Selling a property is always tricky, and if you plan on flipping it and making the endeavor profitable, you’ll need to spend the time, money, and effort necessary for it to be successful. Plus, you’ll want the home to list at market value or higher. Of course, this will come down to how much work you plan to do before you put the home on the market and how much you plan on spending after the home is sold.
You can expect to spend around 10% of the home’s value if you plan on making some minor repairs and doing a little sprucing up. But if you plan on selling an already marketable home, getting it ready for sale may cost up to 50% of the property’s value. Even though this may be a lot, the resulting profit will seem less than desirable if you deal with lower or no offers because your efforts turn buyers off.
If you plan on selling the property before it has been completely remodeled or renovated, put it up for sale before anything else. If prospective buyers are turned off by its less-than-perfect state, delays and other complications could occur when trying to sell it—and that could cost you a lot of money and time.
5 Preparations to Do on a Home You Plan to Sell
1. Appraise the home’s value
Before you decide how much or how little you plan on doing before putting the home on the market, you need to appraise it. That is, take an objective look at what similar homes have been selling for recently. Doing so will help you determine a fair asking price. If, as a result of this assessment, you decide to do very little—if anything—to increase your home’s value before selling, that decision won’t hurt your potential profit too much.
2. Buy new barn door hardware
If you plan on replacing your home’s existing entry door and buy new barn door, it is also a good idea to change the door hardware. New barn door hardware will be much more appealing to prospective buyers and help them visualize the home’s potential. In addition, if you’re planning on remodeling other home areas as part of your selling strategy, this new hardware will tie the new and old areas together nicely—allowing for a more cohesive renovation and an overall better-looking home.
3. Decide on what to do with the property before putting it on the market
You’ll need to decide on a course of action depending on your plans. For instance, if you plan to sell a home quickly, and if you don’t want a lot of time spent fixing it up, getting it ready for sale may be worth little more than just that: getting it ready for sale. It could include picking up the large pieces of junk lying around, cleaning the kitchen and bathroom thoroughly, and quickly cleaning the entire house.
If you want to turn a higher profit on your home, you’ll want to spend more time putting in cosmetic enhancements—like repainting or replacing windows—and perhaps constructing a home gym or building an outdoor patio. Doing so will allow you to add value to your property before selling it—and maybe even turn it into an estate sale-worthy home.
4. Put a fresh coat of paint on the interior walls and trim of your home
You might want to do it regardless of whether or not you plan on selling the home. Doing so will make the home look new and give it a more modern, up-to-date feel. Any time you sell a home, you’ll want it to have a stylish and luxurious look that gives buyers the impression that they’ll have plenty of interior luxuries to enjoy—the ones they can’t afford on their own and those they plan on getting at the expense of your property.
5. Clean everything vigorously but gently
Before showing your home to potential buyers, clean everything vigorously but gently. For instance, you should scrub floors, ceilings, walls, and windows with a high-pressure water hose and all-purpose cleaner. The idea is to make the home look like it’s been well-cared for. It will also help buyers get a feel for how spacious the home is and what they can expect in terms of functionality and functionality.
When you work to sell your home, you need to consider whether or not it’s worth the amount of money and time you’re spending. That being said, there are several things that you can do to increase the value of your home before selling it. For instance, if a lot of time is involved in preparing your home for sale, this might be something to consider.