Bargain Buying 101: Things to Look for In a Deal

When you’re shopping for a new home, it’s not uncommon to face a little bit of sticker shock when it comes to price. This often leads to buyers trying to find a good balance between what they want and what they can afford. However, if you’re smart (and maybe a little lucky), you may be able to find some really great deals if you know what to look for.

One of the keys to finding a good deal is to look for properties that have qualities that might seem unappealing at first but that can be corrected fairly easily. Some of these things can drive prices down significantly but won’t require a major renovation to fix. If you’re hoping to find a bargain, here are a few things to look out for.

Ugly Paint

Even though there’s a lot of damage that can make your paint look ugly, sometimes the paint is just ugly because someone chose to bring together colors that should never coexist. It could be awful colors, it could be cheap paint that’s faded over time or it could even be an amateur paint job that never got touched up. Regardless of the reason for the ugly paint job, it can drive the price of the property down by thousands or even tens of thousands of dollars. It doesn’t even have to be the entire house; one ugly room can give you an opportunity to find a good deal on an otherwise nice property.

Landscaping Issues

A property’s yard is one of the first things that potential buyers see. If it’s obviously been neglected or has bald patches and overgrown flower beds, this can make a negative first impression because it suggests that the house itself might not have been taken care of either. That isn’t always the case, though. Even if the house is in good condition, a yard that needs some TLC can usually shave some money off the asking price and help you to net a great deal.

Fixtures and Accents

There are a lot of cosmetic elements in houses that can start looking rough over time. Handles and knobs can come loose or become tarnished, shutters can get loose, bathroom tiles can become cracked… the list goes on. While updating these issues won’t break the bank, many sellers will drop their asking price quite a bit due to how these little things make the house look.

Bathroom Concerns

A lot of buyers shy away from houses that have obvious bathroom problems, causing those sellers to bring the price down significantly in many cases. Depending on the extent of the issues in the bathroom, though, there could be a real opportunity here. If the problem with the bathroom is mostly cosmetic, then you may be able to fix it on the relatively cheap side and save a lot of money in the process. Just be sure to keep an eye out for signs of water damage or mold, since that could indicate problems that would be much more expensive to fix.

Previous Foreclosure

One other strategy for finding a deal is to look for bank-owned properties that were previous foreclosures. These properties are often sold at a discount because the bank isn’t necessarily trying to sell the house at market value, it’s simply trying to recoup the money it lost when it had to foreclose. The amount you can save will depend on both the bank and the amount of equity that was in the home when it was foreclosed, but you may luck into a great deal on a nice house this way. Just be aware that while there are legitimate programs that can help you find a foreclosed property, there are also some scammy ones out there as well.

Call in the Experts

Having your Realtor help you with your search is another way to find hidden gems and get a bargain on your next home. They can find you properties that need some of these little fixes and give you an idea of what sort of updates the property could need.

Selling Your Home in the Off Season

Spring and summer are traditionally seen as the best times to sell your house. Research has actually shown that homes sold during the first half of May tend to sell faster and sell for a higher average price than house sales at any other time of the year. Once you get into fall and winter, buyer competition doesn’t seem as fierce and average prices start to drop. This doesn’t mean you can’t sell during the off season, of course; it just means that you need to maximize the value of your home to get the most out of your property.

There’s Always a Buyer

Even though it’s the off season, there will always be someone out there who’s looking to buy a home. There are traditionally fewer home sales during the fall and winter, but that doesn’t mean that there aren’t any. It’s easy to assume that you’ll have to take what you can get if you find someone who’s interested, but that’s definitely not the case. While there’s a good chance that you’re a motivated seller if you’re selling during the off season, keep in mind that many home buyers are motivated as well. It’s true that you might not get as much out of your home as you would near the start of summer, but don’t think that you’re necessarily going to have to settle either.

Aggressive Pricing Strategies

With that said, you’re more likely to sell quickly if you’re more aggressive with your pricing strategy than you would be during the summer. Don’t price your home for less than its worth – but cut a little closer to its actual value than you might otherwise. Determine the actual value of the home and what you need to get from the sale, then add a little more to the total to give yourself some wiggle room for negotiations. This lets you present the home as a great deal and still yield a bit to the buyer, convincing them that they really are getting a great deal on the property and need to make the purchase before somebody else comes along.

Appearance Matters

It’s always important to have your house looking its best when you’re trying to make a sale, but it’s especially important during the off season. This can be a chore, especially if you have trees dropping leaves all over the yard, but it’s worth it. If at all possible, your home should be the one that stands out from the neighborhood because it has fresher paint, a neater lawn, cleaner windows and any other adjustments you can make to improve its overall look. The more you can wow potential buyers, the more likely they are to actually buy.

Cut Out the Clutter

If you’re in the process of packing while trying to sell your home, take any boxes and anything that’s ready to go and get it out of the house and into a storage unit or elsewhere. The same goes for most of the clutter that we build up in our daily lives. When a potential buyer comes to look at the house you should ideally have everything pared down to some basic furniture, standard amenities and perhaps a few picture frames or other personal items that are tastefully presented around the house. You want buyers to see the house for its beauty and be able to picture their lives there, not to see how the house looks overflowing with your life.

Be Prepared

If you really want to get a potential buyer’s attention, show them that you’re prepared to answer any questions they might have about the house. Get a pre-inspection so you’ll know about any issues that you might not have noticed, making necessary repairs or disclosures as needed. Gather up documentation about the heating and cooling system, any maintenance that’s been performed and even details like the energy ratings on the windows. If you really want to go the extra mile, track down photos of the house from different seasons or pictures of any flowers or trees in bloom so that potential buyers will have an idea of what they can look forward to.

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Summertime Selling Tips

Since school is out and the days are longer, summertime is the perfect time to put your house on the market. Take advantage of warmer weather to spruce up areas that need it. Make sure that when prospective buyers come to look at your home it gleams under the summer sun.

Freshen Up

It's amazing what a big difference a bit of freshening up can make. Indoor and outdoor spaces alike need to reflect the care you’ve given them. It's a good idea to patch holes in drywall, clean carpet and make any repairs that might be a safety concern. A fresh coat of paint can make a dramatic difference. Repaint any rooms that could use some brightening. You don't need to paint the exterior of your house to freshen it up. Try pressure washing siding and decking so that everything looks pristine.

Decorate More Generically

As precious as your family photos are, they are not ideal for potential homebuyers and can be distracting. Clear out any personal items in your home like photos, collections and award certificates. This also includes items that might be considered controversial, such as political flags or morally questionable paraphernalia. It’s not always easy, but it will help you sell more quickly in the long run.

Keep the Outdoors Great

Even if the sun can turn your skin to bronze, you don’t want the same effect on your lawn and garden. Water regularly to keep your grass lush and to make wilted flowers stand up tall and proud once more. Also, don’t underestimate the power of curb appeal; trimmed grass and hedges make a bigger difference than you might think.

Stage the Home

Once the house is clean and working like a well-oiled machine, make it even more beautiful with staging. Professionally staging the home means that furniture and decor are brought into the home by a decorator. This process makes for a clean and cohesive look. Staging can make a huge impact on people who are touring the house.

Use the brightest season of the year to highlight your home’s beauty. You already know it’s a gem, so show buyers why they should think so too!

Empty Nest? 5 Changes Your Home Needs Now That It’s Kid-Free

The house you raised your family in has seen a lot — a lot of love and laughter and maybe a little turmoil. Now that your home is officially kid-free, it is in dire need of some enhancements so you can make a smooth transition from being a full-time parent to having a less hands-on relationship with your children.
Check out these five changes your home is begging for now that you have an empty nest.
First-Floor Guest Bedroom
Think about rearranging the layout of your home now that the kids are out of the house. You might already have plans to turn one of your kids’ bedrooms into a guest bedroom; however, if it’s on the second floor, consider using a room on the first floor. For now, you can use it for guests, but if you plan to stay in your home for the rest of your life, you may want your bedroom to be on the first floor when you get older.
Create Extra Space With Fewer Walls
If you have a few smaller rooms that were once kids’ bedrooms, consider knocking down a wall or two to create one larger space. It makes sense to have lots of smaller rooms if you have a house full of kids, but now that it’s just you or you and your spouse, you can keep one bedroom for guests and create a bigger room to serve a more meaningful purpose, such as a studio, office or home gym.
Kitchen Facelift 
With lots of people in the house, it can be tricky to do any kind of home upgrade or renovation. Now that you have an empty nest, consider making kitchen upgrades that you’ve been putting off. Does the tile need work? Do the cabinets need replacing or maybe just some paint? You could also update old appliances — now is the best time to do whatever needs to be done to bring your kitchen up to date.
Master Bath Enhancements 
With kids out of the house, you will have more time to yourself and hopefully to pamper yourself. Make some updates to the master bathroom by changing the counters and cabinets and/or adding ambient lighting with a dimmer. Add a bench in the shower and a heated towel rack. Replace towels with ones that are plush and soft. Do whatever is necessary to make your bathroom feel more like a spa. You deserve it!
Update Your Most-Used Furniture
Maybe you didn’t want to invest in high-end furniture while you were raising kids because you feared stains and smears on expensive items. However, now is the time to invest in a little luxury. You can transform your home into more of an adults’ house by swapping out some older pieces of furniture for something tasteful and refined.
Looking for even more ways to update your home? Give us a call today! We love sharing our expertise.

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