How do you get the most for your house in a down market?
As we repaint and declutter in anticipation of putting our house on the market, how can we spend the least to get the most?
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M$3 Answers
My humble opinions:
1. Evaluation of the real estate market
Some questions to ponder:
Now that it’s worth $50k less in sales, how about in rental market ?
If more foreclosures, retrenchments, tightening of loan happen, there may be more demand for rental which may drive up the rental fees. Consider whether it’s more worthwhile to rent out instead of to sell it, provided you can cover your mortgage loan.
Will the real estate market recover and when ?
Case-Shiller home price index may be useful.
1. Know your neighbourhood
Check the success story of neighbourhood house sales, sales $ and conditions of the house..
Any nearby education institutions, new industry clusters, tourist spots etc..?
Can your house be rented or sold to students, expatriate workers, be made into a home-stay house ?
There are news that Asian rich parents buying real estates for their children’s university accomodation.
2. Renovate to the level of suitably comfortable to stay and facilities usable (for either sale or rental)
The future owner may have different taste with you, for e.g. colour of paint, renovation etc..
No point to over-renovate.
3. Reduce your cost
Refinance or modify loan to cheaper mortgage if possible. Make good use of government’s “help”.
Hope for Homeowners plan
Making Home Affordable
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M$
http://www.bankrate.com/finance/real-estate/5-tips-selling-a-house-in-a-buyer-s-market-1.aspx
"3. Make it a turnkey, not a turkey.
The word "turnkey" is used in commercial real estate. It means a property is ready for immediate use. Your house has to be that way when buyers have a cornucopia of houses to choose from. "You have to make it a 100 percent turnkey situation," Razzi says. "Everything has to be ready to roll, because buyers never want to buy a house that needs a lot of work unless it's an absolute bargain. You have to take away all their opportunities to say no."
Saatchi says that when buyers outnumber sellers, you can get away with selling a house with ratty carpet, smelly furniture and walls that need painting. The market was like that two years ago, but not now. Saatchi suggests hiring a house inspector before putting the house on the market. "Know now, and fix it," she says."
So a good working toilet might be a better investment than a nice looking plant in the front yard.
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M$
Experts used to recommend spending big bucks redoing bathrooms and kitchens before sale. No more. Now just make sure things are in working order and clean, decluttered, organized. If you have (or can afford a small storage unit, remove as many of your personal items from your home and store them so that people can imagine better what your place will look like with their stuff in it. Storing also helps give your home that decluttered, organized look.
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M$
