As always, these are my opinions. If you have any questions or concerns please let me know by clicking here to contact me.
1- Your Design Style May Not Be… Well… Appreciated
You may love that new ‘shabby chic’ look, and perhaps it may go well in your next home, however it’s not adding value to your listing by editing it now. Your ideas of painting, wallpapering, and redecorating may simply not be what others are looking for, and therefore a waste of your time and money. Think about it from your perspective when buying: You’re looking for a home, you see something you love, but it’s design is way off to your taste. There are two options here – spend money to make it you, or walk away. Yes it’s true buyers love a move in home, but it may not be your idea of what’s ‘move in ready’.
2 – How Big Are We Thinking Here?
Tacking on from part one here – some small things are worth the trouble. It’s just about know what’s best. Think clean slate, think simple and cost effective. That doesn’t include adding a new veranda, bathroom, or indoor water park. Unless you’re looking to flip properties, consider your investment in to what’s being returned. The best way to do that is ask me – or any Realtor – to pull a CMA and see if your potential reno is really worth it. I’m going to go on limb here – it’s probably not.
3 – The Walls are Like Onions – They Have Layers, And You May Not Like Some
So you bought your first home. You fell in love with it, but it’s time to grow as the family is outgrowing the location. It’s not easy, sure. I mean… it’s your first home! It’s eclectic, and you love how old it is with the creaky floor boards, and plaster walls. You’re thinking – if I just touch up a few small things… then your $1000 renovation is $5000.
It’s not uncommon for situations like this to happen – what lurks behind walls is tough to figure, and if you find something not to code you better fix it properly. As soon as you look behind the curtain and see who the electrical “Wizard of Oz” really is, you’re far into a money pit.
With this said – if you know of any material latent defects – you must declare it. At that point, it needs to be fixed or communicated clearly to the potential buyer.
4 – Costs Are Increasing, Inventory is Decreasing
It’s February 14th, 2022. I say that because we all know what’s going on geopolitically and socioeconomically. Costs for building products has never been higher if I can recall, and who knows what’s going to change that. From a personal perspective, I had a friend who wanted to install an EV charging unit in his garage. He waited until a week or two before the car arrived only to find out that nowhere within a 2 hour drive had the wiring he needed. It simply vanished. Fortunately, a day before he found some quite far away, but had to get it – at a premium of course. Costs and timing, friends. That’s the name of the game.
5 – Good Help Is Hard To Find
I tell my nieces and nephews “learn a trade well, you’ll be forever employable and you won’t regret it”. Sure, being an astronaut is usually up there for boys and girls. But that astronaut needs somewhere to live on earth, and someone to make his, or her, spaceship.
You’re just looking for someone to frame and finish a bedroom, and wondering why nobody is available for 8 months. You haven’t even been to space, or even considering it.
The reality is really good help is hard to find. All hands are on deck already, and even though I’m happy kids want to work in an office, I’m sure more often than not they would be happy on a job site as well working a skilled trade. I know I was.
6 – Timing is Everything
Costs and timing, friends. Used that phrase twice, it may be important. What you do to your home is as important as when you list it. No crystal ball exists – and anyone who tells you they know exactly what is going to happen is lying to you. There are trends, and we may have a good idea, but exactly? No.
Speak to your Realtor about when is best for you to list. This will include making the most of your sale, and ensuring timing for buying and particular needs.
Costs and timing, comrades. I switched it up a little for effect, just to wrap it up.
Buyer Tips: Knowing What To Offer - Thomas Scully, Realtor
[…] Factors that affect price are pretty straight forward: location, fit and finish, competition, personal taste. Homes that are completely renovated and move in ready will receive more offers, and will go for higher prices. For my sellers reading this – read this post before you go tearing down walls. […]