Feb 27, 2024
Episode: 45

Make Sure You Don’t Overspend Before Selling Your Home

Selling your house? Geoff discusses skipping the fancy remodels and focusing on minor fixes & price cuts. Buyers might just rip everything out anyway! Think low-cost, high-impact & cater to their needs, not yours. Save your money for your new dream home!

Welcome back to another episode of our weekly newsletter! Last week, we reviewed the crucial considerations for those building a new home. This week, we shift gears and focus on a different aspect— what projects should you consider when preparing to sell your existing home?

In today’s real estate market, it’s common for realtors to provide a checklist of improvements to make your home more marketable. While these suggestions aim to enhance curb appeal and attract potential buyers, it’s essential to weigh the cost versus value before diving into significant projects.

Don’t Over-Improve Before Listing Your Home For Sale

The key advice here is to avoid overinvesting in upgrades that may not align with your budget or the potential preferences of any future homeowner. At The Lifestyle Group, we experience projects where high-end upgrades were made to the kitchen to sell the home, only to be torn out and disposed of by the new homeowner immediately after the sale. Don’t get caught in that trap!

What Are The Unique Aspects Of Your Home?

We first encourage you to think about and understand the unique features that make your home stand out. In some cases, potential buyers may be more interested in the property’s location, acreage, outdoor amenities, or other distinctive features. In other cases it might be the particular neighborhood, the school system or proximity to shopping or restaurants. In each of these cases, the house had very little to do with the purchase. Buyers will always think they can make it their own once the move in, so put your “buyer” hat on when considering what projects to take on prior to listing your home. A great exercise is to think back to when you bought the home and remember what attracted you to make the purchase.

Think About Timelines

Considerations of timelines regarding how long you will be in the home before engaging in large remodeling projects are crucial. We advise against large-scale renovations if you plan to sell within the next one to two years. Instead, engaging in smaller upgrades or simply adjusting the house list price down could be a more sensible approach, ensuring you don’t overspend on upgrades that won’t be recouped in the sale.

If you’re uncertain about the potential return on investment for a specific upgrade, the recommendation is to consult professionals who can guide you based on their experience.

What Projects Make Sense Prior To Listing Your Home

It should be stated that painting walls in neutral colors or installing cost effective flooring prior to selling a home can be acceptable improvements. Refreshing mulch and planting flowers to improve curb appeal are always cost-effective ways to attract interest as well. We are simply suggesting you stay away from the larger, more costly projects and save that investment for your next home where you can enjoy the investment you make in the home for years to come.

Completing repairs of functional systems or replacing areas of rot might very well be a requirement to sell a home, so these types of repairs do not fall within the thinking of this newsletter. We consider these to be “have to do” items during the sales process and it can make sense to get these repairs taken care of before you list the home so as not to attract negative attention to your home.

Finally, a slight exception is made for those of you who actively flip homes, have the skills, time, and inclination to handle the labor yourselves. If you happen to be the traditional homeowner who has neither the time, nor ability to do the work yourself, the majority of this newsletter applies to you.

As always, if you have questions or need guidance on preparing your home for sale, feel free to reach out to us. We’re here to share our experience and help you make informed decisions.

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Remodeling Unscripted Podcast

Have you checked out our Remodeling Unscripted community?

Remodeling Unscripted Podcast

A podcast for remodeling industry owners and homeowners. Geoff Horen, a home renovation expert, hosts the podcast, which includes real remodels, challenges, and talk. The podcast is available on Apple Podcasts and YouTube.