Let's face it, buying and selling real estate can be a stressful process. Having recently sold my own investment property, I have a new found understanding for what my clients go through! Despite how many homes I’ve bought and sold with clients, it’s not the same when you’re going through it yourself. I want to share with you some advice and lessons I learned along the way, the top things I did to prepare the condo for sale, and what I would have done differently.
1. It costs time and money to prepare a property for sale!
On average, you should expect to spend a minimum of 1% of the list price to get it ready for sale. This number will vary depending on how much you can do yourself and what you hire out. Ask us for a pre-listing checklist or better yet, invite us over and ask what improvments will yield the highest return! Don’t wait until a week before you list to call us, use our knowledge and expertise to your advantage. Try and be realistic about how much time it will take you. I budgeted about 2 weeks to complete our projects, and it took us a solid 4 weeks to get everything done. We focused on a couple upgrades: the bathrooms (new vanties, mirrors, shelving, hardware and lighting), paint everywhere and tile work in the kitchen and bathroom.
2. Paint, paint everything!
This is by far, the most cost affective way to spruce a place up. Walls, doors and trim should be patched, painted or touched up. When we worked on the condo, we painted every wall, we also did the enclosed balcony floor (see below) which made a huge difference. We went with light neutral colours throughout and a more modern grey in the master bedroom which hid a dark teal wall. As much as you love a dark feature wall, it’s not ideal when you’re selling a home. What I wish I had done differently was secured a painter weeks before the condo was going to be vacant. The preparation for painting the walls was very time consuming, and I wish I had spent the money to hire a pro who would have done a better job and way more efficiently.
3. Staging and lighting!
A beautifully staged home not only looks good, but it helps buyers emotionally connect with a home. This is a MUST, but it doesn’t have to cost you an arm and a leg. We always pay for a staging consultation when you work with us, and they will provide a detailed to-do list of everything you need to do. In the situation with my condo, I borrowed furniture from my own home and my parents to stage and spent a few hundred dollars on new white towels and other staging items I could use again. There are also great services for renting furniture (Freedom Rent to Own and Easy Home) if you need. As for lighting, replace all the light bulbs with soft white (not bright white) and this will make a big difference to your ambiance.
4. It’s stressful, so have a REALTOR® to lean on for support!
When you list your home for sale, there’s a lot that is out of your control: what the market is doing, who views your property, what people will say and who will want to offer on it. It’s normal to have feelings of doubt and panic, especially right before you list. I also found it very challenging to decide on a pricing strategy because I was very attached to the outcome and kept second guessing myself. Having a REALTOR® who was unbiased and objective was so important through the process. Tasha helped me weigh the pros and cons of various strategies and she was always there to tell me everything was going to be fine, when I was stressing out!
I’m happy to say the condo was successfully sold to a couple who will move in this Spring!