Maximizing Your Home’s Value: The Power of Strategic Updates

Want to know my favorite aspect of my job? Ok I’ll tell you. :) Prepping and staging homes. I love watching a home transform as we prep it for the market.  

Even the cutest of homes can use just a little decluttering, cleaning, and staging to ensure it’s photo-ready.  

Don’t hear me say that I will never list a house “as-is.” There are definitely circumstances where listing “as-is” makes the most sense.

However, if a seller is looking to get the most money out of their home, there are certain things that should be done.  A buyer will pay top-dollar when they are able to walk in a house and know there is nothing they need to do once they move in.  A buyer is less likely to pay over asking price, or even asking price, when they leave a showing with a long mental list of items that need to be fixed once they were to move in.

IS THE INVESTMENT REALLY WORTH IT?

A lot of sellers question if spending the time and money to prep a house is worth it.  We hear objections such as (my response is in bold):

  • Will we really see that much return on investment? Yes…strategically investing in updates and improvements that offer a high return on investment can help maximize the property's market value and justify our asking price.

  • Doesn’t a buyer want to choose their own paint colors, carpet, etc.? A buyer mainly cares that they don’t have to spend the money to do those things once they close on it.

  • I’ll be out of state and can’t coordinate the work. That’s why I’m here! Let me be your ‘boots on the ground’ and take care of coordinating everything (more on that below).

  • My house is ready to be listed today and doesn’t need any prepping. We want to transform it from your “home” to a “house.” The goal is to cater to a wide range of potential buyers, which may entail removing personal touches like family pictures, repainting lime green rooms, or moving the treadmill from the kitchen (and yes, that has happened!).

  • Inventory is low so the house will sell regardless. Yes, it will probably sell in just a few days and might even have multiple offers on it. But I can guarantee that you will get WAY more money for your house if it is prepped and staged.

THE GOAL : to maximize the home's attractiveness with minimal spending.

I love what Ryan Serhant, a NYC broker & real estate coach, says, “If you’re not careful, a buyer’s first impression will be their last impression.”

So, how do we make sure a buyer doesn’t make up their mind in the first 5 seconds that it’s not the house for them?

THE PROCESS

  1. I will preview the home and come up with a strategic to-do list that will get the most return for your investment. The most common items that I suggest are:

    • painting

    • addressing any maintenance issues

    • carpet cleaning or replacement (depending on condition/smell)

    • pressure washing exterior of home, driveway, and sidewalks

    • professional cleaning

    • hardwood floor refinishing (if really scratched or peeling)

    • painting kitchen cabinets or bathroom vanities 

  2. I will coordinate with our network of reliable contractors to go to the house and give quotes.

  3. We discuss which of the quotes we want to move forward with.

  4. I will schedule the work to be done according to our timeline.

  5. Once the work is completed, the home is staged (at no cost to the seller) and professional photos and videography are done.

  6. We go LIVE in the MLS! 

Below are some of my favorite transformations. Two of the three were rentals (not managed by our team). These sellers were all very smart- they were willing to do what it took to get their house market-ready. They could’ve easily decided to list with the house in the “before” condition, but they knew the time, money, and energy would be worth the investment. I’ll let the numbers prove that. :)

NORFOLK BUNGALOW GLOWUP

As-Is Price: $175,000

Prep Work Total: $7,275

Closed Price: $220,000

 

WATERFRONT REVAMP

As-Is Price: $900,000

Prep Work Total: $29,672

Closed Price: $1,112,500

 

VB TOWNHOME TRANSFORMATION

As-Is Price: $120,000

Prep Work Total: $3,502

Closed Price: $160,000


Thanks to Virginia Real Estate Photography and Coastal Exposures for the images.

 
Perrin Duvall