Top 20 Seller Mistakes - PART 2
5. Prepping Your Home Without an Agent
Potential buyers get an impression of your home, either positive or negative, within 30 seconds of walking through the door. Preparing your property for sale is a must but often times sellers spend money they will not get back. Choosing upgrades YOU like may not be appropriate for potential buyers. Sellers may, for example, have poor paint colour choices or spend too much on renovations and in turn will not recoup their investment. As an experienced agent, I advise my clients where best to spend their money in order to sell their homes – put in $1.00 and get $1.50 to $2.00 back! It is also important to choose a real estate agent who is familiar with your area and the elements that buyers in your area are looking for. If buyers within your area are young professionals, trendy upgrades will be of benefit; however, if the buyers are “downsizers”, moderate upgrades will enhance the value of your home.
6. Picking a paint colour without an agent
One of the biggest painting mistakes a seller can make happens before they even pick up a brush or roller. Choosing the wrong paint colour can be a huge turn-off to potential home buyers. Make sure not to select dark or very strong paint colours. Dark colours will make your room look smaller. Strong or bold colours may turn off potential buyers – they may not think your lime green kitchen is as cool as you do! Maintain neutral tones and be sure to discuss paint colour with your agent. Have them guide you in making sure the changes and colour palette are what today’s buyers are seeking.
7. Not upgrading your home for a quicker sale
Although it is fairly obvious, some sellers neglect to put a bit of time and effort into their home before putting it onto the market. Not preparing your home for sale can reduce buyer interest and lead to the property selling under value, if you find a buyer at all, that is. Realistically, most buyers are not looking for a property that they will need to renovate. Instead, they are looking for a property that is ready to move into immediately, a turnkey home. Buyers also have a tendency to over estimate improvement costs and as a result will knock down the offer price. It’s better to spend a bit of money before putting the property on the market in order to drum up buyer interest and present a house in top shape. If a seller’s budget is limited, as an experienced agent, I make sure to put every dollar in where it counts. If the budget is larger, I tell my clients that for every dollar invested in upgrades, they should get $1.50 to $2.00 back and a much quicker sale.
8. Spending too much money in the wrong area
Spread the spend throughout the entire home! Improving in the wrong areas or over improving wastes money. Spending $40,000 on a kitchen upgrade while ignoring the other aspects of the home such as flooring, bathrooms or outdoor landscaping is not cost effective. While the kitchen may be stunning, the rest of the home is lacking and buyers will see this immediately. Ask you real estate professional which upgrades are cost effective and ensure that you create symmetry throughout your home.
Stay tuned! There is more to come!