Inspiration for writing my blog can come from many sources! This post was inspired from a couple of sources but the compulsion undoubtedly came from one. I am currently remodeling my kitchen and boy have I learned a ton without the first cabinet in place!
When sellers decide to list their properties for sale, there is usually some thought given to what repairs or improvements will reap the highest returns. Should I paint? Should I change the carpets in the bedrooms? Should I freshen up the landscaping? Should I replace my tired, old kitchen with something new and modern? And the list goes on. Inevitably the questions that arise are: If I do these improvements will I sell for a higher price? If I don't do these improvements, how much will I have to discount the price and still be able to sell? Let's handle each of these two timeless questions one at a time.
If I do these improvements will I sell for a higher price? The answer to this question has been proven time and time again as a resounding ABSOLUTELY, 100% YES! Homes that have freshly painted interiors and exteriors, new kitchens, clean flooring and a high curb appeal will automatically be perceived more valuable. How much more valuable? That can depend on many factors, but you can rest assured that you will be ahead of the game when you eliminate the major negatives of your home in the eyes of a buyer. The less work that needs to be done the higher the price you'll get.
If I don't do these improvements, how much will I have to discount the price and still be able to sell? If your answer is "the cost to replace these items" you are right! But wait, in the eyes of a buyer, cost is not calculated solely on the money involved. Cost is also the time, energy and aggravation it takes to pick out paint colors, flooring, cabinetry, counter tops, landscaping and have all of this work completed, whether the buyer is a do-it-yourselfer or has to hire professionals! The amount of work involved can be off putting to say the least! You see, from the perspective of a buyer, the cost is amplified, and rightfully so, when the onus is on them to have to complete the improvements. The cost, then, is far higher than what the seller might willing to negotiate!
The key for a seller to enjoy a successful real estate transaction is understanding the mind set of the buyer. In most cases, sellers that make investments in improvements before the property hits the market will see higher selling prices in shorter periods of time! Of course, you should always consult your real estate professional on which improvements will make the most impact at the closing table.
For more information on selling real estate, especially in the highly competitive Bahamas real estate market, please contact me at zack@ParadiseBahamas.com or visit my personal website at www.ZacksIslandProperties.com