Extras Make a Difference
Remember that kitchen island you put in a few years ago? How about the bay window overlooking the back yard? Extras like these can make a difference when it comes to selling your home. They add value, but they also add attractiveness for buyers. If someone absolutely falls in love with your garden tub or giant family room, for example, they'll be more likely to make a higher initial offer and pay a higher final price.
Your home's hidden treasures may include:
- Special kitchen features like upgraded appliances, tile flooring or an island
- An expanded master bath
- Cathedral ceilings
- Hardwood floors or other upgraded flooring
- New carpeting
- Finished basement or attic
- Extra-large closets
- Alarm system
- Architectural details such as crown moulding
- Special windows - a bay window, dormers, new windows, easy-care windows
- Outdoor storage such as a garden shed (if in good repair)
- Mature trees or extensive landscaping
- Circular driveway
- Pool or hot tub
- Deck or screened porch
Problems Make a Difference, Too
Buyers may be willing to pay more for special features in your home, but they're just as likely to offer less if the home has problems or needs repairs. If your roof looks worn, your furnace is showing its age or the toilet won't stop running, a smart buyer will deduct the cost of anticipated repairs or replacements from any offer. Even worse, problems such as these can make buyers think there are other problems they don't see, which can kill your sale.
When we look at your home's value, we'll also discuss any repairs you should make before showing your home - and which ones aren't worth the time and expense.
The Bottom Line
Once we've looked at your home's location, the local housing market, its size and features, and any problems, we'll have a good idea of its value on the open market. The initial asking price should be higher than this value; we'll help you figure out how much higher based on your home and the local market.
We'll also use your home's value to figure out your net proceeds - how much money you'll actually make - from the home's sale. We'll take a few different selling prices (based on the home's value), and calculate your net proceeds after paying off your mortgage and the cost of selling the home, such as brokerage/agent fees, title insurance, deed and affidavit costs, taxes and other possible closing costs.