses in the US listed in the first half of May sell for $1,600 above average? They also sell faster. On the whole, people prefer to move in spring, so if your sale isn’t urgent, waiting for the right time may be well worth it. Of course, every country and region has its own quirks, so you’ll need to do your research.

Understanding your local market and demand

What kinds of buyers are moving into your area on the whole? Is it growing families, single professionals looking for a place closer to their work, or retirees looking to downsize? Catering to their needs can get you a faster and more profitable sale. If you’re targeting growing families, for example, installing BICs in a small room which could act as a nursery might pay off handsomely.

Inspire a bidding war!

Not averse to a little risk and excitement? One strategy that’s been known to pay off big time is to deliberately underprice your house by 15 to 20%. The attractive price tag attracts lots of interest, and if you can get several buyers competing with and trying to outbid one another, you’ll probably end up selling for more than if you went with market value from the get-go. Those looking to buy a home usually search listings within a certain price range, so starting off lower means more eyes get to see your offer. It takes a little nerve, but it’s a great tactic in a tough market!

To renovate or not to renovate?

On the whole, major projects, overhauls and renovations just before you want to sell are not a good idea, as they simply don’t tend to add enough value to be worth it, or even end up costing you money. Minor upgrades, on the other hand (think neutralizing any really out-there paint colors, for example) can make your realtor’s job easier. As a very general rule of thumb, projects costing $5,000 or less reap the best ROI. Any jobs you can DIY, of course, are going to net you the biggest rewards.

There are some notable exceptions, however. Many modern buyers are willing to pay substantially more for a home that boasts some smart features – especially things like added security in the form of CCTV cameras and security automation which are attractive to technophiles and families alike. Getting in touch with a company like Sound X which specializes in smart home automation and finding out what features are most popular in your area is definitely worth investigating, as the return on investment can be substantial come selling time.

Staging for the big day

First off, you’ll want to make sure your home gets a thorough cleaning from head to toe, or at least from curtain rail to skirting board! Remember that viewers are going to snoop around, so you’ll want to address messy drawers and cluttered cupboards as well. Removing half of the items from closets and neatly organizing what remains is a clever trick to make them look larger.

Empty rooms can make it hard for potential buyers to envision whether their furniture would fit or not, so try and show your rooms in their furnished condition if possible, especially very small ones. What you do want to do is get rid of as much clutter as possible, which will help make rooms appear larger, airier and more spacious.

Real estate agent or go it alone?

With so many platforms available online for homeowners to sell their property privately these days, a natural consideration is whether you need to partner with a realtor or estate agent at all. It’s a highly personal consideration. Yes, selling privately means avoiding estate agent fees, but it also means missing out on their insider market knowledge, sales experience, and years of expertise. In fact, a US study found that two thirds of those who try to sell their home privately fail – but that doesn’t mean you will. If you’re not in a hurry to sell, have the time to spare and are keen to learn, there’s no reason you can’t give it a go!

Click the links below for any posts you may have missed!

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Make it Pretty Monday – Week 305

Get the Right Plumber for your Remodel

Choosing the Perfect Bathroom Fixtures

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A Cute Beach Condo Tour

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