I showed two different homes here in Queenstown, Maryland within the last few days which had been sitting on the market for a while. I think they are both great homes with fantastic potential. Both homes are large, have a great floorplan, are in very sought after neighborhoods off of Bennett Point Road and have amazing yards. So why aren’t they selling?
Let’s just say the even with all of the great attributes I previously mentioned they were both a little challenged in the paint and flooring areas. Especially the paint! In case you were wondering sponge paint was super in 1992, but not so much in 2014.
So the savvy home buyer will realize that they are getting a great deal and will only have to put in a minimal amount of money to make these cosmetic changes and will have instant equity, right? Unfortunately the answer is no. Most home buyers just can’t look past that electric blue sponge paint or 70’s era shag carpet. They will go on to the next home stating that the home is just too dated or needs too much work. The reality is that the work is minimal to make a huge difference.
What if I told you that for around a $5000- $10,000 investment in neutral paint and carpet you could potentially increase the sales price by a minimum of $50,000? It may sound a bit unrealistic, but it is true. Getting rid of dark or unusual paint, wallpaper or carpet and painting a light, neutral color and light, up to date carpet makes an enormous impact on a buyer. They will no longer see your home as dated and will be able to see all of the great features of your home and you will get it sold!
