How To Sell Your DC Condo for More Money

Posted by Lise | Filed under: Sellers

Details can detract from the value of your condo if  you don’t spend the time and a little money to get your home into perfect condition!  Small moves can alter the ultimate sales price of an apartment by 5 to 10 percent. The calculations are irrational, and buyers are usually unaware they are doing it. But chipped plaster or broken bathroom tiles can knock $500 to $5,000 off an offer, $1,500 floating walls can add $50,000 to $70,000, and a $10,000 paint job easily adds $50,000 to the price, according to an informal survey of Realtors.  Buyers have no idea what repairs really cost so they over estimate the pain to their pocketbooks, and take it off their offering price.

Some more recent examples they provided of real estate math:

Clutter: Subtract 5 to 15 percent. When you put your home on the market, clear out all of your spare toys and books, to sell quickly. A cluttered condo will linger on the market for more than a year and sell for 15 percent less.

Fresh towels and throw pillows: add $5,000. An owner selling a two-bedroom received offers for no more than $450,000. The owner spent $700 on a fresh bath mat and fluffy white towels and brought in an offer for another $5000.

Dirty rugs: subtract $5,000. Before the Realtor brought to market a one-bedroom apartment , she knew buyers would focus on the off-white living room rug that had grayed with time. “Nobody wants to buy a home that at any point in its history was dirty!”  She bought a sandy white $400 rug, bought some extra plants and had the seller repaint the apartment neutral cream. She is listing it for $499,000 and estimates that without these changes she would have had to list it for $494,000.

Regrouting tile: add $100,000 (to a $3 million apartment, that is). The listing agent advised the seller of apre-war building to spend a few hundred dollars on regrouting. “If you see a bathroom that needs a lot of grouting, you think it needs to be ripped up,” she said. She estimated that grouting, along with moving around furniture and adding lighting, will bring in at least $100,000 more for a $3 million apartment.

New fixtures and appliances: add $250 in rent. A local landlord was shopping for a tenant for his $1,800-a-month two-bedroom apartment. He spent about $1,600: new outlets and light switches ($100), tiles for the kitchen and dining area ($500), four new light fixtures ($40), blinds for three windows ($75) and a new stainless steel stove, microwave and refrigerator ($1,000). It rented for $2,050 a month.

New lights: add $32,500. An unhappy owner had been trying to sell his two-bedroom apartment for a year for $949,000. He received an all-cash offer for about $800,000 and a second offer for $885,000. He took it off the market, rented it for a year and paid a professional lighting designer $150 for advice. He spent $2,000 replacing his chandelier and ceiling fan with two large drum lights. In two weeks he had an offer for $917,500.

Replacing cabinets: add $107,000. A listing agent was recently selling a one-bedroom apartment that she advised her client to list for no more than $310,000. After he spent $20,000 on new kitchen cabinets and paint, she listed it for $429,000, and it went to contract for $417,000.

An expensive shoe closet: worth every dollar. One Realtor reported that when buyers walk into a closet filled with Christian Louboutins, they are likely to pay more of a premium than what the seller spent on her shoe collection. She advises sellers, “You can buy 25 pairs of designer shoes, put them in your closet, and they’re going to get more than you spent on them.” That’s because “people want to step into your life.”


31 Responses

  1. joshua says:

    .

    ñýíêñ çà èíôó!!…

  2. cecil says:

    .

    thank you!!…

  3. Gene says:

    .

    спс за инфу!…

  4. tracy says:

    .

    tnx for info!…

  5. Antonio says:

    .

    tnx for info!…

  6. Nicholas says:

    .

    tnx for info!…

  7. Barry says:

    .

    ñïàñèáî çà èíôó!!…

  8. Randy says:

    .

    áëàãîäàðñòâóþ!!…

  9. Kurt says:

    .

    áëàãîäàðåí!…

  10. eugene says:

    .

    áëàãîäàðñòâóþ!!…

  11. joel says:

    .

    áëàãîäàðåí….

  12. jesse says:

    .

    tnx for info!!…

  13. Brent says:

    .

    ñýíêñ çà èíôó!…

  14. Rex says:

    .

    áëàãîäàðþ!!…

  15. Dustin says:

    .

    ñïàñèáî….

  16. herman says:

    .

    tnx for info!!…

  17. Robert says:

    .

    áëàãîäàðñòâóþ….

  18. ted says:

    .

    thank you….

Leave a Reply