Winter is an excellent opportunity to begin thinking about the spring real estate market. Although there is a lot going on, taking a little time here and there to create a plan, and set some portions in motion, could make a big difference when you’re energized early in the new year.
We sat down in front of the warm fire last night and came up with four ideas for getting ready for the spring. These suggestions are definitely important if you’re considering a home sale, but may also be valuable to those who are looking forward to enjoying their home for years to come.
Start Decluttering
Advice to declutter a home before putting it on the market is so pervasive that it’s become cliché. At the same time, buyers consistently respond better to homes that are sparsely decorated than to those that are densely decorated. They need to see just enough furniture to show them how to use a space, and just enough decorations to make it feel complete. So take a few minutes to pare back, especially in the first few rooms buyers will see.
A home sale is an excellent excuse to declutter, but just about everyone can thin out their collections and displays. Homeowners seem to have a natural tendency to collect things over time, and are often hesitant to part with their possessions. From our own experience, cleaning out our home office to the bare essentials has made it feel much larger, and more inviting.
Take an extra moment to consider the next location for your stuff as you go through things. Most people pack it all into a box destined for either the attic or basement, but that’s just a stopgap. Eventually you’ll have to go through it all again as you clean out your storage areas. We’re not suggesting you part with family heirlooms and items of personal significance, but not everything needs to be saved. Common alternatives to storage are setting items aside for a tag sale, donating them to a charitable organization, or just throwing them away. Freecycle and CraigsList are also great resources.
Take on that Smaller Inside Project
Since it’s cold outside, winter is a great time to take on an inside project. Think about your home from a buyer’s perspective … is there anything that stands out as needing an update? This is another opportunity to improve a buyer’s perception of your property without too much of an expense.
Focus on first impressions and on highly personalized design choices when making a list of potential projects. Wallpaper and paint are the easiest to do, and can usually be done in a weekend. More ambitious homeowners might consider projects in bathrooms, the kitchen, or even the basement.
Each January we find ourselves energized by all the possibilities and good intentions associated with the beginning of a new year. Painting and redecorating a room is a great outlet for some of that energy since it allows us to feel productive and improve the look of our home.
Lay Groundwork for Major Projects
At this point in the real estate market it’s difficult to recommend that owners undertake major renovations before putting their home up for sale. Move-in ready homes are definitely in higher demand than those that need a little work, but the headache and cost involved in a major project is often not recovered in the sales price.
That being said, we can certainly imagine situations in which a targeted professional renovation would more than pay for itself and help a home sell more quickly. One example would be updating an original bath in a home that is otherwise move-in ready.
Contractors are less busy during the winter. They are more likely to have time to come out and give a quote for your job. The earlier you sign someone up for a project, the sooner you can get on their schedule. And they may even be willing to cut you a bit of break on the price if you help them keep their crew working through the winter.
In their most recent survey of home improvements, Remodel magazine found that most projects in the metro Hartford area return far less than their cost, typically between 50% and 80%. One of the most cost effective improvements that had a budget of at least $20,000 was what they call a “Midrange Minor Kitchen Repair,” with a 79% cost recovery. Basically this is a refresh of an existing kitchen with new appliances, cabinet doors, countertops, and sink.
Another category of improvements that homeowners begin to notice at this time of year is energy efficiency. New windows, insulation, and furnaces are valuable additions to any home even though they are not as flashy as a new kitchen or a perfectly decorated space. We highlight energy saving features when showing properties, and have noticed more buyers asking about them recently.
Talk to a Mortgage Professional
Finally, if you are considering a sale in the spring, then this may be the ideal time to reach out to a mortgage professional — especially if you are planning to also buy a home in the area. The first issue you should talk through is your credit score and ability to qualify for a loan. If you’re in poor financial shape you want to know that as soon as possible so that you can begin to fix any credit problems.
Another important topic is whether you need to sell your current home before you can qualify for a mortgage for a property at the price point you’re targeting. (And while we’re here, are you targeting the correct price point for your income and assets?) Coordinating a sale with a purchase is obviously more complicated than treating the two transactions separately, but people do it all the time. You just have to make sure you understand the various steps at the beginning and keep the larger picture in mind.
Stay warm this winter! And remember that we’re happy to help with any questions you may have.
These are good ideas whether one is thinking of selling, or just using winter time wisely to spruce up a house. Planning spring landscaping is also a good one for this time of year. I’m getting a sketch pad and pulling out some books with the idea I’ll use some time pondering where to put bushes and what kind to ge6t based on the light, the soil, and what I want them to achieve in the landscape. Once April hits, I’ll want a detailed plan ready to execute before it gets too hot to plant effectively.
I also liked the declutter comments. The accumulation of “stuff” that is facilitated by home ownership is a fascinating subject to consider. Although hard to watch – I have watched the show “hoarders” with some interest and horror. Why do some people attach such meaning to things that they possess but don’t use – or even see. Why is it hard to part with certain things, but not with others? Its a good way to start some useful introspection, alone or with a therapist. I used to have the extreme opposite condition – throwing everything out all the time. Saving almost nothing but memories in my head. It was cathartic, and fit with my lifestyle at that time which involved many moves to and from different cities and no particularly valuable furnishings etc. Its comforting now, in midlife, to keep at least some things, and feel ok to buy nicer objects with the idea that they will not need replacing. Maybe when I get old I’ll enjoy giving it away over the years, and ending life as I started it – with no particular material possessions to burden the mind or soul.
Michael, very nice thoughts. Kyle has also spent a few winters redesigning our yard to what we would like it to be. It will be a major undertaking if and when we get to it, but we have implemented parts of it here and there over the past few years. It’s also a good time to talk to others about plants that they may have that could be shared/swapped. My mother has extensive gardens in Vermont and is always offering to bring some of it to us. Winter would be a great time to inventory what friends/family has and then plan a plant swap for the upcoming months.