If you’re like most people you probably want to get a few things done before you list your home. Maybe the kitchen or bathroom is outdated or the floors need to be redone. Or maybe all it needs is a little TLC and a fresh coat of paint. However big your project is, getting your home ready for sale starts now.
Of course, not all projects are practical to do right now. With the amount of snow we get here in Newfoundland you’ll probably want to put off doing the shingles or siding until the weather forecast is more in your favour. In the meantime, there are some things you can get started on right away inside the home so you won’t be rushing at the last minute.
But before we get into our list of things to do, let’s talk about the principle of diminishing returns. The Principle of Diminishing Returns states that you will make more money as you invest in your home up to a certain point. After that point you will actually be losing money. For example, if you were to upgrade your bathroom and you decideded to install a $10,000 spa shower you likely aren’t increasing the value of your home by $10,000. Although most home buyers will like the shower, they are not willing to dish out the extra cash for it. Usually a regular tub and shower will suffice.
When it comes to selling your home, simple updates are optimal. It’s best not to go all out, or, as I like to say “update it but don’t complicate it”. With that being said, here are some things you can get started today to get your home ready to sell.
The Kitchen
The focal point of most showings. One of the first things our clients will do when we show them a home is head towards kitchen. It’s where they’ll spend a considerable amount of time and it’s also where they’ll be entertaining friends and family so it makes sense to put some money into upgrades if it looks a little outdated. But not all kitchens need to be renovated. As long as it’s in good shape that’s all that matters, at least when it comes to selling a home. Remember, going overboard with renovations will actually cost you more in the end. Sometimes just updating the appliances makes a world of difference, especially if the fridge looks like it’s from 1985.
The Bathroom
If your bathroom still has that old green or pink bathtub it might be due for an update. As with the kitchen, if you’re looking to make your money back then don’t go all out. Put in a new tub and maybe a new toilet, update the vanity and put down some new flooring down and you’re done! If everything looks to be in good condition maybe just do a few touch ups like redoing the caulking around the tub, some fresh paint, and maybe some new handles on the cabinets and drawers.
Electrical
Is there really old wiring in your home? Not only is this a common concern for many buyers it’s also a common issue with trying to get home insurance, which can cause a damper on the sale of your home. Look at the wiring in the roof of an unfinished room downstairs to see if you have knob and tube wiring. If you do you should contact a certified electrician to assess and possibly update the wiring. Another area to look at is the panel box. breakers are preferred over fuses, although many homes have a fuse box and have no issues unless it is a 60 amp service. These 60 amp panels usually need to be upgraded for insurance purposes.
Plumbing and Heating Systems
Make sure everything is up to date. Get your furnance serviced and check to see if the hot water tank is in good condition. While you’re peeking around, check any exposed pipes to see if there are any potential leaks or if anything looks like it should be replaced.
Floors
Installing new flooring is one thing most home sellers do because it’s relatively cheap and it makes a big difference. Nowadays you can find some pretty nice quality vinyl and laminant flooring for a good price at most hardware stores. If your current floors are in good condition I wouldn’t worry too much about this as people’s tastes differ and a potential buyer might even rip up your new floor to put something else down. But if it looks overdue then it might be a job you should tackle now.
Finishing Touches
It’s the little things that make a big difference. Installing new handles on your cupboard doors and matching them with new door knobs, new sink faucets, replacing cracked faceplates on light swithes and electrical outlets, and fixing up baseboards and door trim will all do wonders. At the very least a fresh coat of paint throughout the house will make it look like a whole new place.
De-clutter and Downsize
Since you’ll be moving, it might be a good time to pack up any items you don’t regularily use and get them out of the way. Use this time to organize and maybe find some things that you can sell in a yardsale or give away. De-cluttering also has the effect of making the home appear to have more space, which is a huge selling point.
Tip
Is your home already in good condition and ready for sale? A good idea might be to get your home pre-inspected by a home inspector. Getting your home inspected before listing it has two benefits. One, it will give you a chance to fix some things you may not be aware of so it doesn’t become an issue later on in a sale where the purchaser will most likely try to renegotiate the price. And two, it gives buyers peace of mind when they are viewing your home because they know exactly what they are getting before they even consider making an offer. This can be the deciding factor if they are trying to decide whether to make an offer on your house or somebody elses’.
Still Need Some Help?
If you’re thinking of selling and not sure what to spend your money on, why not give us a call and one of our team members will stop by and give you a few pointers. We will make sure you spend money on the things that count and that you don’t waste money on things that don’t matter. Best of all it’s at no cost to you. We are here to help.