For Top home staging tips: Part 1, click here.
Preparing your home to be as presentable as possible is one of the most important roles you as the homeowner play in your home sale. By following these next five tips, you can ensure your home sells for the most amount of money in the least amount of time.
1. Kitchen Cleanliness - Clean, clean, clean, that kitchen like you’ve never cleaned before! This is the first place the female will look. And if the female isn’t happy – guess what? They aren’t buying the house! If need be, hire a professional cleaning company to get at all the little nooks and crannies, down to the last detail. Technically this should apply to the entire house, however start in the kitchen as it is by far the most important.
2. Bathroom Fix-Ups - Small things can make a huge difference in the bathroom, the second most important room in the house next to the kitchen. A cheap mirror can be replaced with a pretty framed mirror for under $100. For a little more, how about a nice antique or higher-end model from a housewares boutique. Switch out the lighting for a some attractive new vanity lights and the bathroom will look as if it's been renovated. And whatever you do – don’t skimp on the light bulbs! This is not the room for the fluorescent twirly lights. Pay the price and buy the LEDs or just use the taboo incandescents, but make sure the lights come on – and bright – right away. No burnt out bulbs or bulbs covered with dust allowed!
3. Get a chic look - Think newer hotels. Replace bathroom towel bars with well-designed ones from a designer boutique or even Home Depot. Matched ensembles such as toilet tissue holder, wastebasket, trays, etc. look fabulous! Crisp white towels neatly stacked in a towel holder, small trays on the vanity holding attractive toiletries or soaps (wrapped or unused) and scented candles.
4. Keep clutter to a minimum - This speaks for itself – get rid of extra stuff or pack it neatly in boxes in the garage or basement. It makes a huge difference to the appearance of your home.
5. Master Bedroom - Again, think the luxury hotel look in the master. Multiple new pillows with shams or toss pillows in front, crisp white linens and a throw at the end of the bed. Keep end tables uncluttered, with matching lamps and nothing else.
For our next 5 tips, please consult our next month’s article.
Preparing your home to be as presentable as possible is one of the most important roles you as the homeowner play in your home sale. By following these 15 tips, you can ensure your home sells for the most amount of money in the least amount of time.
If you want your house to look like it's worth every penny of your list price, you need to put your home’s best foot forward. And then some! Here are some of our best, proven, home staging tips:
Buyers need to picture themselves in your home, not spend time looking at pictures of you, your kids or your pets. Your photos hurt their illusion. Remove all your personal photos and store them elsewhere.
2. Make sure the house is tip-top
No burnt out lights, cracked windows or missing cupboard knobs. Repair anything that needs it. Bring in a handyman, pay a few bucks – it will pay off tenfold at the end of the day. If you are unable to see what needs to be done yourself – ask for a third party perspective. A Realtor is a great resource. Small inexpensive fixes can make a world of difference to a buyer.
This is the main part of the house that is going to sell the female - and let's face it...the female usually makes the final home buying decision. And, women love kitchens - nice ones! Kitchen counters should be clear and clutter-free. Anything you don’t use every day has no right being on the counter – put it away. Store small appliances in cupboards or closets. The more bright and spacious a kitchen looks, the better.
4. Kitchen decor
Once again, the kitchen is the most important room in the house. Countertops are quite reasonably priced – if yours are looking a little worse for wear, it may be time to invest in a little upgrade. Maybe a simple backsplash. A fancy glass mosaic tile does not cost very much if it's a small area, and can be easy to install.
5. Replace cabinet pulls with updated new ones
A nice brushed nickel cabinet pull can make a world of difference to the oldest of cupboards. A nice ceramic is also nice. They aren’t that expensive and you can install them yourself.
For our next 5 tips, please consult our next month’s article.
You’ve decided it’s time to get a bigger place. Or a nicer place. Or a better neighbourhood. For whatever reason, you’ve decided to trade up. There are possible pitfalls and temptations in this transaction that you can minimize. We have made a list of the major steps that you can follow to prevent these mistakes from taking place:
1. You will be tempted to put an offer on the new property prior to selling your existing home. Unless you have the financial resources to buy a new home without selling your existing home, don’t do it. You can make a contingency offer, based on the sale of your home, but those offers are frequently not accepted and if so, the Seller will want more money than if you are a buyer with less "baggage". Also, the sale time on your property is difficult to estimate. And Sellers don’t like uncertainty. Unless you can afford to make two mortgage payments for an extended period of time, don’t put an offer on your new home until your current home is sold.
2. Make sure your home is ready to sell. Your home will sell faster and for more money if you take the necessary steps to make it marketable. Staging is important – the closer your home is to showing like a showhome – the better!
3. Sit down and prepare a realistic budget. Make sure you can really afford this step-up. Don’t be conservative. If anything, pad the numbers to be sure you will be comfortable after the more expensive home purchase.
4. Get pre-approved. Talk to a mortgage broker before shopping for the new home. That way, you won’t be disappointed by finding the perfect home and then discovering you can’t afford the mortgage, or writing an offer and finding the Seller won't consider your offer when you have no pre-approval in place.
5. Coordinate the closings. The sale of your current home needs to close and fund prior to the closure of the purchase of your new home. This requires coordination between many different parties. Work closely with your Realtor to minimize potential chaos at closing. Also, you may want to arrange additional bridge financing with your lender as a back up measure.
Following these steps will help you sell for the most, and be in a position to have the power to buy for the least. Isn’t that what we all ultimately want to do?
7 Common Mistakes Buyers Make When Buying a Foreclosure
There are 7 mistakes that buyers tend to make when purchasing a Foreclosure property. Sometimes these mistakes will result in the missed opportunity of you losing the purchase of the home to a competing buyer in court, and sometimes these mistakes will cost you money or heartache, or both. Here are the most common mistakes:
Mistake #1: Offering Too Low a Price
Because the lender must justify the offer amount to the court, the bank is unable to accept a ridiculously low offer. The lender gets numerous appraisals on the property and knows the value. In Canada, the borrower is liable for any shortfall in a foreclosure, so it is the court’s job to ensure that borrower is protected from the bank selling the property at a substantially lower price. A super lowball offer is likely a waste of time.
Mistake #2: Offering on an Insured Property
If the lender’s mortgage has been insured by CMHC or Genworth, chances are the lender will not accept a super low offer. They have no incentive as they are guaranteed the insured amount from the CMHC/Genworth.
Mistake #3: Assuming Your Offer will be the Only Offer
Many times you will not know that a second or third offer is going to show up in court. If you get cocky and decide to stay home from court and/or not submit an alternate offer "just in case", there is always the possibility that you will lose. Be aware, be there, and be ready to adjust your price if necessary.
Mistake #4: Being Upset After Losing in Court
Be prepared to potentially lose any investment you make in the property before the court order. If you are not successful with your offer in court, any monies you spent on home inspections, etc. are your loss.
Mistake #5: Not Identifying or Accepting the Major Risks
If someone comes in and destroys the house before completion date, the lender is not required to take responsibility. They may take responsibility, but they aren’t legally required to – it usually clearly states that in the Schedule A that you are required to sign with every offer.
Mistake #6: Not Being Prepared for Contingencies
If the property is occupied during the marketing process, there is never a guarantee the “tenants” will vacate the property on or before possession date. If this happens, the bank needs to file for a possession order and forcibly evict the previous owner.
Mistake #7: Not Choosing Tenancy
You will need to advise the court whether you want title to be joint tenancy or tenants in common. If you do not advise the court prior to the court order, they usually assume tenants in common (no right of survivorship). If you wish to change after the fact, it will cost hundreds of dollars at your expense.
This is the third and last article in our trilogy on Foreclosures. For further information and foreclosure opportunities, please feel free to visit our website at www.saltfowler.com.
Read more Just Add Salt! articles
- How to buy a foreclosure: Part 2 May 8
- How to buy a foreclosure: Part 1 Apr 10
- Okanagan lakefront is a good investment Mar 5
- Downsizing: when to sell - how to sell Jan 30
- Home renovations for resale Aug 16
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