You’ve made the decision to sell your home and now your mind is quickly filling with a lengthy to-do list. Before panic begins to set in, take heart and repeat a new mantra: “Soap and paint are my friends.” While the home should be neat, clean and in good repair, major improvements are not necessary and cost more than usually can be recouped in the selling price. So, give the house a thorough cleaning, a fresh painting and perhaps recarpet areas that have worn footpaths through them. Rest assured that money spent on soap, paint and carpet will reappear in the selling price of the home. And remember, if buyers can’t see the money you spent, you won’t recoup it…even if you tell them about it. Resist the temptation to undertake major renovations or replacements – particularly these five costly projects.
Buyers may oooh and ahhh over a large walk-in closet that could double for a well-organized bedroom, but they won’t pay you extra for it. Adding, expanding or customizing closets can cost thousands of dollars and while they look impressive, the return on investment isn’t. Save your money.
Unless your home is a two-bedroom/one bath in a neighborhood of four-bedroom/two bath homes, don’t waste your time, sanity or money on adding rooms.
There’s no way to predict a buyer’s preferences, so it’s best to present the home in the best way possible – using soap, paint and carpet – and leave any remodeling to the new owners.
A pool may seem like a good way to attract buyers, but many folks just don’t want the maintenance that comes with it. A buyer who doesn’t want the upkeep of a pool won’t purchase a house that has one. Pools and their surrounding deck areas are expensive and this cost is rarely returned in the selling price of the house. However, someone who adores the house would be willing to put in a pool later. Let them shoulder that expense.
Putting on a new roof isn’t a good idea for a couple of reasons. A seller is only required to have a roof that doesn’t leak. Leaky roofs are easily and inexpensively patched. The money saved by patching the roof makes repair a better choice. Also, replacing the roof involves making a subjective choice about the color, shingle style and durability of the roof. If the buyer doesn’t care for the new roof, the cost of it could be money wasted.
MAJOR RENOVATIONS TO KITCHEN OR BATHROOM
Remember the mantra? “Soap and paint are my friends.” These renovations are costly and require decisions as to style, colors, brands and price. In lieu of remodeling the kitchen or bathroom, experts suggest reducing the asking price to reflect the outdated kitchen and bathrooms and allow the purchaser to take care of these projects.
Now that we’ve dismissed most of the major projects, it’s easier to focus on cleaning, painting and carpeting. When deciding which projects to undertake, keep in mind that you want to do the least amount of fixing up required in order to sell the house for the maximum selling price.