Tuesday, November 1, 2016

Downsizing Advice for Home Sellers

Selling a home is an emotional process for many sellers, especially for those who have lived in their homes for a long time.  While a majority of sellers who downsize do so when they retire, there are many reasons home buyers seek a smaller home. Perhaps you want to save more money with a smaller mortgage payment or you don't want the maintenance that comes with a large home. Whatever your reasons for scaling down, you may also be focused on selling for a profit to pay cash for your next home and stash some extra money in savings.

Near term plan to move:  Here are a few tips to get your home prepared to sell -

  • Clear the clutter - since you'll be moving to a smaller space, you'll want to sift through your belongings and sell, donate or toss anything you can live without.  Your new home may not have the storage available to save items that have outlived their purpose.

  • Update the interiors - depending on the age of your home, you may not have to undertake an expensive renovation. Instead, update your appliances, make repairs and never underestimate the revitalizing power of a coat of paint.

  • Hire a professional stager - if you're selling in a competitive or high-end market, a professional stager can bring out the best in your home to set it apart from similar homes on the market.

Preparing for a future move: If you think a move might not be for a few years, here are things you can do now to prepare your home for when you're ready to list.

  • Upgrade - many buyers pay attention to homes with unique value-adds, such as upgrades to kitchens and bathrooms.  So focus on those eye-catching projects as you prep your home for sale.  Keep your receipts, as they may provide a tax benefit when you sell.

  • Look for ways to save energy - today's buyers are interested in money-saving, energy-efficient features, so install energy efficient windows, replace outdated furnaces and water heaters and insulate the attic or basement, if you have one. You may be able to get a tax credit and even save up to 25% on your utilities.*

  • Keep up with routine maintenance - the better condition your home is in, the more you may be able to sell it for. Plus, routine maintenance helps to prevent expensive repairs following a buyers home inspection.
* Source: US Department of Energy, Energy.gov
Adapted from Buffini & CompanyRMMK October 2016

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