A Simple Guide To Selling Your Home: Tips to Save on Renovations

Hong Kong - renovating to sell

Selling your home can be quite hectic if you don't have any knowledge or experience on how the real estate industry operates. In addition to that, even if your house is in a desirable location, when you are dealing with a real estate broker to help you flip your home you may be ill-advised to over-improve your home. Of course, it is desirable to make necessary upgrades to your home before putting it on the market for sale. There are instances when you may decide to buy an adorable property in the heart of the town, but upon further investigation, you may realize that the property has no long-term potential of a good stream, of income. Thus you will need to flip the home. And, you must consider earning a profit from the sale

However, real estate brokers can mislead if you are that person who gets carried away easily by people's advice. One important thing that you need to realize is that these brokers always yearn to make a quick dime. They know that your house can attract more potential investors if you improve it.

The problem with over-improving your home is that you will incur more expenses and at the end, you might end up selling it for a figure which is just slightly above the normal market value. In that instance, if you factor in the cost of improvements incurred, you will end up realizing that you sold it for a value which is lower than the prevailing market values. The disadvantage here is that the broker whom you were dealing with will still have his fixed share of the total sale price which is an advantage to him. Besides, the broker will have benefitted more because the renovations may have helped him to get an investor faster and hence he made quick money.

The broker aside, you still have to make your old home more appealing to investors. Therefore you still have to make some improvements to it.

Make a Good Plan for all the Renovations

A good plan for renovating your home usually starts with an ideal budget. This is the amount that you can afford to spend on improving the property. The budget helps you to forgo whatever is not necessary. Simply, you want to minimize the costs used in renovations.

Moreover, most property buyers usually have their specific interior design layouts that they would love to fix in a property after buying it. Therefore, you may spend more on such designs only for the investor who ends up buying your property to change everything.

Plan to renovate the basics only and avoid incurring extra expenses which are not necessary. Here are tips to help you save on your home improvements.

Seek Free Professional Advice

Hiring professional designers can be expensive. Instead, you could get free advice from local tradesmen who deal with home-improvement materials. When local tradesmen realize that you are going to buy renovation materials from them, they will help you in designing for the renovations. Usually, they have designers among their staff to help their clients in interior design and remodeling of homes. This is your chances to save a dollar on improving your home.

Purchase Discounted Materials

In almost every home-improvement store, this also applies to other general merchandise stores, there are materials which are overly discounted. Generally, these huge discounts on certain products result from their low market demand. These days as new products are being introduced into the market at a very fast rate, similar previous products in the market become outdated.

This doesn't mean that the previous products were of lesser value. Apparently, today people have fallen victims of hype and will desire the latest gadgets and other products as opposed to similar previous products.

This leaves traders with the option of selling these previous products at very attractive discounts to get them out of stock. These are the ones that you need to purchase as long as they are in good shape.

Seek the Services of a Moonlighter

Apart from the IT industry, the other industry which has a good number of moonlighters is the building and construction industry. Typically, large businesses in the building and construction industry usually charge high rates for their services. If you decide to purchase their services, you may end up incurring a lot of expenses.

However, there is a good alternative to purchasing the same quality services at an affordable rate; you need to purchase these services from a moonlighter.
Ideally, the employees in these large businesses usually provide the same services after their normal daily schedule for a lesser cost as they seek to earn an extra dime. These people are usually referred to as moonlighters. You will have to use their services for your renovations.

If you don't have any clue of where to get a moonlighter, just visit your local home-improvement store and inquire from the manager. You might be surprised at the number of options available for you to choose from. This is because these moonlighters work with the employees of these stores to get updates of anybody seeking their services.

Therefore, you will end up with the same quality services at almost half of the normal costs.

If you are planning to sell, you home, use these tips to save on any improvements needed, and eventually, you will get better value for your house.

How to Market Your Real Estate Property

If you are not a seasoned home seller, marketing your property can prove to a hectic and costly affair. Many home sellers usually rely on the misguided advice of some agents in marketing their property leading to expensive ads and untargeted marketing.

After you have repurposed your home, it is essential to learn the best strategies for marketing the home. Essentially, you need to attract serious buyers who will enable you to recoup the costs that you incurred when making the necessary renovations. It is important for you to ensure that you develop a good marketing strategy that is affordable yet effective in letting potential buyers realize the value of your home.

People adopt various marketing strategies. You have to evaluate which marketing strategy works for best for your property according to its type. For instance, if you are marketing luxury homes, you will definitely target high-end clients using popular home magazines etc. on the other hand, if you are marketing residential flats, you may consider using fliers, billboards or having ads on local dailies. Whatever the strategy you choose, you need to ensure that you reduce the time that the property stays in the market. You also should seek to reduce the expenses incurred during the marketing period because they can potentially affect the overall returns on investments.

As a home seller, you need to determine the most effective ways of attracting potential clients by targeting buyers who are looking for property at the particular location where you own property. You need to define better ways of engaging with your potential buyers. How will you get them to visit your home and view your house? This is the question that you need to answer when developing an effective marketing strategy.

Let's examine some of the best strategies that could help a home seller in determining the most effective promotion methods that will attract high-quality buyers.

Deploy the services of a professional realtor

There is no shortcut around the accurate listing your home if you do not have much experience in selling homes. You'd rather incur the expenses of hiring professional realtors. Realtors bring in a pool of wealth in listing a property and taking you through the various stages required to in flipping homes.

otential investors, especially those with little knowledge about the undertaking of real estate investment in Hong Kong clearly benefit from being represented by a professional realtor in the investment dealing. It is also advisable that you bring one on board. However, if you are already experienced in listing and negotiating the sale of the how, you can save the extra expenses, but disregarding the services of a realtor. This is because they have better knowledge and information pertaining to buying and selling of homes in areas where they believe will be profitable in future.

Local agents have the best information of prospective buyers as well as the marketplace information of the real estate operations in a particular location. Finding reliable buyers in any town of Hong Kong can help you flip a property at a good profit while operating on a low budget.

Take High-Quality Pictures

Potential buyers are appealed by the images of the home.  You need to ensure that you take high-resolution images of the focal point of the home as well as the exterior décor and the landscape design. The pictures should be taken when good lighting is available and their furniture and other accessories have been strategically placed to enhance the beauty of the home.

If you do not want to go wrong here, you'd rather hire the services of a professional photographer who can help you to bring out the best of the home.

Provide a Good Description of your Property

When selling a property, always ensure that you provide enough material information of all the features that make the property attractive to prospective buyers. You need to be good at copywriting which will help you to creatively describe all the features and other elements of the home. Ensure that the description is a true representation of the home. Do not try to exaggerate too much because this can turn down potential buyers when they come for the viewing.

The descriptions should not only be captivating but should be matched by an enticing heading that triggers curiosity and entices potential buyers to read through.

Clear pictures of the features should match the information so that buyers see and determine the benefits that they will reap from the investment.

Market your Property to Locals

Locals are the most high-quality potential buyers who can easily purchase your home. Therefore you need to appeals to them to view the home. Most of the potential buyers usually come from the same location where your property is located. This is because they may have prior market information of the location and thus are able to know how profitable the investment will become after purchase.

You could reach such prospective buyers through local flyers, placing ads in local newspapers or sending brochures through letterboxes. In addition, you may choose to list your property on a local real estate listing.

Avoid Paying for Expensive Ads

Advertising you home is by far an expensive undertaking. This is because you need to match the advertising with high-quality images which makes buying the adverting space much expensive especially on magazines. Glossy and expensive ads usually make your marketing more expensive which might force you to raise the prices of the property that you are selling. It is advisable to keep the costs down by avoiding listing your property in expensive magazines and newspapers that do not target the potential buyers.

Instead, you could erect a simple signboard outside your property that could attract potential buyers who are looking for property at that particular area.

Do not Overprice your Property

Most home sellers have the tendency of overvaluing their properties with the intention of maximizing the returns. Overpricing makes the property unattractive and thus it can be hard to find a good buyer. You need to value your property at the average sale prices of the location so that you can attract good buyers. An expensive home stays longer in the listing and the longer a home stays in the listing the more undesirable it becomes. It is important that you price you home according to the value of the home. It is also important to ensure that the price of the home falls within the price range of similar property in the neighborhood. This helps to make the home desirable to potential buyers. Therefore, you need to ensure that you cut down any costly expenses that could lead to soaring up of the total costs of the home.

Host an Open House

Largely ignored by many, an open house day is the best shot that you can get to strengthen the appeal that potential buyers may have had about the home. It is during this day that you can get the feel about how buyers feel about your property. You will also get more insights that can help you make further adjustments to the home. However, you should not make any adjustments just because a visitor suggested so. You do have to incur extra expenses just because you heard a suggestion from someone.

Develop a web presence

Today most buyers have turned to the internet to look for property that they intend to buy. Therefore, if you really want your home to be viewed by a large number of potential buyers, you need to consider using web-based platforms to market the home.

You need to know how to use websites such as Realtor.com or Zillow to list products as well as to market your home. Moreover, it is also worthwhile to market the home over social media because most online users subscribe to one or several socials networks that are popular in Hong Kong. Additionally, the reach of social media is great and through social shares which increase the visibility of your home.

Conclusion

Buying and flipping homes is a worthwhile investment that can generate better returns if done in the right manner while sticking to a sound investment strategy and plan. It is advisable for investors to rely on the services of professionals in the industry who have prior experience in better ways of valuing old homes that they intend to buy, add value through renovations and later flip them for a profit. Additionally, you should seek to specialize and become an expert is a given lineage of property investment. For instance, you could decide to stick and become an expert in studios only. This can help ensure that you have incredible experiences in valuing and improving the homes, hence you stand a higher chance of profitability. Remember to minimize the expenses involved in cutting down any unnecessary expenses

Apart from the cost of purchasing the old home, you need to realize that you will also be paying for other operating overheads such as maintenance expenses. It is, therefore, paramount to ensure that the property that you invest in is profitable at the end of the day when you have deducted the total deductions.

The prices of real estate property appreciate with time. Therefore, if you are not looking for a quick fix, you can reap good benefits for holding the home. On the contrary, if you are looking for a quick fix whereby you want to buy property, renovate it and then sell it at a higher price, then you are bound to make wrong choices.

Engel & Völkers

Hong Kong, Real Estate Agency
Shop A, Ground Floor, 95 Caine Road, Mid Levels
- Hong Kong
Company License: C-035745
Phone
+852 2561 3616

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