Blog

The Biggest Bang For Your Buck!

Whether renovating for yourself… for long term use, or in contemplation of selling, it is important to know where you should start and which items will offer a real payback.

Bathrooms and kitchens are always at the top of any list, and they are often the rooms that make the decision when buyers are comparing homes. However, never underestimate the value of a simple paint job to improve the appearance of a house.

When doing renovations, it is wise not to overspend (or under spend either) and be aware of current trends. The best advice is to hire a contractor or a specialist and do some comparison shopping first. For further information concerning contractors, we would be pleased to offer you our Concierge Service.

Below is the “Top 10 List” according to the Appraisal Institute of Canada (as of the date of their most recent online report).

Painting & Décor (interior)

The most important thing to do when getting your home ready for sale is to ensure that it is clean, uncluttered and has a bright coat of paint. These will appeal to the most number of purchasers and are then in a position to visual their own belongings in the home without being distracted by strong colors or clutter etc.

Each house is unique and we would be happy to discuss and advise you on your specific situation.

The “Spruce-Up” for resale purposes

This option may only cost a few hundred dollars and a few hours of your time. Use this as a check list in getting your home ready.

• Clean thoroughly. This means removing mould, mildew, cleaning grout, glass porcelain, and tile.
• Give the room a fresh coat of paint.. in a bright color, preferably white or eggshell to make it appear larger.
• Have carpets cleaned.
• Purchase plastic trays and boxes to remove personal belongings from the site, so a potential purchaser can visualize their things in stead. Linoleum, a scratched or broken mirror, stained soap dish etc. Maybe the cabinet knobs would add a new look.
• Organize drawers and shelves. Use some of those plastic trays for brushes etc.
• Add finishing touches in the bathroom with a new soap dish, a new bar of soap, a new shower curtain and towels. Does the curtain rod or rings need to be replaced?

Perhaps your home would take on a new look with some of the following items;

• Slip covers to hide worn or soiled fabric on chairs and couches
• Curtain rods and curtains to match the covers
• Cushions to compliment the décor
• Area rugs to add some pizzazz or warmth
• A few extra pictures or mirrors
• Plants and flowers to finish it off.
• If your home needs more than the basic “spruce up” or you would like to do a more in depth renovation, contact us and we will help you find a good renovations specialist.

It is very important to carefully consider your pricing options when you bring your property on the market.

Reasons & Consequences of Overpricing

The biggest detriment to selling real estate is the all too common problem of overpricing. Anxious sellers often want to know why their property is not selling. The answer is usually one of three things: Location; Lack of Marketing and Exposure; or Price. There may be extenuating circumstances or factors that come in to play, but these are the most common things, with the most common being Price.

Understanding the Factors that influence over pricing:

Why do we all sometimes make the common mistake of asking too much? There are several reasons. Obviously, we want the highest price possible for our home. Following are a few other thoughts:

• Extensive renovations have been done, some of which are hidden costs. (Unfortunately, the full costs of renovations are very rarely recoverable and were done for an owner’s specific enjoyment and use); Sometimes there is a perceived emotional value.
• Some owners expect that their present home should bring them enough money with which to purchase a more expensive home or in a more expensive area;
• Perhaps an owner acquired the property in a higher market.
• The price was based on hearsay or general knowledge, without the benefit of a proper evaluation by a real estate professional.
• Building in bargaining room.

Proper Pricing

Market value is defined at the price a property will bring if exposed for sale on the open market allowing a reasonable time to find a willing purchaser who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used.

If a property is properly priced it will do the following:

• Attract a greater number of potential buyers.
• Increase your chances for a quicker sale and a better price.

Results of Over Pricing

Missing the Right Buyer

You may think that interested buyers “can always make an offer”, but if the home is overpriced, potential buyers looking in a lower price range will never see it to make that offer.Those who can afford the home at your asking price may recognize that they can get more for their money somewhere else. You may

Those who can afford the home at your asking price may recognize that they can get more for their money somewhere else. You may hear things like “It was too small for them” or “they want a main floor family room.. or an extra bedroom etc.”

What they are really saying is “They expected more for the Price”.

Here is a sequence of events you may expect if your home is overpriced:

• Salespeople who know it is overpriced will show other properties instead;
• Your home will sit on the market, while others sell;
• Prospective buyers, seeing your home on the market for a long time, will begin to feel that there is something wrong with your home.
• You will begin to get anxious and lose patience.
  Because of time constraints and obligations, you will then reduce the price to be competitive and sometimes if the market is changing you may “follow the market down”.
• Your property may sell for more than it’s worth because it missed the excitement and became a stale listing. The purchaser was in positions to negotiate more aggressively.

The Role of the Realtor

The Realtor does not determine what your home is worth. Market Conditions, Solds, Competitions, and Trends Determine Value, and then together we determine the price.

Don’t pick the Realtor who promises you the highest price to get you to list with them. Pick the one who knows the market and substantiates the price with facts and experience, like Lakeview Realty Inc. We are here for you! Just Contact Us.

As the saying goes…

“You never have a second chance to make a good first impression”

This is especially true when marketing your home. Try to view it through the purchaser’s eyes, and review this check list to see if it measures up. Preparing your home for showing takes some work.

Curb Appeal:

• Lawn and Garden: mow, trim, weed, and clean away any dead foliage.
• Extra vehicles: Remove from curb view.
• Clean windows and sills.
• Repair peeled and chipped paint on doors and trim.
• Repair doors, windows, screens, and hardware.
• Shutters should hang straight.
• Doorbell works, door hand in good repair.
• Locks work.
• Gutters and downspouts in good repair and free of rust.
• Add potted flowers or planters, wreath or new doormat at the entrance, if it would enhance.
• Add new house number or brass fixture if it would enhance.
• Paint the front door if needed.

Driveway, Walk and Front Entrance:

• Patch holes, so there are no major puddles.
• Clear snow and ice.
• Front steps in good repair.
• Front door opens and closes easily/ no squeaks.
• Doorbell rings.
• Exterior light works.

Decks and Porches

•  Stain or paint.
• Repair rot.
• Secure railings.

Garage

• Remove clutter.
• Remote control works and door opens and closes smoothly.
• Sweep floors, clean grease spots, store garden tools.

Interior Inspection

• Clean all rugs and broadloom.
• Clean all floors.
• Clean all doors and frames (i.e. fingerprints).
• Wash or repaint soiled walls. (Note if repainting the walls, it is best to “keep it bright”)
• Patch and paint wall and ceiling cracks.
• Fix grout and caulking in bathrooms and kitchen where necessary.
• Wash all windows.
• Clean lighting fixtures.
• All windows should work freely.
• Wash or clean all curtains and drapes if needed.
• Organize closets, drawers, and basement.
• Give away, sell, box or store excess clothing and toys
• Repair and leaky faucets or toilets as required.
• All drains should drain easily.
• All mechanics and appliances should be clean and in good working order.
• Re-glue loose wallpaper.
• Burned out light bulbs should be replaced.
• Use a dehumidifier in the basement if musty odor.
• De-clutter countertops and cupboards.
• Clean fireplace.

Now all the major items are repaired or checked, following is an outline of last minute items to show to the best advantage.

Final check list for showings:

• Garbage containers emptied.
• Towels clean and matching.
• Kitty litter changed etc. and pets removed or contained.
• All lights turned on.
• Exterior light left on during the evening.
• Air conditioner turned on in warm weather.
• Fireplace lit or on in cooler weather, where possible.
• Halls and foyers clear of obstacles.
• Out-of-season coats, boots etc. put away.
• Clear and polish coffee tables and furniture.
• Straighten bookshelves.
• Drapes opened during daylight hours.
• Fresh flowers, potpourri, etc. arranged in various rooms.
• Put linens on the table and perhaps arrange a setting in dining room or kitchen, where appropriate.
• Jewelry and valuables locked away.

A few last minute tips:

• Many purchases are made on an emotional basis. Keep your home warm and cozy, if in winter; or cool and fresh in the summer.. so it feels inviting.
• Be courteous and friendly if you are home, but never force the conversation with a buyer. It is better if you can arrange to be out for showings, so the potential buyer feels more comfortable and can get a better feel for the home.
• Don’t discuss price or terms with the buyer. Let the salespeople work with their customers or clients in your best interest.
• Leave the feature sheets, surveys, and marketing material on display and notify me when you are running low.
• Never let an agent show your home without a confirmed appointment from our office.
• Never let anyone wander in off the street, no matter how interested they say they are. Give them our card and have them call us for an appointment and details.

These are the basic things that you should review and do where able or appropriate. There may be some other things that we can assist you with in terms of furniture arrangement and décor, that would make it easier for a purchaser to view your home.

If you need any assistance regarding names of dependable trades people or suppliers to help you get the job done, please don’t hesitate to ask. We are constantly adding to the list from satisfied clients. Visit our Concierge Services for more information

Spending the time and effort to prepare your home for sale can provide you with benefits you hadn’t imagined in both the length of time your home is on the market and the price you will realize for your home.

Most people ask us when we evaluate their home what things they need to do to prepare. The most important things are obvious. Do minor repairs, paint where necessary (neutral of course) and remove all clutter. There are a number of inexpensive storage boxes on the market that are attractive and useful, which you can use in your future home as well. It’s a good time to start sorting out and packing in moving boxes …or doing that garage sale that you have been planning for a while.

In the alternative, it is probably a good time to start sorting out and packing in moving boxes …or doing that garage sale that you have been planning for a while. “The Moving Store” has everything you need to begin the packing process, (such as different size cardboard boxes, tape guns, and labels etc.) It is also a good idea to have different colour labels for different rooms. (It makes it easier on moving day.)

If doing renovations.. the most important major renovations (as always) are kitchens, bathrooms and main floor family rooms.

We also have names of contractors, workmen, painters and flooring people that we have used and found reliable. Please click here to visit our Concierge Section.

Even if you are not planning on moving in the near future, but are some planning some improvements, make sure they are the right things.

We would be happy to visit and give our opinion on what to do and the current value of your home. Just Contact Us!