If I could send one message to homeowners it would be to encourage them to always keep their home prepared to sell, not just at the time of sale. I counsel sellers, prior to listing a home, on what they need to do to optimize their sale in a timely manner for the maximum price.
Prioritize Home Maintenance Projects
Many times, we talk about painting the interior and/or exterior of the home. Colors have become dated or the paint is peeling, exposing the surface below. The discussion may include removing a tree that has grown to the point that it is over the roof of the home and even possibly touching its surface. Often, the sellers laugh when I tell them that the red faux-felt wallpaper in the downstairs bathroom may cause the potential buyers to pause. The sellers say they had intended to redo that bathroom but it has continued to drop to the bottom of the list of financial and weekend priorities. Imagine if all these conditions are present on the same house. The task of preparing the home for sale would be daunting and expensive.
By addressing these items as a course of home maintenance, a responsible homeowner accomplishes several things. First, they avoid additional expense that is caused by deferred maintenance. For example, the tree on the house quickly could lead to pests getting into the structure of the home, causing roof damage or deterioration. It also could overload gutters and dry or wet rot from debris accumulation.
Home Liquidity Means Selling Your Home Quickly
Another benefit to a consistent home maintenance plan is that by keeping up, the home increases liquidity. Unfortunately, hard financial times hit with the failing health of an income provider in the household, job loss, or other unforeseen crisis. During these times, the homeowner may need to access some equity through refinancing or a home equity loan, or in extreme cases, sell the home before they had planned. Buyers will not absorb a seller’s deferred maintenance; they will accept the home at a reduced price or ask the seller to complete the work prior to the close of escrow. Either way, this will cost the seller more than what it would have had they done maintenance prior to the sale. Maximizing the liquidity of your home requires good home maintenance. In the case of a refinance or home equity loan, if the appraiser or inspector for the financial institution comes onsite, they will report back to the lender any condition that might jeopardize the marketability of the home.
By many homeowners’ standards, the biggest reason to update and to upkeep the home as needed is that by doing so, the homeowners get the opportunity to enjoy their improvements during their continued ownership. For example, that red wallpaper in the downstairs bathroom may subconsciously have lessened the homeowners’ use of that space. They may hesitate to have game night with friends in the downstairs space because the bath is not presentable.
The to-do list as a homeowner is never-ending. If you have questions as to what items on your list would affect the home’s value most significantly, don’t hesitate to call an experienced Realtor.