Whether you have plans to sell your home as a for sale by owner listing or through the help of a real estate agent, you want your home to sell quickly and for a price that is close to the asking price. How attractive or appealing the home is plays a major role in this. You want the home to look well-maintained and clean as well as stylish. There are a few steps that you can take to improve your property and make it more attractive to potential buyers.
Price the Home Right for the Market
One of the most important factors that will impact how attractive or appealing a property is is the price. With an attractive price, the property will gain more attention from interested buyers. If a home is overpriced for the market, on the other hand, a property may not look as appealing to a buyer as another property that is more affordably priced. Your real estate agent can help you to determine the best asking price for the property given current market conditions.
Clean the Front and Backyard
The front yard is one of the first property features a buyer will notice, and this is because the front of the home is one of the first images a buyer will see when looking at the home online. It also is what will make a first impression of the home on the buyer when he or she drives up for a tour. The backyard is equally as important. Keep in mind that nobody wants to inherit your junk when they buy a new house. Clear away clutter and debris from the yard. Make it look pristine, and take time to mow and edge. For the best results, plant seasonal blooms in the flower beds, and cover these beds with a fresh layer of mulch.
Invest in Power Washing Services
If your home is like most, the exterior of the home may be filthy. It may have ground in dirt in the patios and walkways, mildew growing on the siding or roof and even staining on the bricks. Power washing can go a long way toward removing these spots and stains and can leave the property looking fresh and clean. Professional power washing services are best if you want to minimize potential damage that could be caused by the powerful stream of pressurized water. This can break windows, damage the paint on siding and more if you are not careful.
Spruce Up the Front Entryway
Continuing to pay attention to the exterior of the home, take time to make the exterior of the front entryway look attractive. Keep in mind that the front door is a focal point of the exterior of the home in online pictures. It also an area where the buyers may stand for long moments while they wait for the agent to open the front door. Add potted plants to the patio, and replace the worn out welcome mat. Replace or repaint the front door, and update the door hardware for the best results.
Replace Outdated Fixtures
If you have extra money in your home preparation budget, a smart idea is to take a closer look at your home’s fixtures. This includes electrical fixtures and plumbing fixtures. These items can date a home quickly, and you can easily improve the look and appeal of your home by modernizing them with new features. You may also consider replacing the door hardware, and focus on using the same type of finish throughout the home for a cohesive look.
Eliminate Unpleasant Odors
A home that smells like cigarettes, pets or even some types of food may not be appealing to be in. It can be difficult, however, to determine what your home smells like because you can become accustomed to odors. You can ask a friend or family member to give you their honest analysis of your home’s odors. You can also leave the home for several hours and take a deep breath upon returning. Cleaning carpeting and upholstery is often one good step you can take to improve the smell in your home.
Paint the Walls a Neutral Hue
Many homeowners love to get creative with paint colors, but bold or unique colors are often not appealing to buyers. A smart idea is to repaint the walls a neutral color for greater universal appeal. In addition to making the home look more inviting, it can make the rooms look larger and can eliminate some of the unpleasant odors that may have been locked into the walls.
Show Some Love to the Flooring
Your home’s flooring requires significant attention when preparing to list your property for sale. This is because it covers the entire surface area of your home and is a true focal point in the space. If you have tile, take time to replace chipped tile and grout, and professionally clean the grout. For carpeting, steam clean or shampoo the floors to restore its look to like-new condition. For wood flooring, follow manufacturer’s care instructions, such as waxing or polishing the floor. In some cases, homeowners may decide to replace the flooring altogether. If you choose to proceed with this option, choose flooring that has universal appeal to most buyers.
Remove Personal Items From the Home
A final step to take to improve the appeal of your home to potential buyers is to remove all personal items from the property. Ideally, your buyers will be able to envision themselves living in the home, but this can be hard to do if there are family photos of your loved ones hanging on the walls or trophies of another child’s sports endeavors on a shelf.
The decision to list your home for sale is not a matter to take lightly, but there are many benefits for doing so. For example, you may have plans to upgrade to a larger home, downsize to a more affordable home or relocate to take advantage of career opportunities. Before you can achieve these or other goals, however, you need to find a buyer for your home. Through these efforts, you can more easily improve the appeal of your property and attract interested buyers.
The fact that interest rates have dropped to near historic lows as the rents continue to sky rocket in most urban set ups, buying a home seems to tilt the balance to its favor. The reports by Trulia also suggest that for renting to become cheaper than buying, the 30-year fixed mortgage must hit at least 5% in Los Angeles and 5.1% in New York City. However, the mortgage rate has hit a low of 3.17%, making the projection unattainable, at least in the near future.
As much as the statistics favor home buying over renting, for many Americans, the financial tradeoff may not be easy. Numerous advantages come with home ownership, not to mention the tax deductibles on your mortgage interests. But if you don’t carefully analyze your financial situation and make informed choices, home ownership can turn into a financial nightmare.
The most critical component of your decision-making process should be your financial stability. You need to ask yourself key questions like: How stable is your job? How likely are can you get a pay raise or promotion over the coming years? Is your job likely to shift locations or cities? How stable is your marriage or relationship? Is there a possibility of splitting up or divorcing that may occasion untimely disposal of the home? And so on. If the answer to one or more of your questions indicates doubts on whether you will maintain the house within the next five years or more, then it would be pointless to commit yourself, regardless of the mathematics.
Change of Cities
If the nature of your job or appointment involves frequent relocation or change of cities, you may need to evaluate between buying and renting. Many home owners have suffered the cost of servicing mortgages for homes they do not live in. They even spend more resources in renting homes in their new location. Their efforts to sell may be thwarted when the timing coincides with the market lows when the mortgage interest rates rise, wiping out their equity and savings.
Financial Situation
Many Americans are living under strenuous financial situation and may not be in a position to save enough for the down payment. You need to analyze your individual financial status. The ultra-tight real estate markets like San Francisco even make it harder for aspiring home owners.
Home Insurance Costs
It is important to know that homeownership doesn’t stop with the acquisition of the mortgage. You’ll need money to settle your property taxes, and the mortgage company will require a proof of home insurance policy. When you rent a house, your landlord will cater for property insurance in addition to some utility bills like water, heating, or power. However, you may need to provide for your rental insurance, which is much more affordable. The policy still provides good benefits of homeowners’ insurance, except that it doesn’t cover the building structure.
Home Maintenance Costs
As a homeowner, you take responsibility for all your maintenance costs like fixing a leaking roof, the parading ants over your kitchen cabinets, broken toilet bowls, electrical breakdowns, and much more. And then there’s the dirty task of mowing your lawn, cleaning the compound, painting the walls, etc. When you decide to rent, most of these tasks will be done by the landlord or an appointed agent.
Bottom line
While it’s true that reduced rates are quite tempting to potential home buyers, you shouldn’t use the statistics to make costly purchases that could turn problematic. You can consider renting affordable housing alternatives like studio apartments as you put aside substantial savings for future investments. That way you’ll be able to make much larger down payment when the markets can’t offer better mortgage rates.
If you borrow less and give a huge down payment, the banks and the property sellers will prefer you over your competitors in a bidding situation. Additionally, your house will appreciate much faster in value as interest rates reduce, cutting down your financing costs.
