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Preparing Your Property for Sale

November 29, 2011

We have a guest post here from Paul Blunt of Ray White Goulburn that will be useful for vendors thinking of putting their property up for sale in this tough market.

The decision to sell your home is often a difficult one, but always immediately followed by many more tough questions.

Most of these questions though will be based around to very difficult and often rare things for vendors to have possession of, TIME & MONEY.

There are three schools of thought on this topic. One is to do nothing, cross your fingers, and see what you get. In areas where the real estate market is hot, many home sellers opt for this solution, because they think buyers are so desperate that they’ll make an offer anyway. And while you may get an offer, you’ll definitely leave a lot of money on the table in the process.

The second school is to recognize that some items need to be replaced or repaired, and offer buyers a credit for those items as part of the deal. You’ve saved yourself the work, but not the money. This option can actually be worse than the first one, because you don’t know how much you would have gotten without offering the credit. Again, you’ll eventually get an offer, but you’re missing out on getting the best price for your house.

If getting the best price for your house is important to you, the only option is to take care of repairs and do the work to make your house shine (or have it done for you). Here’s why: When you sell your home with obvious repairs left undone or a credit as part of the offer, you’re sending a message to buyers that your home has not been well maintained. Now this may or may not be true, but that’s the message that’s sent. And that will drag down the value of your home to those making an offer.

Realising of course that you will never please all the people all the time, caution should be applied to at least try and please the majority. This is why neutral tones are often preferred over that fluorescent orange internal feature wall. It’s also often the smaller jobs that are easy to overlook. For the cost of a tin of paint, an entrance way to the house can be lifted so much more to create that all important first impression. De-cluttering rooms, moving furniture and even mowing the lawns are last minute things that will always add that extra sparkle to your property.

Overall, putting your own sweat and equity into repairs and utilizing a handyman when needed most will help keep your costs in check. Be smart about how you make repairs, and be careful not to over-improve. Just like choosing the right agent to sell your home, the difference could result in getting thousands more for your home. Compare your time against the reward and you’ll see it’s time well spent.

If you have a real estate topic you’d like to write on and have us post here, just contact us here

{ 1 comment… read it below or add one }

Some Body November 29, 2011 at 4:19 pm

Wow, that Paul guy really knows his stuff!

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