Are you looking to sell your house within a specific timeframe? Perhaps you’re eyeing a move to a better property, but need to sell first to raise sufficient funds. The need for urgency can add a wrinkle of complication to the mix of factors involved in getting good value out of your property sale. Before you finalise matters with your estate agent and negotiate with prospective buyers, here are a few things to consider.
Know the market
Consult with your agent to get a good idea of what the real estate market looks like at a given time. If many properties in your price range have been listed for several months without movement, then it’s likely to be a buyer’s market. When properties have been selling quickly, the sellers hold more power.
The more the balance of power shifts to you as a seller, the greater the odds that you can quickly find a buyer with few or no demands. You could get away without repairs, for example, or decline signing off on any contingencies. When buyers hold the power, though, you may need to make concessions such as raising the value of your property or lowering the price. This can influence any further decisions you make regarding home improvements.
Clean up
Any house can come to bear the marks of a long occupancy – and sometimes only the occupant doesn’t seem to notice. Tidying up and doing a thorough cleaning can be difficult, especially if you’re still living in the house. But it goes a long way towards making a great first impression by freeing up space and eliminating unpleasant stains or smells. It also mentally prepares you for moving out while making the prospect of moving in more enticing to the buyer.
Renovate selectively
You’ll often hear that home improvements add value to properties – but not all of them are equally profitable. And the timeframe for many construction projects might not fit within your intended selling deadline. When you factor in the market, and the effort involved in construction, demolition, and disposal or recycling of materials such as wood waste, there are only a few realistic projects you can undertake to help sell your home.
Try to focus on renovation and fixing up areas that are important or could be deal-breakers or code violations. Keep in mind that the more items you leave in need of repair, the more your prospective buyers will start asking for discounts – and you may end up attracting only flippers or fixer-uppers.
Make it functional and neutral
Homes that have been lived in some time acquire a bit of personality. This can be a good thing if the buyer’s style matches yours, but that is rarely the case. You can make the property more attractive by stripping away decorative elements and bright colours. Bring your art pieces with you to your new home, and leave behind generic furniture.
Try to emphasise the functionality of each room. For instance, including a range of appliances in your kitchen will be more valuable than designer tiles or fixtures. Buyers have expectations of each room’s function and leaving them the freedom to personalise a blank canvas will create a more favourable impression of the property.
When you have a deadline to sell your house, some compromise is more likely to happen. Making smart decisions and undertaking quick steps that have an immediate impact will often get you the best results.