I’ve often been asked this question: If a seller had only $500 to spend on preparing their home to sell, what would I recommend they spend it on?
I recently worked with a seller who wanted to do what I call a Drop-n-Run: empty the house, drop the price and sell as-is. There were many detractors, the biggest of which included: old carpet, old roof, old HVAC, a couple of windows with wood rot, dated wallpaper, a crumbling concrete garage floor, peach exterior paint, the homeowner was a heavy smoker, and the kitchen was painted a very dark Pepto Bismol pink, with a matching border.
He wasn’t sure if he was going to sell outright to an investor, or list it on the open market for buyers looking for a project house. The agent was present as the seller weighed his options. My two cents boiled down to the following:
If selling to investors only, consider getting the home inspected.
CON: Once he knows the issues, he must disclose them.
PROs: It could ultimately eliminate an accumulation of days-on-market. If a buyer backs out after paying for an inspection, the cat’s out of the bag anyway regarding disclosure, but then the house goes back on the market. Days-on-market will be clicking on. (Consult your agent for the fine points of this option.)
If selling on the open market to buyers and investors, I had three recommendations:
Remove the wallpaper border and paint the kitchen.
CON: It costs money and he’s already dropping the price to accommodate the other issues.
PROs: You could see the kitchen from the front door. Upon entering the house, the very bold and dark pink would smack buyers in the face, just as the smoke smell was also smacking them in the face. This would eliminate one major issue during that critical first impression
Shampoo and deodorize the carpet after removing all fabric window treatments.
CON: It costs money, but not much.
PRO: The stinky face-smack upon entering the house would now be diminished.
Replace the master bath light fixture.
CON: It costs money, but not much.
PRO: The master bath had been updated and was in great shape, except the light fixture was bright brass while everything else was white or brushed nickel. Replacing the fixture with another that was brushed nickel would make it completely remodeled and move-in-ready.
Kitchens and master baths sell houses. There was a lot to like about this house. Spending a little money could mitigate the overall hassle and investment factor. (The home inspection was still on the table for the second option, too.)
There’s no cut-and-dried answer for the $500 question, but, here are a couple of my favorites:
Master Closet. If the closet is large but has only the one single bar across, raise the bar, add a second bar, add a shelf, couple of hooks.
Light Fixtures. As with the example of the Pepto Bismol house, one change can transform a room. Start with important rooms: kitchen, master bath, master bedroom, or the foyer and dining room because of the first impression aspect. Don’t rule out spray paint; avoid brushed nickel (cheap-looking), but black and trendy colors can be fabulous.
Paint. Touch up the trim throughout, repaint scuffed stair walls, the front door, Pepto Bismol kitchens, rooms with bad wallpaper (after removing the wallpaper).
Carpet. Is it in need of stretching? Take care of it and the carpet might not be scrutinized so closely. Worn stairway carpet at the front door can be replaced with patterned carpet that adds a designer touch and creates a great first impression.
Cabinet Pulls. You might not have money for new kitchen counters and back splash, but replacing the tired or cheap pulls with something nicer and current can raise the vibe and perceived value a tad.
Wood Cabinets and Trim: Invest in a $10 can of Howard’s Restor-A-Finish for nicked and worn wood cabinets and trim. (It adds a “new house smell,” too.)
Pre-Inspection Items: Perhaps an issue is discovered on the inspection that will be a huge hurdle for buyers. Save your upgrade budget for the issue.
House Cleaner: Cleaning windows, sweeping cobwebs in the basement, scrubbing showers, wiping ceiling fan blades and window blinds not your jam? Hire someone to do it, especially helpful in a time crunch.
Home Stager. $500 won’t go far with rented furnishings, but a stager who works with what you own provides a massive return on investment. I have restyled dated homes resulting in lessening the overall dated vibe. (Never underestimate the effect of removing a fistful of doilies!) Arranging furniture in a more updated fashion, with an eye for first impressions, will help the home appeal to a broader base of buyers, and get you a contract faster!
Gather Estimates. I worked with an agent who had a home similar to the Pepto Bismol house, and she put together a list of estimated costs for the major items buyers might take issue with. If nothing else, the list supported the reduced price, while preventing an extremely low-ball offer. Plus, it costs zero dollars to get estimates.
Need a plan for the best use of your update budget? I know some tricks of the trade, such as how to nicely paint kitchen cabinets yourself—no sanding—for around $100. Schedule your appointment today!
You might also like: What Buyers Want to See in Your Internet Photos
Copyright © 2022 by Cynthia Gentry Black, Home Staging by Cynthia, LLC in Kansas City.
All rights reserved. No portion may be shared, reused or republished in any format without express written consent of the author.
