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Think POOR to earn, think POORER to earn more (or why—and how—you should renovate before selling your home):
• PAINT. Buyers are looking for a fresh, clean-looking home. A fresh coat of paint, preferably white or a subtle color—will do that. Couple this with accent paint (painting your fireplace wall different, for example), and you'll certainly leave an impression. Besides, if your home was built before 1978, the law requires you to remove possible lead content in your wall paint.
• OUTDOOR. Buyers often drive around before deciding which home to enter and inspect closely. They're looking for an inviting look. Welcome buyers to your home by sprucing up your outdoors. To real estate experts, this is called 'curb appeal.' To you, this means mowing your lawn, trimming bushes, cleaning pathways.
• OPEN SPACE. Buyers try to imagine how your home would look like if it were theirs. Help them. Keep your home neat and open. Store unnecessary furniture. Box personal memorabilia like children photos and deer head stuffing. Dry clean curtains. Sweep the fireplace. Use Windex. Rent the Rug Doctor. Spray Febreeze.
• REPAIR. Buyers, even if they initially agreed to buy your home, can change their mind after a professional home inspection. And these home inspectors point out everything and anything that a seller can use to negotiate a lower price (or worst, back out of an agreement). Prevent this. Replace that worn out screen door. Buy a new faucet to replace that leaking one you wrapped in rag. Spread new caulk on the bathroom tub you promised to do five Springs ago.
Your renovation can stop here. If you want to dictate a higher price, think POORER and add two renovations.
• EXTERIOR. Consider a new roof. Two reasons. A buyer will back out of a deal if their home insurance application is rejected because your roof leaked in the past 5 years. A new roof is expensive but its cost is tax deductible.
• REPLACE. If you've done all of the above and still can't sell, consider the top two rooms which, according to homeowners' surveys, influence a buyer's decision to buy: kitchen and bathroom. In the bathroom replace the tub (and the sink and toilet to make sure everything matches). In the kitchen, replace the counter top with Granite or Corian.
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