While most homeowners are preparing for the holiday season, those astute owners who are contemplating placing their residence on the market have already contacted brokers with the question “What is going to maximize the value of my sale?”
This is a truly diverse question as each and every home in unique. Yes some would suggest curb appeal (I completely agree however if placing a home on the market in winter before inventory rises, curb appeal especially in snowy climates may be moot). Others mention paint/ carpet and so forth. Yes however exterior no, too cold for paint to adhere and interior great idea but again if north of the Mason-Dixon line, do you really want to air-out the house with sub-freezing temperatures outside?
The following are a few tips I suggest to homeowners contemplating selling sooner than later i.e. placing their homes on the market before the traditional spring rush. Coupled with potential changes in tax laws concerning deductibility and other revisions, this could be a unique selling season coupled being in the 8th year of an expansion which some argue is getting long in the tooth.
As a homeowner, sometimes the work it takes to keep your house in order seems endless. But what if you knew all your improvements were ultimately increasing the value of your property? Read on for a few tips that can help make your home an even better investment.
Opt for replacing instead of remodeling — On average, replacing items in your home yields a better return on investment (ROI) than remodeling projects. Rather than completely redesigning the layout of your living room, consider installing new soundproof windows or switching out your front door. The lead-time can be shorter this time of year as contractors and suppliers are looking for work in tis traditionally slower time of the year for such work.
Keep it simple — Generally, the simpler and cheaper the task, the more likely it is to have a higher ROI. Extravagant jobs such as installing smart appliances in your kitchen or putting in a high-tech security system may not be worth it in the end. Instead, scale back a bit and opt for painting your walls a fresh new color, deep clean your home or add some crown molding. Remember the more particular the taste and wow factor you may be alienating potential buyers. We have a saying in our broker meetings K,I,S,S = Keep It Simple Stupid. While tongue in cheek remember you are the seller, let the next buyer improve or revise to their unique tastes.
Don’t forget the exterior — Curb appeal projects also tend to have a bigger impact. Once again, a little goes a long way, so consider a few strategically placed planters (let the prospective buyer imagine spring flowers or even better illuminated planters, switch out the front door knob/lock-set and replace outdoor lights concerning both design and energy efficiency (LED bulbs have longevity as a benefit). As mentioned above these tasks can be completed during the winter months without too much hassle.
Follow the rules — Before you start making any major changes, be sure to check that you’re abiding by your homeowners association rules and regulations as well as city codes and ordinances. All counties and cities are different, so the best way to find out if you need a permit is to contact your local planning and zoning office. While in a covenant controlled subdivision this is a given even in cities there may be overlay Historic Districts or demand to bring improvements to existing code versus being grandfathered in. My advice, keep all correspondence and permits visible and when the Home Inspector arrives keep copies of all paperwork visible.
Pre-Sale Inspection: I actually did this for my personal resale in the Spring of 2017. I had embarked on a cosmetic renovation as the home was pushing 30+ years old. While still contemporary in design the reality is the laminate counters needed to go, as did the Miami Vice inspired plastic towel bars and so forth. The inspection came out fine however unbeknownst to us the electrical panel we had for the home had been “recalled” in 1990. We purchased the residence in 1989. Long story short we replaced the panel, which would have been flagged by any qualified inspector and thus removed a potential major inspection issue.