No one wants to lessen or destroy the equity in their home when they are ready to sell. You try to protect the equity that has grown on your property. The notion that real estate is a great investment is true if when you go to sell you have maintained, if not improved the property.
Factors that destroy the equity in a property:
Consider the condition of the house. Buyers do not necessarily want a house with a lot of maintenance. Are the systems and mechanicals up to date? Outdated HVAC systems can cost a seller thousands of dollars. If a buyer sees that this is an area that needs to be addressed, their offer will be reflected typically three times the amount it would cost to update yourself.
Is the roof in good shape? That is not an area anyone ever enjoys spending money on, but it is one item that needs to be maintained in a house. The siding is another factor to consider too. Make sure it is in good condition.
What is your curb appeal like?
How is the appearance or curb appeal of your property? Shrubs overgrown blocking windows cut them back.
Lawn unruly, mow it down.
The overall appearance looking desolate, add some plantings either perennials or annuals. All of these little things can affect the offering on your property which can impact your equity.
Think of interior finishes:
This is one area dear to me. Simple updates can go a long way when selling. We get it, why update just before you plan on selling? If you take action now you can enjoy the fresh updated look while still living there.
Look at the light fixtures, flooring, wall colors, furnishings these all impact the impression a buyer will have on a house. If the finishes are outdated, buyers can wonder what else is old in disrepair throughout the house that they cannot see.
Lighting fixtures, something that was popular ten or more years ago may not be the best choice now. ‘Builder’ light fixtures are also ones you might want to consider updating. The style of lighting and the furniture does leave an impression on buyers.
Appliances that are mismatched in the kitchen will make it feel outdated. The kitchen is one room that draws buyers in. Make sure that yours is clean and up-to-date. This way your equity will not flow down the kitchen drain!
Wall color also does influence the overall value of a house. If walls are in poor condition, or the colors are too bold and taste specific buyers may walk away. Color is a personal as your family photo hanging on the wall. The more neutral in the color you can go, the better the chance of saving equity. Paint is magic when you are selling. The good thing is it is not that expensive if you do it yourself.
Before you sell consider all the features of the property. Most likely the items you said you could overlook and you have not updated will be the negative features when new buyers come through. Don’t wait until you sell to update. Enjoy your efforts and new space while you are still living in the property. Space projects over time. The money you invest in maintaining and updating your property help maintain the equity in your home.
