1. Price your house below the competition – If you price your house lower than the comparables, in the area you will draw a lot of interest from potential buyers.
2. Open house – This is key to drawing in people to see your house. Make sure it is advertised with a lot of signs, Internet, etc.
3. Get info – Make sure you obtain contact numbers and email addresses for everybody that comes to the open house. Contact everybody that came and let them know you will be accepting offers at a particular date and time.
4. Set a date to receive offers – Once you have done step 1,2 and 3, you can wait for any offers and ask people or agents to present their offer in person.
5. Choose the best offer, price, terms and date. Do not disclose specific information to other offers. Be ethical. It is great to get the most for your house but it does not have to be at the expense of nice people trying to buy a house they like. Ask each offer if they are happy with their final offer and if they would like to change anything to make it more attractive to the seller.
I was recently visiting a friend who has just spent over $20000 in condo renovations in an attempt to keep up with the Jones’. I was trying to justify the renovations and yes the place did need some sprucing up but to spend that kind of money on a kitchen, floor, and new bathroom was crazy. They thought they were going to increase the value of the place by 30-40 thousand dollars. Its a good thing that people don’t ask dogs about their opinions because I probably would have bit them, for all of the nonsense of increasing their value. Being a Real Estate side kick has its advantages of knowing some things about value of properties. Yes, it would add a little value to the property, but what people forget to remember is that it is usually the building, the area and desirability that truly affects the value. Think about this, the condo next to you is selling for $200000. You bought yours for $190000. Your condo needs some renovations compared to the other one. You put $20000 into the condo for renovations. How much do you think the condo is worth. $210000? In your eyes it might be. In a buyers eyes it is worth 5k more or $200k. Most times people do not see the price you paid for renovations no matter how expensive it is. What you pay and think a renovation is worth is not worth that in the eyes of the buyer. It might even decrease value.
Here is are 5 bites to condo renovations which are cost effective:
1. Paint – Don’t go crazy with the colours. Stick to something light and neutral
2. Laminate floor – They make good laminate cheap floors these days
3. New vanities – A new sink or toilet can overhaul everything.
4. Steam clean carpet: Instead of buying a new one, try to rejuvenate the old
5. Paint Cabinets in kitchen. Rather than replace your cabinets, paint them.
Do not over spend in a condo, you most likely will not get the value in return.