1. Don’t Spend a Ton of Money on Improvements
A good rule of thumb for improvements is if it costs you $2,500 to update an area of your house, you should see a market gain of $10,000 to justify the improvement. This philosophy is really geared toward major cosmetic improvements. You must not only consider the price when it comes to home improvements but also plan on the disruption to the household, headaches from the whole process and cost overruns. Improvements are costly, but repairs save. There is a significant difference between improvements and repairs. Worn out flooring, leaky faucets, dangerous electrical fixtures, even walls in desperate need of paint are items likely to ‘recapture’ or save significantly on the potential sale value.
2. Don’t Disregard Curb Appeal
Trimming, mulching, tree branch removal, and simple plantings can go a long way in setting your home apart from the competition. These projects are generally affordable and can be done by a professional landscaper or a weekend warrior.
3. Don’t Leave Clutter in Your Closet
Buyers will be opening cabinets, the pantry, the fridge, and view the bedroom closets. Remove and store all valuables, medications, firearms, and other items that may have value.
4. Don’t Get Too Trendy
While painting, staging, and sprucing up your home is important for selling, don’t get too trendy. Avoid using trendy paint colors or furniture choices. Sticking to neutral colors and traditional furniture styles for staging is the safest bet to improve the value of your home.
5. Don’t Forget the Comps
According to Zillow, the asking price of a home should be within 10 percent of the average sold price in your neighborhood. Look for home sales in the past three months. Appraisers generally only look at comparable homes sold in the last three months.
6. Don’t Refuse to Make Repairs During Negotiation
In a competitive market, a refusal to make repairs can turn away a buyer in a heartbeat! With that said, remember that it is a negotiation and a seller shouldn’t agree to make every repair request from a buyer.
