So I have been thinking about selling/exchanging the rental for a while, and there may be a chance when the current lease expires. I expect it would fetch a higher price if attractive to people who want to occupy the house themselves.
While I don’t plan anything major and have limited budget, I wanted to ask for any input you all may have on prepping properties for sale.
One of the items I’m considering right now is to enhance the yard with additional plantings, as I’m hoping to get this done in advance so there is time for them to grow in. Possibly a new patio/paths as well. A new door? Maybe redo the kitchen floor (it is linoleum)? Painting?
I would prioritize kitchen floor over backyard. Kitchen and Bathrooms generally have higher return on investment. If your kitchen floor is old, maybe might want to paint and change the nobs/hardware on your kitchen cabinet (unless they are new)
Yard should be clean and nicely trimmed, but other than that plants are overrated. You could get some colorful flower right before your listing photos that would do a lot for your money.
This was the recommendation of my PM as well. I don’t know, I feel the neglected backyard and driveway give off a dumpy feel and are reminders that no updates were made to the exterior of the house (other than paint and roof). Bathroom and kitchen cabinets were changed upon purchase, although now I wonder if they should be painted white to look new rather than antique. For the floor are vinyl planks acceptable, or ‘wood look’ tile?
Honestly, with cooling market, I would minimize what you put in the house unless you are going for top notch. I see a lot of houses sitting on the market that were fixed up just for selling. But on the other hand, the one that go pending quickly are either top-notch renovated or clean/original condition with well-maintained vibe but lower price (which gives buyer a choice on what to fix up). Also know your buyers, what type of buyers might be looking for houses in your price range, and target them.
[Edit: this is based on my experience from selling my rental property last month]
Everybody is selling. @manch! Sell your rentals asap!
Ideally at the bottom. Bottom already after 1 year of cooling? Might be permanent or last many years! So in practice, upgrade when it just recover from bottom.
Not selling anything yet. Maybe next year if I want to roll it up to a bigger/better house. Why are people suddenly so down on the BA market? It’s just a lull before it up again.
I think that it’s worth putting money into the yard. It’s just like staging, and I agree with the stormCloud that you want the front to look great. You want them to think “Every day I get to come home to this LOVELY house.” And if it’s not too hard, stage the back with table, chairs, and a BBQ so that they think “And after a hard day’s work, I can relax in this awesome backyard.”
Backyard staging with potted plants (I think they were permanent though as everything was drip-taped)
@Terri, I am the same way. The surroundings make the difference in whether I’d want to live in a house long term, or not. The listings I’ve seen and remembered have nice gardens or views. I would rather have a grown in garden look than one that’s been staged if possible. It seems the housing market is still doing well and sales above listing price but I have to double check. I would consider spending a couple thousand on it but I need to get quotes.
Complete interior painting( generic neutral color)
garden remodel esp front
All lights uniformly changed
Deep cleaning interior
Front side painting
Front entrance and backside pressure wash
Garage door opener ( old one not working)
Removing blinds to show bright light coming inside.
Additional flowers in garden, esp front side.
I short look and feel must be good and home should be in move-in condition.
Good, I plan to do most of these things to make it clean and fresh, but won’t be going over the top with renovations. How much do you spend on the above list, @Jil?
LIke manch I am not selling just yet, either-- the lease goes for almost a year longer, when the tenants are up for graduation (Engineering PhDs). In the meantime, I’m just thinking ahead and possibly doing some preliminary work such as gardening updates, since the PM has said that typically 3-4 months are spent on prepping before listing and that seems unnecessariiy long to me.
Anyway, I’m looking to do an exchange either to a nicer house (easy), or to 2 new rentals with more room to grow. It will be difficult to time the market, but it seems as good a time as any to consider options.
Since Redfin forums, the buying aspects of RE (along with the BA market awesomeness) have been the focus of discussions… still I’m sure you experienced investors must have knowledge of both sides. Don’t tell me you have never sold any of your “holdings” @hanera! That doesn’t mean anyone has to be down on the Bay Area.
Thanks guys, for taking the time to comment amidst stock market precariousness.
You’re right The reason is because the two SFHs in SV, currently rented, are for my sons. The true rentals are in Austin, and started not long i.e. haven’t gone through one cycle yet, started buying in 2013 after the recovery had begun.
Did many buying and selling of HDBs and condos in Singapore, no SFHs. Did one upgrade from townhouse to SFH in SV, still no experience selling SFHs.
up again.
The reason is because the two SFHs in SV, currently rented, are for my sons. The true rentals are in Austin, and started not long i.e. haven’t gone through one cycle yet, started buying in 2013 after the recovery had begun.