How Homeowners Can Avoid Being Real Estate Losers
A strategy for maximizing the value of your home…and enjoying it more too!
If you’re thinking about selling your home and wondering what you should do to fix it up, I’m afraid I have bad news. It may already be too late. I hate to tell you that you are about to lose time, money, and any enjoyment the sprucing up of your home would have brought you.
It’s true, even if you rake in a ton of equity from appreciation, you are still losing out because you will not be getting anywhere near what you could and should have. The reason is simple and it’s a lesson that most homeowners learn too late.
The more marketable your home is kept, the more value it has.
Here’s the secret: Even if you do not intend to sell your home…having the ability to market it quickly makes it more valuable. In other words, the faster it can sell, the more it is worth.
Your home is not a “liquid” asset and getting money from one is not like cashing a check at the bank. Selling a home is complicated and takes time…and time is money. Once you have decided to sell, you will need to hire a realtor, have the home inspected, perhaps fix it up, set a price, advertise, market, hold open house, entertain offers, open escrow, allow buyer inspections, repair problems, negotiate the price further and hopefully the buyer can secure their loan and finally, actually close the sale. All this can take months even if your home is in perfect condition…and it probably is not.
Today’s home buyers want homes that are in good, and preferably excellent condition. Fixer-uppers are not desirable and will be avoided or heavily discounted at best. If your home needs work the selling process will take longer, and there will always be more work than you expect.
Your home has to be exceptional as it will be competing with others for buyers and these days home shoppers are very sophisticated, more demanding and much less handy than in the past. Buyers will be hiring professional inspectors who will pick your home apart if it is not in good shape. Splashing a little black paint on the front door and replanting a few dead shrubs is not going to cut it if you really want to get top dollar. And you do!
Waiting around till the last minute to fix up your home for sale is the worst possible strategy.
Bottom line, having your home ready to sell at any moment makes it more valuable. Conversely, waiting around till the last minute to fix up your home for sale is the absolute worst possible strategy.
“Fixing up” will cost more than you think. It will also take longer than you want, and as a final insult, you will not get to enjoy the benefits from any of the improvements. Those will go to the lucky buyer.
Forget about enjoying the new paint, carpet, water heater, cooktop, oven and shower etc. …you waited too late.
Here’s my tip. The way YOU can get maximum value from your home is to do something almost no homeowner ever does…start planning for the eventual sale the minute you take ownership.
With my strategy, you can avoid falling into this money losing trap while enjoying a nicer home too, but you need to start now. This is what I call the “live like royalty” strategy. Keeping your home in palace-like condition all the time.
Start living better!
And here’s the really good part. In order to make your home more valuable you must start living better. Yes, you have permission. You must stop delaying repairs, stop avoiding replacing those aged appliances, stop deferring maintenance and start enjoying your home more while keeping it at top value at the same time. It means everything about the home is maintained proactively and kept in excellent condition. The way it must be to sell. And you get to enjoy living in it that way!
Why don’t most homeowners do this? Good question. Many can barely afford to buy the home and perhaps do not have the resources to care for it. Some simply do not know how. Some have no time. Others are just misinformed and think that this big expensive home will never wear out.
I’m sure there are other reasons why homeowners don’t do this, and I am trying hard to inform them otherwise… but seriously who cares? As long as you know better… your home will be more valuable and more fun to live in… and that is what matters.
If you have $500,000 in cash, the best way to keep it from drifting away is to put it in a bank vault. Unfortunately, you can’t put your home in a vault, so the best way to maintain its value is to keep it in perfect condition… through a smart Stewardship strategy from HPS.
Want to know more? Keep reading this website or go to www.homepreservation.com and learn how they can do it all for you. This year HPS is celebrating 25 years of service to Silicon Valley’s finest homes and smartest homeowners.