Maximize The Value Of Your Home
In today's softer residential New York real estate market, extra special attention must be given to preparing a home for show to potential buyers. When it's a buyer's market, sellers have to work a little harder to show their property to its best advantage.
Here are some tips on how to quickly and easily prepare a home to attract
buyers:
1. Carefully consider the home's curbside appeal - what the person sees from the
curb. The potential buyer's first impression is often the most important one
because it determines whether he or she wants to view the property!
2. Sprucing up the landscape, especially in the front yard, is easy and
inexpensive. Add colorful flowering plants. Water and fertilize grass well so
that it is green and lush. Make sure lawn, bushes and trees are well-trimmed.
3. The front door should be in excellent condition. This is the home's primary
symbol; it reflects the home's general condition and gives an impression that
affects oneā€™s experience with the rest of the house.
4. Give both the exterior and the interior of the home a fresh coat of paint
where applicable. More than anything else, this will suggest newness and
freshness.
5. Repair leaky faucets, loose knobs and handles, crooked cabinet doors . . .
anything that may give the wrong impression of the home's overall condition.
6. Make sure shelves and counters are neat and empty as possible. The current
trend is a clean, sleek look. Remove all objects and papers that make a room
appear cluttered.
7. Remove extraneous furniture, especially furniture that blocks traffic
patterns. The emptier a room is, the more spacious it looks.
8. When showing property, be sure to open all blinds and drapes so the room
looks bright and cheerful. If necessary, turn on lights to brighten a dark
space.
The following more costly and time-consuming improvements create greater appeal
and frequently add value to the selling price of a home:
1. Additional fireplaces. This will add to the value of the property plus an
average of 38 percent.
2. A new bathroom will reap the cost of the room plus 27 percent upon selling
the property.
3. Remodeled kitchen, especially "gourmet" or "chef's" kitchen.
4. French windows or doors.
5. New floors and carpeting.
The addition of a swimming pool is usually not worth the investment. It is
estimated that a pool will result in a 67 percent loss of its initial cost.
Also, many buyers do not want the security or maintenance problems that come
with a pool.
In general, stick to cosmetic or visible improvements. Structural or foundation
work, new plumbing, or heating and air conditioning systems are not effective in
selling your house. Of course, if this kind of work is required, it must be
revealed to the potential buyer.
Finally, make sure the potential buyers understand what items are included in
the home's selling price. The house may be shown with such items as chandeliers,
drapes, mirrors, garage door openers and appliances that the seller may not want
to part with. It could become a roadblock to making a successful sale if the
seller and buyer engage in a test of wills over whether an item should stay or
go.
With your home ready to be shown, you can now determine your asking price. This
is done by:
1. Inviting at least three local real estate agents to give you their listing
presentations. Each should include a written "comparative market analysis" which
shows recent sale prices of nearby homes. Remember that most sellers set their
asking prices 5 to 10 percent above the price they are willing to accept.
2. Hiring a professional appraiser. Ask your banker for recommendations of
several appraisers who are known to local mortgage lenders. Obtaining a
professional appraisal is important if your home is in some way unique - if it
has a design or features unlike others in the area, such as a room addition.
When deciding on a real estate agent to represent your property, call the seller
references you have obtained from the agents you have interviewed. Ask if they
were pleased with the way their sales were handled. You will soon have a feeling
for which agent is right for you.
