Sellers biggest mistake

 

When my phone rings and my clients says, "Barry I have a house for you to sell, but I don't think you want to sell this home. It was grandma's house and she has not updated in years. Do you know an investor who might want to purchase this home?" Most people think the only person interested in an estate sale is an investor. The truth is no matter what market we are in or neighborhood the home is in there is a buyer for your home who is not an investor. If the home is sold to an investor the owners will not get top dollar for their home. A little update can go a long way and will increase your profit on the home.


Before staging a home, it is best to put a little money into it before putting it on the market. You don’t need to spend a lot of money. From my experience every dollar spent on paint and carpet will increase your profit. For example, if you spend $5,000 on carpet and paint you will increase the value of the home $7,000-$10,000.

Make sure to remove all the furniture and belongings. You can donate these items to churches or charities such as Goodwill. You will want to remove all curtains and old blinds to allow as much light as possible into the home. Paint the whole house including trim and doors. This will also brighten up the house. Replace carpet or expose hardwood floors if they are in good condition. If the floors are in poor shape, install a new carpet. 

 

Making small repairs and updates

 

Unless you are a professional fix and flip contractor, only do minor updates . I would allocate a budget of $1,500-$2,000 in the bathroom. Paint, replace light fixtures, re-glaze the bath tub, replace the toilet, and find an affordable solution for updating the floors. In the kitchen I would only spend $2000-$5000.  If the cabinets are dated, paint light gray and add new hardware. Replace the older appliances and of course always paint the walls. If you have money left in the budget I would also update the light fixtures.

Should you stage an estate sale?


Absolutely! After you have painted, installed new carpet and made some minor repairs to the bathroom and kitchen, the house should feel like a completely different home. Now it's time to add modern/new furniture as well as pictures to make the house shine. To this day it still amazes how a home can transform by adding new furniture to a dated home. Staging is a very important process of selling a home. However, I believe adding too much furniture and décor can also be a poor decision. The purpose of staging is to add warmth to a home and help a buyer envision where they would put their furniture. I have seen numerous buyers pass on good homes because they simply could not picture living in the home because it was either empty or too full. Their response is typically, "Nice home, but it has a lot of wasted space".  


By making small repairs and staging, the home will sell quicker and for more money vs selling it in its original condition. In many cases sellers will walk away with $15,000-$30,000 more money than if they did nothing to the home.

 

If you have questions regarding selling or purchasing a home in Central Denver feel free to give me a call 303-887-0588.