5 real estate deal killer the best decoration can not overcome
Number 5: Bad renovations. Spotty workmanship can be a quick deal killer. Even novice buyer often recognize unprofessional workmanship. Crooked tile, makeshift trim work, sloppy paint, shortcuts and oversights can give the impression of a renovation that was done more to hide more serious issues than to fix any problems the property may have had. Buyers are highly suspicious on work that does not look right in the first place. Even if a buyer is not so knowledgeable in construction matters, the home inspector most likely is. His inspection report will often put the nail in the coffin. You solid deal can very quickly turn sour if a buyer lost trust in the property. It is often cheaper to repair it right in the first place rather than to cover it up and deal with the aftermath later.
Number 4: Structural issues. When there is a leaky roof, the foundation is sliding or a sinkhole just opened up in the backyard, staging will have very little impact on the sale. Sometimes cosmetic issues that look severe but have no influence on the structural integrity of the house can have the same effect. If a buyer perceived the house to “fall apart” nice furnishings can do little to give a better impression. Good decoration does not eliminate bad engineering. Make sure your property is sound and save and looks that way too.
Number 3: Properties in need of Flood insurance. Some properties are required to carry flood insurance when financed due to a high flood risk. The flood elevations are getting re-assessed by FEMA on a regular base. Once a property is deemed to need flood insurance, a large portion of the eligible buyers shy away. One issue is the high cost of flood insurance and the other aspect is the risk itself. Who enjoys getting all their belongings ruined in a catastrophic event. Expect your property value to drop significantly.
Number 2: Title issues. No matter how much a buyer likes a property, once there are legal problems clouding the ownership, a property becomes nearly impossible to sell. No matter how much a buyer loves it, if they can not finance it or take proper ownership, they probably will not buy it. Talk to a real estate attorney or your title insurance early on in the process and make sure there are no unresolved issues down the road.
Number 1: Smell. Pictures can speak a thousand words is an old adage. What your nice picture does not take reference to is smell. Regardless how pretty the decoration, if your house smells of anything but roses you are in deep trouble. Nothing will send buyers running quicker than a funky smell. No matter how much you love your cats, dogs, ferrets and hamsters – make sure they have not left a lingering reminder of their presence. If your tenants were heavy smokers or your leaky roof left a moldy smell behind, brace yourself for a rough ride. Buyers scatter quickly and won’t be likely to return to the “crime scene”. Unless you take the drastic measure to renovate and get rid of the source of the odors, staging will not do any good. Matter of fact is most professional stagers will not furnish a place with offensive odors, unless you are prepared to buy the furniture outright. And by the way, if the smell is so bad that visitors get watery eyes and pale faces when viewing the house, a scented candle will not do the trick.