For home sellers, protecting the value of your home for resale is an important but often missed concept. The most important part of the equation is you being able to resale your home's points as part of the "product" to a home buyer.
So here are some steps that must be taken throughout your time as a homeowner to protect your interests and equity.
1. Always document all improvements and repairs to the property with two values in mind: what you paid for the improvement or repair and what the improvement or repair is worth in retail value.
2. Keep a list of upgrades that the house had when you purchased it either new or as a resale.
3. Sell these upgrades or repairs to the buyer as part of your sales pitch paying close attention to the features and benefits of the upgrades. An example would be "We chose to put in the top of the line microwave because it doubles as a convection oven and has a longer warranty which is a lifetime warranty on parts and labor."
4. Make note on whether your home is on a premium lot for the subdivision. Premium lots are usually the end of a cul-de-sac or a lot that offers privacy. Premium lots sell for up to $50,000 more than regular lots.
5. What phase of the subdivision are you in? Most builders built in phases of minimum cost. You can see this in your covenants, especially if you have a section or enclave or your neighborhood.
6. Anything else that you can provide to potential buyers or appraisers to keep the value of your home high will help.
Ultimately, this IS the responsibility of the home seller who hopes to make the most money possible on the product that they have for sale.
Comments(1)