An Ounce of Prevention…
Good morning, Marilyn. I feel like every time we speak lately I start off with a big exclamation of “Whew!” But this was definitely a “Whew!” week!
You see, as a Realtor who specializes in helping seniors downsize, I encounter homes in all states of repair and disrepair, and this week we finished a big project to get a house ready for sale that had been quite neglected over the years. At my initial consultation with the seller clients I could see that the decor was outdated, and I made recommendations about some strategic cosmetic changes that would help their home sell. But it was only after we really got into working in the home that other unpleasant surprises presented themselves.
The details aren’t important, but our team’s response to the challenge was, I think. We weren’t daunted by the surprises, but instead rolled up our sleeves to fix what we found and call in the necessary professionals to do what we couldn’t. I am so proud of our team for our ‘can-do” attitude and relentless pursuit of improving a pretty dire situation for our clients. And I have to say, the outcome was truly brag-worthy. I almost wish our listeners could see the before and after photos I have before me – Oh, wait! They can! Check out our latest blog on smartrealtysolution.com/blog to see this remarkable transformation.
So what can homeowners do now for a future sale that will a) speed up the sale time; b) increase the sale price?
- Don’t defer maintenance: Staying on top of minor home repairs is important for several reasons:
- it prevents small problems from becoming big problems;
- expenses are spread out over time vs being hit with a big repair bill when it’s time to sell;
- Buyers are more likely to overlook cosmetic issues with a home that has been otherwise well maintained.
- Update critical systems: Older homes require ongoing upgrades to key operating systems like windows, roof, heating, cooling and electrical. I call these “the big five” because these are the five things buyers look at most closely, and they can be very costly to repair or replace them at the time of sale. Instead, I recommend you start budgeting now for an upgrade to one or two of these over the coming years. I have a major caution, however, about upgrading your heating and cooling system - NEVER lease a furnace or air conditioner. NEVER! The interest rates on the equipment and the never-ending service contract amounts to the same thing as buying a furnace on a credit card - about 29% interest. Do not be swindled by the door-to-door sales people who promise you a new furnace or air conditioner for only $189 a month. You will need to buy out the lease contract prior to closing your sale and this can run thousands or even tens of thousands of dollars in expense to you. A second word of warning: about replacing your asphalt shingles. The manufacturer might claim your existing shingles had a “25-year” life span, but that timeline can be cut almost in half if your attic doesn’t have adequate ventilation. If roof vents or soffits become blocked, condensation can gather under roof sheathing, and mold can form. Ask your roofing contractor to examine your attic for mold and take pictures if there is any mold accumulation. Find out the source of the ventilation problem and get it fixed - it could be a bathroom vent pipe that has become disconnected, attic insulation that has been dislodged is blocking soffit ventilation, or there is an inadequate number of roof vents. When the ventilation is improved, you can fix the mold problem with either professional cleaning or by replacing the roof sheathing.
Sorry, Marilyn, for going off on a little rant, but it hurts my Realtor’s heart when clients are hit with avoidable costs at sale time. An ounce of prevention is worth a pound of cure, right?
For more information on the best renovations you can do to improve sale price, visit our website smartrealtysolution.com and request your copy of “Best Renovations for ROI.” It’s a free booklet that we will send to anyone who asks. On August 23rd, I will be hosting a workshop via zoom on the same topic, “Best Renovations for ROI.” It starts at 4:00 pm but if you can’t make it at that time, we can send you the recording. Register at smartrealtysolution.com or call me, Sharon, at 416-460-5636.
That’s it for me, Marilyn. My name is Sharon Parenteau, and these have been your SMART Realty Solutions for today.
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