March 19, 2020
Global Best Practices for Home Sellers
Selling a house can be a stressful endeavor, especially if it's your first time. From planning your move to dealing with the offers, it can easily overwhelm anyone. Luckily, sellers across the world and real estate industry leaders have already gone through what you're going through and can provide some tips. Below are some of the best practices home sellers have established from around the world:
Selling in the winter
As a rule of thumb, it's always easier to sell houses in the warmer months. But sudden changes, like moving for a new job, might not afford you the option to choose when to sell your house. In the US, realtors interviewed by USA Today note that sometimes selling in the winter can have its added benefits including the fact that there are fewer competitors.
A seasoned realtor from PEI Real Estate Association advises home sellers to clear the snow when showing their house in the winter. In particular, your cleared driveway and walkway can highlight the "warmth" of your home amid a white snowy background. Adding some light like a floodlight or holiday light decorations can also increase your chances of getting a good offer. To top it all off, crank up the thermostat when buyers arrive, especially on a cold day. A warm home will give them more incentive to linger inside.
Real estate properties in the UK have been shrinking, with newly built homes measuring around 750 square feet, according to a study from Which. This has prompted an upsurge in demand for small-space solutions which entails designs that are predominantly glass or light woods. Something you should consider if you are planning to renovate your home before you sell. However, a common mistake people make, however, before putting their homes out in the market is not updating their insurance policy.
So, if you’re planning on making improvements and repairs to a home before selling it, make sure that the coverage you have encompasses those particular changes. HomeServe lists the different aspects that insurance usually covers for flats and apartments, such as plumbing and drainage, electrics, and roofing. If your renovation will affect any of these areas it is best to get them covered. Also, it’s worth keep in mind that dealing with insurance can be confusing on its own, even without the added details of a real estate transaction. So, make sure you cancel it only when the payout is done.
Major home improvement
Staying in the same part of the world, The Irish love remodeling and renovating their homes. So much so that more than a third of the population did a major renovation in the form of home extensions in 2018. A fourth of the population has also undertaken smaller renovations, including repairs or repainting. Take the cue from Ireland and consider adding some last-minute home improvements (minor or major) to increase the value of your property before you sell.
Keep in mind that there are renovations that not only increase the property’s overall value, but also improve the emotional appeal of the home. Finishing a basement, adding a garage, building sunrooms and decks, or investing in landscaping are just some of the last-minute remodels that can give your home an edge in the market. While dollar-for-dollar returns tend to come from smaller tweaks, add-ons that liven up your space improve your chances of wooing your preferred clientele. Just remember to consult a professional or crunch the numbers yourself to ensure you will make a profit instead of incurring a loss with any renovations you plan to make.