When selling a property, there are many misconceptions that can hinder the process. In fact, whether it's about preparing a house for sale or putting the ad online, there are many myths that need to be dispelled in order to succeed in this most important transaction.
1. Any type of renovation increases the value of a property.
Not all renovations increase the value of a property. Examples include a paved driveway or a swimming pool. These items do not affect the price of the property.
Kitchen and bathroom renovations, on the other hand, offer a very interesting potential for profitability. However, the work must be evaluated to ensure that it is financially beneficial. Using materials that are too expensive or changing the cabinets when they could simply be revamped reduces the profitability of the project. On the other hand, low-level renovations can hurt the sale. Finishing the basement is another example of work that increases the value of a home.
An important point to note is the difference between improvements that increase the value of the property and those that facilitate the sale. For example, repainting the interior and exterior of the house does not increase the monetary value of the house, but it is a cost-effective improvement since the cost is low and it adds value for future buyers.
2. No need to depersonalize your property for sale.
Not depersonalizing your property will not prevent you from selling it, but it will make the process much more difficult.
The objective of a visit is to allow potential buyers to project themselves, to imagine living their daily life in the place. Staging the rooms will make this visualization much easier. Depersonalizing consists, among other things, of removing family photos, religious objects and cleaning and hygiene products.
3. Staging the interior is much more important than the exterior.
Staging the exterior of your home is just as important as the interior. Why is this? Because it is the first thing visitors will see.
Their first impression will be the presentation of the front of the house, the entrance, the garden and the porch. The winning recipe is to ensure that the yard is well maintained and that the entrance and porch are clean.
For the backyard, staging offers the same advantages as for the interior: allowing future buyers to project themselves. Again, the yard must be well maintained and the patio clean and uncluttered.
Basically, buyers are taking in the whole lot, not just the house, so the exterior, as well as the interior, can influence the buying decision.
4. The best time to list your property for sale is in January.
January, or winter in general, is not necessarily the best time to list if you take all factors into consideration.
Winter (like fall) is a very active time of year with a large number of transactions taking place. The early months of the year attract first-time buyers who will not be renewing their leases, while other buyers are looking to take possession in the spring to take advantage of the summer to get comfortable in their new home. This provides great visibility for properties for sale, but it also means more competition.
Buyers will not choose the first property they find. Generally, they will take the time to do their research to find what is best for them even if the property is not at the top of the search results.
5. If a property is on the market for a long time, it will be "burned".
In the same sense as for the listing period, time on the market does not necessarily "burn out" a property.
Buyers will not stop at the most recent properties in their search. They will look at options based on their criteria, not on the listing date.
There are many reasons, not all of them bad, why a property stays on the market longer than average.
6. Investing in a private sales site rather than a real estate broker saves money.
This is not false. On the surface, a private seller website seems cheaper than a real estate broker, but you're exposing yourself to other disadvantages. For example:
- The paid advertisement does not guarantee the sale of the house. You will have to reinvest until you sell, whereas with a broker, you only pay the commission when the property sells.
- This type of site does not offer the visibility of Centris or the expert work and vast network of a real estate broker.
- You will spend a lot of time managing incoming messages and conducting showings.
- The process is very stressful.
Team up with a real estate broker to separate the myths from the reality to successfully sell your property.