Can You Sell Your Home In a Downturn Market? The Handyguys Say “Yes”!
|This show is sponsored by Basement Waterproofing|
First off, Brian and Paul discuss the Wall Street Journal article entitled “Will Upgrading Your Home Help You Sell It?”
The Handyguys agree with the author, M.P. McQueen, that a big ticket upgrade will not pay for itself when re-selling your house. If you want to add on or upgrade your home, and you can afford it, then go for it. If you want to DIY the upgrade you may be able to re-coup your costs if the upgrade is done well.
There may be a possible benefit to an upgrade that is indirectly related to costs and that is time on market. If you have a finished basement, for example, and none of the other similar homes in a particular market have that, then your house may sell first or be more attractive to buyers as long as its priced similarly.
The Handyguys also discuss the negative impact of a bad remodel. When the housing market was hot, many buyers overlooked bad renovations. In today’s market, buyers can take longer to make up their minds and be more discerning. A poorly executed remodel will turn away buyers so make sure your remodel is up to snuff. Remember, you can always ask The Handyguys if you need any advice.
It is certainly no fun trying to sell your home in a buyers market. In some areas of the country, there are dozens of homes for sale on every block . To be sure, you won’t fetch the price you would have received a couple of years ago. And you may be better off not selling at all if you can help it. However, if you need to sell now, here are some tips.
Â Curb Appeal
|Pictures compliments of Triton Builders|
The Handyguys recommend doing everything you can to make your house stand out from the minute potential buyers step out of their car. Clean up your landscape. Remove that broken down old car on cinder blocks. Tear old, overgrown shrubs. Scrape off pealing paint and repaint. Make sure siding is clean using a power sprayer. Update outdoor light fixtures. Repair any rotted wood. Get your lawn looking good. Do anything you can to make your house more presentable.
Declutter the Inside
|Pictures compliments of One Bag Nation|
In addition to cleaning the inside of your house, make sure that you declutter. Kitchen counters should be clear of everything. Closets should be clean and free of junk. If your closets are stuffed with clothing, remove at least a third and store elsewhere. Remove or reposition furniture to make the house look more spacious. Consider using Merry Maids, a top cleaning company if you want help de-cluttering.
Improving light fixtures and plumbing fixtures can help your presentation.
No Last Minute Cheap Improvements
A downturn market is not a time for updating your kitchen with the cheapest cabinets possible. It is not a time for shoddy work either. In this market, buyers are taking their time, looking over houses. They will not overlook bad products or shoddy work that was done at the last minute to try to make a house look more presentable.
Correct Any Structural Problems (including leaky basements or cracked foundations)
You don’t want to scare off potential home-buyers with a house that could cause them headaches. Correct the irritating problems caused by leaky basements. Be sure that your structure is solid. Many potential homeowners are willing to make the cosmetic changes in a new home but they do not want to deal with major issues to the foundation.
These are just a few areas to address. Listen to our podcast for more information.
Time running out on the eclectic products wood glue and tool bag giveaway. See Episode #25 for details.