new roof , they think they ’ re going to get $ 15,000 more for their house , when in reality the new roof means they avoid selling the home for less than it should sell for and possibly save months of market time before receiving an offer . Some improvements just help home sellers avoid getting something less than market value for their home .
The improvements that tend to hold the most weight for buyers are the ones most visible : updated kitchen and baths , new flooring and paint , the front door , and improvements to the curb appeal of the home . These will all have an impact on buyers . Adding new insulation to make the home more comfortable is something buyers should pay more attention to , but often they don ’ t focus on those types of upgrades on the first walkthrough . It ’ s more about appearance , layout , and functionality . We regularly consult with homeowners who are trying to decide which improvements to choose when they have a limited budget to help them get the most bang for their buck .
Deferred Maintenance
When we first walk through a house with the homeowners , we pay attention to deferred maintenance and wear and tear , because these will have gigantic implications on what the house will sell for . I ’ m not talking about once the home inspection happens and then negotiating the costs for repairs that need to be made . That ’ s too late in the process . When buyers walk through and they start seeing issues with the house , they ’ re going to start thinking , chaching , cha-ching — dollar signs to fix all those maintenance items . The home might be in the perfect area of town and have the perfect floor plan , but if they see issues that are going to take time and money to fix , the offer is going to be far lower than it would be than if the house was in great condition .
With an immaculate house , buyers will be worried that the house is going to fly off the market because it ’ s so nice and shows so well , and they ’ ll get excited about it and make a good offer . That ’ s what you want . They can tell the home has been well cared for — and that means fewer headaches for them once they move in . But if a house has a lot of deferred maintenance , then that will dominate their attention on the entire walkthrough . Often their mental estimates of the time and money to fix those issues will be far greater than what the actual time and cost would be to fix them . And if they write an offer it will be far below what it would have been if they didn ’ t notice the deferred maintenance .
Price Per Foot By far the biggest mistake homeowners and even many agents make is comparing homes on a price per foot basis to determine what a home should
The Listing Triangle™ Page 23