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Hello again, Marilyn, and “top o’ the morning to ye.” Like they say, on St. Patrick’s Day, everyone is Irish. Your listeners may not know it, but if they are homeowners in the GTHA, they are sitting on (or in!) a pot of gold. Their homes they own are worth hundreds of thousands of dollars, which by anyone’s account makes them rich. There’s only one problem: they can’t access all those riches since they’re tied up in literal bricks and mortar.
Of course by now you know the solution is to downsize from their large empty nest to a smaller home. This would free up the equity they have been building in their properties over the decades, and fund their lifestyle, wellness and health goals in retirement.
According to the Toronto Region Real Estate Board, the average property was worth over $1,000,000 in February. Isn’t that astonishing? As big as that number is, many of my clients want to maximize the resale value of their homes. They ask me what they can do ahead of time to cash out for a big jackpot.
Here are my top 10 things that every homeowner should do before selling their homes. We’re going to count backwards from ten, and I’m going to see whether you can guess number one by the time I’m through. By the way, this list comes from our workbook, “The Bests Renos for ROI,” that is available online.
10. Set a budget: I recommend a lot of free or low cost improvements, but home sellers should still expect to allocate between 1 and 2% of their sale price on prepping for sale. On that $1M home, setting aside $10k to $20k for fix ups is a reasonable budget in most cases.
9. Focus on the main floor: Buyers pay close attention to the main floor when making their purchasing decisions because this is where they spend most of their time. It makes sense for sellers to make sure the main living areas are as appealing as possible.
8. Depersonalize: Removing personal photos, collections and memorabilia is an easy, free way to make your home more welcoming when buyers visit. Once listed, your home will be viewed online, so you likely don’t want this personal information going out on the web anyway.
7. Enhance curb appeal: Set buyer’s expectations from before they even set foot in your home. Fresh mulch, a new welcome mat, and colourful seasonal planting goes a long way in telling buyers that yours is a well-maintained home.
6. Cosmetic upgrades: Home fashions change over time, and even just minor upgrades can take your home from “dated” to “delightful.” Switching out brass hardware for polished nickel or even black matte creates an instant contemporary feel. Painting out honey oak cabinets to a fresh white takes years off your home.
5. Deep clean: This might seem obvious, but a clean home is going to sell more quickly than one that isn’t. It’s well worth the cost of hiring professional cleaners just before listing your home for sale.
4. Let in the light: You might have spent thousands on heavy custom curtains that were very chic, but minimalist tastes prevail now, and all those swags, jabots, panels and shades kill the natural light that buyers are so desirous of. Take them down! Even simple toppers reduce the light coming in by as much as 20%. Light, bright homes seem more spacious, so let the sunshine in!
3. Neutralize decor: When my parents bought their first home, they hated the ubiquitous “builder’s beige.” To them, decorating meant colourful paint and wallpaper everywhere. But selling your home is not the time to express your colourful personality. Neutral paint and decor help buyers envision their furnishing in your space without a lot of extra work.
2. Attend to buyer red flags: This isn’t necessarily free or low-cost, but if you know there are repairs that need to be done, the time to take care of those is BEFORE you list your home for sale. These undone maintenance items can cost you big money at the negotiating table, or after your buyer gets a property inspection done. Trust me: if it leaks, squeaks or is broken (I’m talking about your house, not your spouse) take care of it before selling.
Can you guess the my top thing homeowners should do before selling their homes? Drumroll…
1. Declutter: No surprise here, Marilyn. Decluttering is the #1 thing you can do to increase the resale value of your home. Don’t worry about quartz countertops and fancy appliances; if you’re home is cluttered, that’s what buyers will pay attention to.
Today’s segment comes from a workbook I wrote called, “Best Renovations for Return on Investment,” and it’s available from our website smartrealtysolution.com or by calling me, Sharon, at 416-460-5636. Like everything at SMART Realty Solutions, it’s available free of cost or obligation.
Marilyn, homeowners don’t need the luck of the Irish to get a top selling price for their homes. They need an experienced, knowledgeable real estate professional who will guide them through the process, explain the steps, and care about the unique concerns of senior clients. They need SMART Realty Solutions.
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