Part three of a seven part series, the 'Seven Costly Sins' that home owners commit when selling their home
Sin #3 - Over Capitalising
Many people make the mistake of making major renovations in preparation for sale only to find their investment was in vain. Renovations like new bathrooms, kitchens and extensions will help you obtain a sale, but won't necessarily earn you any more money come sale time.
Basic, simple and inexpensive improvements can increase your home's appeal if you know where to invest. Smart improvements will increase the appeal of your home while eliminating potential negative feelings which will influence a buyer's offer.
The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Improvements that create the impression of larger space, better light, greater storage, privacy, security and warmth are always worthwhile.
The biggest impact you can make is with paint and floor coverings so it makes sense to invest here. Make sure your paintwork is in great condition both inside and out. Sometimes, all that is needed is a scrub down to bring dull paint work to life. Where paintwork is tired it pays to get it done. Buyers often over-inflate the potential investment required which means you may miss out come sale time.
Make sure all floor coverings are in great condition. As with paint work, the perceived cost of tired carpet or floorboards will be reflected in a potential buyers offer. For some buyers, it may be too much effort altogether. Make sure you steam clean carpets and buff floorboards at a minimum or consider replacing if needed. Replacing your floor coverings may be a little more expensive but its impact is well worth it.
- Sin #1 – Pricing outside the selling zone
- Sin #2 – Displaying your home ineffectively
- Sin #3 - Over Capitalising
- Sin #4 - Ineffectively marketing your home
- Sin #5 - Letting emotions cloud your judgement
- Sin #6 - Choosing the wrong selling method
- Sin #7 - Engaging the wrong marketing agent
This is an extract from “How to avoid the Seven Costly Sins homeowners commit when selling their home” written by Mark Lambie
Mark is a top performing Sales Manager with Ray White in Christchurch and can be contacted via email (mark.lambie@raywhite.com), mobile (0274 400 200) or visit his website
The information contained in this article is of a general nature and should not be taken as advice. It reflects the opinions of the writer only and does not necessarily reflect the opinions of New Zealand Home Loans.
