Monday Morning Mojo: What to do to get the best price for a home?
The majority of homes do not qualify for a successful “fix and flip” scenario. In order to buy, improve, sell, and make a profit, the property must be a good deal to begin with (often a fixer upper). The whole process must be carefully thought through to ensure that at the end of the day, after improvements, paying closing costs on both buying and selling and commissions on selling, there is enough profit, especially after taking into account margin for the unexpected.
If you are looking for this type of property, I’d be happy to help. I definitely do see these properties come on the market from time to time!
Given the above, when it comes to getting your home ready to sell, it is important to be careful investing in improvements trying to get the best price. Many financial investments and upgrades will either not help your home sell for more, or won’t be recouped with the sale. It can be difficult to differentiate between useful upgrades that will help get your home sold quickly for the best price, and changes and improvements that will only eat up money you’ll never see again.
Some improvements tend to get you much more bang for your buck than others. Features that tend to get less than dollar-per-dollar return include sheds, extensive landscaping, and abnormal upgrades (high end upgrades that are not typical for your market). Improvements that tend to help get top dollar include getting home into marketable condition (fresh paint where needed, finishing off unfinished aspects, etc.), replacing or upgrading broken, worn, or aged aspects (within reason), some kitchen/bathroom upgrades, etc.
There are no hard and fast rules, and it’s very hard to generalize, as so much of it depends on the specific home, market, location, price range, etc.
Part of what I do on a regular basis is to help sellers, potential sellers, and those looking to make upgrades with resale in mind to determine what to do and what not to do in order to get the best price for their homes (for free!). If you have any questions along these lines, I’d be happy to take the time to give you my professional input. It’s always better to get input beforehand, rather than find out afterwards that certain improvements were made that weren’t the best investment into selling.
Let me know if I can help!
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