What is “exit strategy” and why is it so important?
I’ve helped hundreds of people purchase their “forever” home. A surprisingly high number of them have called me a year or two later saying they have to move. Job changes, family issues, health reasons, etc. can (and unfortunately do) come up unexpectedly. All of a sudden, your forever home isn’t forever anymore. Did you compromise on some of the appeal items because you thought you’d always be there?
Buying to sell is, in my opinion, the only good way to purchase real estate. Even if you believe this time it’s your forever home! Life can throw us curve balls so how can we be prepared to sell fast and still come out on top? That’s something we teach every single client that hires us to be their Realtor.
Focus on the majority
When you move in, by all means, paint every wall the color you want it to enjoy your new home to the fullest. Just be prepared to paint them something neutral when it’s time to sell. A lot of buyers have a hard time seeing themselves in a home when they don’t like the color of the walls or the style of the flooring, no matter how simple it would be to change it. They can’t “see” the finished product. And most buyers will estimate 3-4 times the amount to make those changes – and guess what? They will dock you that inflated amount with their offer! So, yes, it DOES pay to do the neutralizing improvements before selling.
Any upgrades or renovations should always be thought through to ensure the styling isn’t so rare it comes across strange to a majority of potential buyers. Make it yours, but don’t make it ONLY yours, or it will could hurt your potential equity and take longer to sell.
Just like in life, majority rules. If you don’t take what most people prefer into account, you may end up with less and have to wait longer to make your move.
The three biggest keys to resale success are:
- Floor Plan (Open or Closed Off)
- Nearby Home Comparability
Reinalda Lancaster Real Estate can help you optimize your house at little or no cost to you to ensure your sale will get every bit of equity out.
After all, it’s likely the biggest investment of your life, do it right! So to summarize, exit strategy means buying a home through YOUR buyer’s eyes.