- Personal Finance
How To Make The Most Selling Your House
HOW TO MAKE THE MOST MONEY WHEN YOU SELL YOUR HOUSE
The smart person today thinks about the income that you can make off your house should you want to sell it.
With an uncertain economy and many foreclosures, those of us who still own our homes are thinking how to get the maximum out of our house if and when we decide to sell.
Here are some tips to consider about things that are most important when selling your house.
These tips will not only help your house hold its value, they will help you sell for the price you're asking.
Sometimes people are unsure about what investments or upgrades to do to their house before ever putting it on the market to sell....the investments that WILL pay off come selling time.
There are many investments you can make that will reap you benefits but there are some are a waste of money and time in terms of selling.
Of course as in all things, you have to weigh doing the upgrades for comfort and enjoyment while living in the home against trying to maximize a home's selling potential. Or would you prefer settling for a little of both?
TIPS ON MAKING THE MOST MONEY OFF THE SALE OF YOUR HOME
Check out the competition. That's what selling your home is....a competition. Other homes selling in your area are your rivals for money. What are other homes selling for? It will give you a realistic picture of what your home can realistically capture. Make sure you investigate homes sold by realtors and homes sold by owner.
What do their homes have that yours doesn't or what do you need to add to your home to bring it up to their level? These are all factors and perhaps the most important one that you'll encounter when you put your home on the market.
Whether you're selling a home yourself or you're going through a broker or real estate agent, they will do a price comparison of your house with others in the area. That will be the value that you'll most likely be able to get for the home unless it magically turns to a seller's market.
Keep in mind that the homes that you compare to need to be similar in size, attributes, age, location, etc. Comparing apples and oranges won't get you anywhere in determining the value of your home!
Take off the rose colored glasses and get real. Think of your home in terms of how a potential buyer would see it. Unless your home is totally a fixer upper, if you intend to sell your home for top dollar, it has to be livable. It has to be up to snuff and it has to be up to code!
Today, it's harder to pass off a home with flaws or damage like termite or water, electrical problems, etc. because inspectors catch these things. It's always better to make sure your home is in sound shape before trying to sell.
Or if you know there are things that are going to have to be fixed before selling like a new roof, then go into it with that in mind. Don't try and fool people because it'll turn up in the inspection.
Cleanliness is next to godliness on selling your house. Clean it up, get rid of it, or store things to make your house look more spacious and less cluttered. This is an investment that you can make in your home that is free.....and the return on your investment? This is perhaps one of the biggest things you can do for free.
This one factor makes your home go from unmarketable to sellable. People are much more apt to consider buying a home that looks bigger simply because it's open, appears noncluttered and is clean.
Don't forget curb appeal either. What someone sees the moment they drive up to your house is the impression that will stay with them forever. Invest time making sure your house has pop from the moment someone sees it.
Tripping the light fantastic. Brightening up a house (inside and out) and using higher wattage bulbs is cheap. It will also give you a return on your investment for next to nothing. Clean windows and let the light in to optimize your home's appearance.
Put a new face on it. Painting inside or outside is an extremely cheap fix and can give you a huge return on a minimal investment. Keep colors neutral so that potential buyers will not have to worry about furniture or other items matching bold colors or having to redo as soon as they move in.
Bathroom and kitchen remodels. These
are perhaps the 2 most important remodels to consider if you want to get
top dollar for your home. Especially if your home is outdated. While
this can be an expense you might not want to add on, consider
sellability, if you can afford it, and then decide. You can also do
partial remodels and update/upgrade for less.
These are the 2 rooms most people want to be as modern as possible. Though not a dollar for dollar investment return, you can plan on getting at least 75% to 80% back out.
Again, make sure that you stay with neutral colors and use the most up-to-date materials available in your price range.
You don't have to go with top-of-the-line but probably it's best not to go with rock bottom either. Somewhere midway or top-of-the-line on sale is the best bet.
WHAT TO DO TO GET THE MOST ON THE SALE OF YOUR HOME
Carpeting and flooring. If you really want to get the most money for your house, make sure that flooring and carpeting are in move-in condition. If you don't, you will take a hit on your selling price. No one wants to move in and have to redo flooring unless they are buying a fixer upper.
If you can get by with having carpeting cleaned or wood floors redone, you can save money here. If you have to replace flooring or carpeting, consider using middle-of-the road replacements.....not the cheapest but not the highest in price. Or get the highest priced on super sale. Shop around and get the best prices.
Again, stick with colors that anyone would like to have in their home and that will blend with many colors and styles rather than only a few. People want to be able to move right in and do the least amount of redo so keep that in mind with everything you do.
Electricity, plumbing and decks. These things need to be in excellent repair obviously when you're trying to sell your home or it won't pass inspection. If it doesn't pass inspection, you won't be able to sell.
Make sure a reputable plumber, electrician or contractor makes the repairs as home inspection will turn up flaws.
Deck problems are one of the inspector tags for homes these days because of the many accidents that occur every year. Make sure your deck is up to snuff before you put the house on the market to sell, especially if it is an upper story deck.
Decks are also one of the main selling items for a house and your deck should be well maintained and look like new.
HOW TO MAKE YOUR HOUSE MARKETABLE
Wide open spaces. Make sure that you devote time to making your yard as squeaky clean as possible. Get rid of messy arrangements of bushes or trees. Make sure the yard is trimmed and decked out in all its glory so that a potential buyer can see "ah" instead of "blah".
You want to show off your yard or outdoor living areas as potential havens from the hustle and bustle. Make sure they are inviting and enticing rather than disgusting and overwhelming.
Again, decks should be stained and clean and in perfect repair. Patios should likewise be clean and shining. These are huge selling points for homes these days.
Staging your house. This is one of the most popular preliminaries nowadays to selling your home. If you need help in knowing how best to present your house, consult someone professional. You can also study online about what to do to present your house to potential buyers that will get it sold.
Some people actually store their own furniture and rent furniture to make a house more marketable. That aside, little things like flowers, setting your table for a dinner party, having comfort food cooking in the kitchen, etc. can "entice: a potential buyer to see your home in a better light.
Consider the many suggestions regarding staging your home before putting it on the market. Select the ones that work for you and your budget and then take the time to make improvements where you can. Guaranteed, your house will move up the list to be sold....even in a buyer's market.
HOW MUCH CAN I EXPECT TO GET BACK?
Adding a wood deck
Estimated 85% return on your investment
Estimated you will get about an 80% return
Adding a garage
Estimated at least a 70% return
Adding a 2-story addition
Estimated to garner you about a 70% return
Minor kitchen remodel
Estimated over 80% return on what you pay
Major kitchen remodel
Estimated slightly lower at 78% on your return
Estimated to net you about 80% return
Estimated 75% to 80% minor or major
Finish or remodel basement
Estimated about 75% plus return
Attic bedroom remodel
Estimated you'll net over 75% return
Adding a bathroom
Estimated 86% plus return on investment
TIPS AND TRICKS ON HOW TO GET THE MOST WHEN SELLING YOUR HOME
These are just some of the many tips on how to make the most money when you sell your home.
Keeping it up-to-date along the way can actually take the sting out of having to redo it when you put it on the market to sell.
If you keep it clean and well-cared for, it will save you months and months of time spent trying to bring the house up to a marketable state.
Setting aside some time and money each and every month for home maintenance can save you thousands of dollars over time. It also will keep your home in a perpetual "ready to sell" state!
Consider as well hiring someone to do a pre-sale inspection. While it can run you a couple hundred dollars, it'll give you peace of mind when it comes to that final inspection. You'll know ahead of time if there is anything you need to fix before putting it up for sale.
Remember in this case to keep up with the Joneses. Make sure that your house is comparable to others like it and that your house has what it takes to be sold in a competitive market.
If a house has one more bathroom than yours, you might want to consider remodeling and bringing your house up to the same level.
Just make sure in all remodels or additions that you have someone qualified do the work so that you don't suffer a loss having to redo or fix.
However, be aware that not all money you spend to enhance your home will always give you a return on your investment.
On the other hand, getting your asking price is gold and that's the direction you need to point yourself in.
Check out the Home Gain Home Sale Maximizer at www.homegain.com for more ideas on how to get the most money on the sale of your home.
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