Over the years, wear and tear on a home can often be substantial. Many sellers recognize this and offer an “allowance” for updates. This is often a good way for a seller to pay for these updates with proceeds from the sale, after closing.
So, what considerations should be made when preparing a home for market?
The phrase “move in ready” is a strong motivator for buyers.
When a purchaser walks into a beautifully updated home that requires no major work on their part before moving in, this evokes a positive feeling about the property. They begin visualizing their furniture in the rooms, see themselves enjoying the space and making a home there. A clean, updated, new starting point can be very attractive to buyers.
The buyer may have questions about the allowance.
When your property is marketed with a comment “Seller to provide $3000 carpet allowance” a buyer may have a few questions. They’ll want to know if $3000.00 will be enough to do the job. And, if the carpet is in need of an update, what about the rest of the house? Lastly, they now know they need to arrange for these updates after closing.
It never hurts to gather information.
If you believe your property is in need of some updates, why not get some estimates? Talk with a few vendors, and select materials that will appeal to the masses. Don’t go with the least expensive products, and don’t break the bank. There may even be financing options with the vendor, especially major home improvement stores. And don’t forget to lean on your Realtor for input about materials and overall investment.
What is your timeline in selling the property?
Most sellers would like the quickest sale, at the highest price. You’ve heard this before. Homes that are updated, with newer décor and materials, often sell at market price within a reasonable time frame. And, your greatest amount of traffic often comes within the first few weeks. If you’re not getting the activity you’d like, consider the price and condition of the property.
There’s no right answer here. And every seller’s story is unique. Ultimately, you’ll make the best decision for you and your property. Best wishes!!