Home sellers tend to underestimate just how much work it is to sell a home. Between making upgrades to listing and open houses, it can be a time commitment that often seems like a full-time job. Fortunately, there are a few things you can do–including making some renovations and working with an experienced agent–that can make the process go more smoothly and ensure you get top dollar. Here’s what you need to know if you plan to add your property to the list of Lido Key homes for sale.
Know what an inspector will find
If a seller doesn't opt for a home inspection, the buyer most likely will. This may not be the case when the market is so volatile that buyers waive an inspection, but these times are an exception, not the rule. It's the seller's choice whether or not to get an inspection, and if they do, it's important to note they have to disclose any major findings to potential buyers. That's why a lot of sellers prefer to let the buyer pay for the inspection. However, that doesn't mean sellers shouldn't be prepared for their home inspection. Knowing if the home is up to code or not, for example, could save sellers the huge shock of tens of thousands of necessary dollars in repairs.
What do inspectors look for, and what can sellers do to make themselves aware of how their home will perform, and if there is anything they should remedy before listing their home? Inspectors look at critical parts of a home, including roofing, electrical and plumbing, air conditioning and heating systems, structural integrity, and the walls of a home. Many homeowners aren't aware of damages or necessary repairs for these essential components of a healthy home until they have a leaky roof or no hot water.
Enlisting the services of roof inspectors, trusted plumbers, electricians, contractors, and architects can help sellers evaluate if they are in need of any repairs or if they will be in the future -for example, a new hot water heater. From there, sellers can decide if it's in their best interest to fix the issues found or if they're minimal enough to leave as is.
Choose remodeling projects that pay for themselves
Some renovations will pay back the money sellers put into them. Annually evaluated by the Cost vs. Value Report in
Remodeling Magazine, certain renovations pay back the money that was invested in them and then continue to earn for the seller because the renovation is so highly valued.
For 2023, these include HVAC conversion from fossil fuel powered to electric, garage door replacement, manufactured stone veneer, and steel entry door replacement, all garnering 100% return on investment or more.
Of course, not all homeowners will be able to make these updates. Some cost-effective, easy options that work for sellers include putting in new flooring and putting fresh coats of paint on walls around the home. Making a home more aesthetically pleasing always attracts more buyers who may be willing to pay a little more.
Before sellers sign on the dotted line for any projects requiring the assistance of a contractor, they should make sure that the renovation is going to increase the value of their house. If a home can sell for more money in a year's time(not taking real estate market conditions into consideration) with the renovation than it would sell for now, a seller can be confident that they're increasing the value of their home.
Upgrade your curb appeal
The importance of curb appeal can’t be overstated. There are some larger projects homeowners can take on, such as giving the house a fresh coat of paint, that improve the aesthetic appeal of a home at first glance. However, sprucing up the outside of a home doesn’t have to be a huge undertaking.
Add color with perennial and annual flowers, and add a variety of shrubs that are visually interesting and different. Spruce up the mailbox area, weed, and tidy up any walkways. Mulch any beds and make sure that the grass looks as meticulous as possible. Update the shutters and the trim, and give the front door a pop of color.
First impressions really do matter, and the front of the house is where buyers receive their first impression.
Take notice of the real estate market
Having a finger on the pulse of the market is crucial to knowing when to sell. A seller that never checked in on the Lido Key real estate market wouldn’t know that home sales have increased by nearly 50% in March 2023 compared to February 2023, although year-over-year single-family home sales and condo sales have decreased in Sarasota County while median home prices continue to rise. Taken together, sellers could understand that
this data is telling them that while the market isn’t as volatile as it was a year ago, it’s picking back up for sellers again, and with an increase in home prices that puts Sarasota County median home prices at the second highest in the United States-invaluable information that those considering selling their Lido Key home.
The longer a Lido Key seller takes note of housing market trends, the more confident they can walk into their own home listing and the better equipped they'll be to choose the right time to sell for them. A great real estate agent will help a lot with this part of the process, but it never hurts to be in the know.
Enlist the help of a stellar agent
A realtor in the corner of the seller really can impact how high those initial offers are. Listing agents do so much for their clients, from advertising a home for sale to fostering an air of exclusivity around luxury homes, facilitating open houses, and picking a competitive price point. It's always wise for sellers to seek the help of a qualified listing agent.
Sell your Lido Key home
Selling
Lido Key real estate can be daunting, and figuring out how to make money back on a property can be even more daunting. No seller wants to walk away from a home sale feeling like their investment didn't work for them. That's why upgrades are essential to bringing in the best offer, even and especially in a seller's market.
