Every year many homeowners try to sell their houses for a decent buck. Let’s have a look at the big picture in all of this so that you can be in the best possible position in regards to these matters.
When people look through a house that is up for sale, they look at all the things that are wrong with it. This could be messy paint work, trim, electrical issues,ceiling marks,water marks,etc. Most of us are generally honest people whom will not knowingly try to sell a home that is deficient in any real way, but we do tend to look at presentation as a minor issue. Many people selling tell themselves “if the new owners want to change the house then they can, let them do it”. This often results in the sellers taking a huge hit in the asking price at the end of the day.
When selling a house, its market value is a general sort of a thing. Lot size, house size, the area it’s in, proximity to schools, main thoroughfares, shopping, etc. If a house has general market value of $320,000 dollars and shows badly, the actual sale price of the house would be substantially less because anyone really interested has to consider the costs of “fixing it up “. The house would also sit on the market far too long until that special buyer comes along that wants to update the house themselves. Most people want to turn the key and move in to a nice new to them, home.
So a house in a given area with an approx. value of $320,000 that is completely updated and shows wonderfully, should sell for about $340,000 or more give or take a little, compared to the other average looking homes in the area. It should sell much faster and should be far less of a headache in the long run especially when looking at other houses you may want to move in to.
When we at Phil the Painter Renovations go into a house that is going to be updated before sale we look at all the things that need to be done in order to make it show properly. We want it to have mass appeal without the blah. It should be as close to a model home as is possible. A real sense of style that everyone’s furniture looks good in.
$4000 to $6000 spent on updating your home can usually get you and extra $15-$20 grand in the selling when spent in the right areas. Put this together with a shorter selling period and the cost of agent fees and it makes perfect sense.
There are many very average looking houses to choose from, make yours above average and it WILL pay off for you.