7 things home owners do that diminish their homeâ€™s value (when
they go to sell.)
Increase your chances of getting the most money for your
home by avoiding these common mistakes.
Owning a home is a very personal thing
because some these people feel that this is the one place that they can make
their very own. This is very true but unfortunately in the world we live in you
always have to consider how it will be perceived by potential buyers when you
go to sell your home. As a real estate agent who sees more homes than I can count
in a year, you would be surprised by some of the mistakes I see made by
homeowners on a very consistent basis. I'd like to clue you in on the 10 things
to avoid that can severely hurt the value of your home when you go to sell it.
1)Over improving your home for the neighborhood you live in.
So you've always dreamed of having an
outdoor kitchen? Is nothing wrong with putting one in but if you don't see them
in the price range in which your home is in there's a very good chance it will
never see the money back out of it. It is one thing to purchase the materials
and do all the labor yourself, but it's another thing to pay full contractor
prices for an upgrade like this. There are many wonderful improvements to home
that will not give you your value back. Another one would be an in-ground pool.
If you decide to put in an in-ground pool know ahead of time that for every
buyer that wants one another buyer will look at it as having no value. If your
house is worth $250,000 and you put $100,000 worth of improvements into it,
unless there are comparable sales to give you that extra hundred thousand
dollars chances are that's about how much you're going to lose. This is where
real estate agent can be very handy to discuss projects while you own your
home. Calling up an agent and saying I'm thinking about adding this space or
changing the kitchen can sometimes help to get that outsiders perspective.
2)Not fixing the small stuff When you live in a home
for a number of years it's easy to start looking past minor problems and just
live with them. You have to remember when it comes to selling a home; the
buyers will notice those minor problems. These can include doors that don't
shut right windows with broken latches, broken grout in between the tiles on
the floor, broken light fixtures or any other minor repair you can think of.
It's in your best interest to find a really good handyman that can come in and
fix all of these items. Many of my clients can get these issues corrected and a
half of the day. The money you spend to fix these minor things will far
outweigh the cost of that handyman. When buyers are looking at homes they will
at times nit-pick a home because there's more than one that they like and it's
the only way they're able to choose one over the other. Plus when you have the
minor issues fixed and they don't notice things that have a tendency not to
look as hard. Do something that your competition is unwilling to do or has
forgotten to do.
3)Be aware of items in your home that make it look dated Buyers in all price ranges
want to feel like they're moving into a newer feeling home even when it has a
classic look. Some of the simple things you can do in today's market to make
that happen without spending a lot of money is to change a few basic items that
can make a big impact. For starters, if you have gold or brass handles,
doorknobs, hinges or light fixtures removed them. Go with a brushed nickel or
oil rubbed bronze. You can find products made out of these finishes in all
price ranges. When you look at your fireplace does it have a gold vent cover?
If it does go out and buy yourself a four dollar can of high heat spray paint
and paint that grill a flat black. You will be amazed at what these small
changes will make when a buyer sees your home for the first time.
4)Stay off the â€œwhat's hot right nowâ€ bandwagon If you're considering
doing upgrades in your home think about the longevity of that upgrade. Case in
point off-white cabinets, trim work indoors have been in homes for hundreds of
years. You still see that in new construction today. If you like this look
changing cabinet and wood finishing is an upgrade. Just don't get stuck like so
many people from the 50s did with a trendy blonde wood or that chocolate brown
wood from the late 70s. If you're doing a backsplash in a kitchen think twice
before you put a glass backsplash in over stone. I'm not saying that glasses
bad I'm simply saying consider if it will be trendy and out in a couple of
years? Think before you act consult with different people who work in the home
improvement business. Many of them have a pretty good insight as to whether
something is going to be trendy or not. You can never go wrong with natural
stone and real wood. It's the man-made materials that can be suspect.
5)Remodeling the entire house and doing all of the work
you're a contractor and you know what you're doing, higher out the bigger jobs.
It's very important that the home is consistent in quality on all levels. When
you're remodeling the kitchen, a bathroom or any other large project you have
to get the job completely done. If you start to cut corners the quality of the
work suffers and in the long run if you don't know what you're doing, it will
cost you more money to have a professional come out and fix it. This goes back
to fixing the minor issues. If you think the buyers won't see these things and
point them out you're kidding yourself. Not to mention they have an inspector
typically coming out who will certainly find the issues for the buyer.
6)Destroying the floor
plan I'm guessing your first thought is how do you destroy the
floor plan? Easy you do silly things like take a three-bedroom house and remove
one of the bedrooms by turning it into a walk-in closet. Or you take a three
car garage extend your family room and turn it into a 1 1/2 car garage. These
types of changes to the floor plan can really hurt the value of your home by
taking away some of the most basic must haves for most buyers. Before you make these types of changes,
take a moment and call your real estate agent to discuss the possible
7)Filling every room of
your home with furniture When you're selling your home, as you
present it you want give the feeling that all of the rooms are open and
spacious. One of the first things that destroy this feeling for buyers is when
there's too much furniture in the room. Staging can really help to correct a
problem like this and is well worth the value that the service provides. Just
because there's a wall doesn't mean it has to be filled with a bookshelf, desk
or other piece of furniture. You want all of the entrances to every room
including the bedrooms to feel open.