Should I add on to my home or sell and buy a bigger home?
You should consider these questions before making a choice between adding on to your existing home, upgrading your condo verses moving up in the market to a larger house or condo complex.
1. How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house or condo?
2. How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level? What about the condo association requirements if expanding to another unit?
3. What do local zoning and building ordinances permit?
4. How much equity already exists in the property? Will you be overbuilt for the subdivision or the complex?
5. Are there affordable properties for sale that would satisfy housing needs?
Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value. Don't forget to contact Andrea Simon to help inform you of your options.
What are some tips on negotiation?
The online buyer is more knowledgeable than most sellers know. They typically have been viewing homes online for weeks, months and sometimes years prior to making an offer. Remember, the listing price is what you as the seller would like to receive but is not necessarily what the buyer will pay. If we have multiple offers it can change negotiations and prices can go beyond the asking price. Before selecting a Realtor to help you price your home or condo, check to see how many closings the agent made over the last several years.
The agent should provide a sold listing link on their website. If not, they may not have the experience you need in negotiating an contract with a buyer. Buyers check the recent sales prices of comparable homes in the neighborhood such as Zillow to see how you as the seller has priced your property compared to area sales.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers. In FL, the seller can negotiate any offer at any time it is presented. It is not a first come first serve state. Also, the seller can require highest and best (usually abbreviated as H&B) from all buyers and select the offer they like the most.
How do I prepare my house or condo for sale?
First and foremost, put it in the best condition possible but not necessarily making complete renovations. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. If a lot of issues you may decide to market it as needing TLC (tender loving care) or a fixer-upper to attract the investor buyers. But know that you may receive extremely low offers since investors want to be paid for the hassle of improvements by offering a lower than market price.
Next, work on your home's curb appeal. Make sure your landscape is pristine and green. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door if you are living in your home. If a condo unit make sure you have an inviting entry free to clutter and the lights on during showings. If a Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:
- Clean the windows, screens and make sure the paint is not chipped or flaking.
- Be sure that the doorbell works and welcome mat is clean and not worn.
- Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure that bathrooms and kitchens are spotless. Paint is cheap but be sure not to over spray on the baseboards or ceilings since buyers will see re-painting as another cost to incur.
- Organize closets and pack up clothes and accessories you don't need so it looks spacious and neat. Nothing is worse than a bunch of items falling on the head of the potential buyer.... yes this happened to one of our buyers... they did not buy the house.
- Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords. Make sure inside the appliances and refrigerator is clean and neat.
- Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting. Caution about candles since left unattended can cause a fire. Invest in a couple of vases of fresh flowers to place around the house.