Your home, whether it is a full-time residence, a part-time vacation home, or even an investment property, can be among the largest assets in your portfolio.
So, when the decision to sell arises, it makes sense to do the things that will bring the highest return on your investment. Here are some tried and true ways that home sellers can preserve the most equity in their home without breaking the bank, resulting in a timely and successful process.
PREPARE THE HOME FOR MARKET
We live in our homes differently than how they are marketed and sold, so take the time necessary to do the little things (and sometimes the big things) to make the home ready for its new buyer.
Not doing this can cost you in the long run. This may include thinning out furniture and decluttering, touching up paint and drywall, or painting the entire home (depending on the situation), making small repairs around the home, sprucing up the landscaping, replacing lightbulbs and carpet, tile cleaning, and more.
PAINTING
Painting is one of the least expensive ways to improve your home’s appeal, and according to HomeLight.com, can bring as much as a five percent increase in value.
One pro tip – don’t wait until two weeks before you want to put your home on the market to start these projects.
SHOULD YOU HAVE A HOME INSPECTION DONE BEFORE LISTING?
If your intention is to address everything that is important on the inspection, then this is a great way to market a property to home buyers. Some inspection companies even offer warranties on systems that they inspect, should an issue arise later (such as a roof or termites).
However, be aware that if the inspection reveals problems with systems in your home, foundation, insect intrusion, roof issues, leaks or unsafe conditions, these new discoveries must be disclosed to a buyer when selling the home.
KEEP TABS ON IMPROVEMENTS TO THE HOME
It is a good idea to keep records of improvements that have been made to a home during the time of ownership. This is not only handy to share with potential buyers, but if an appraisal is required by the buyer’s lender, this is something that may be shared with the appraiser and can be helpful for the appraiser in assessing the best comparables to use.
Knowing the approximate cost of recent improvements (for example, a high-end kitchen renovation project or roof replacement) is even better.
KNOWING THE BEST TIME TO LIST
Seasonality matters – yes, it’s true. There are times of the year when you may yield a better offer and multiple offers simply because it’s a busier real estate market.
Take for instance the winter and spring months in Arizona. It’s peak season for snowbirds and it’s also a peak season for buying real estate.
PRICING CORRECTLY AND COMPETITIVELY
When a home is priced right, it will sell.
So, well in advance of placing that For Sale sign in your yard, consider consulting with an experienced real estate professional for guidance on optimizing your home preparation to achieve the best results.
Christine Anthony and Jennifer Sturgeon are licensed real estate agents with Russ Lyon Sotheby’s International Realty. Combined, the duo has more than 25 years helping clients buy and sell homes in The Valley of the Sun. They are both longtime residents of Northeast Mesa, where they have raised families and become an integral part of the community. For more information, please call (480) 200-0972 or email canthonyre@gmail.com.