Curb Appeal... When You Don't Have a Curb

They say curb appeal is the most important ingredient in the recipe for Highest Return on Investment.  But what if you don’t have a curb?

Approximately 72% of homes in Ocean City are located in condominium buildings or complexes where the homeowner doesn’t have the opportunity to increase his or her curb appeal.  Let’s use that challenge to our advantage, giving us the chance to create a “new curb,” while still implementing the other industry-standard practices to increasing your vacation home’s return on investment (ROI).

 
LONG-TERM VS. IMMEDIATE IMPROVEMENTS
There are two general types of ROI-producing improvements: long term and immediate.  Your Long-Term Improvements are major remodels—improvements to rooms like the kitchen and bathrooms, that you and your family will enjoy for years to come, and I’ll cover these in a future blog entry.  Immediate Improvements are the ones you do to prepare your home for sale, and those are what we’re going to focus on today.?

Getting Ready
Start with a budget.  Once you have the numbers in place of what you can reasonably afford to invest in your home, you’re ready to begin the planning phase.  But where do you begin?

You begin with repairs.  All of them.  The drippy faucet, that loose drawer pull, the rusted screen door.  What may seem inconsequential to you can create a roadblock in the mind of a potential buyer.  Buyers have budgets, too.  Budgets for making changes and improvements to their new home to make it their own, to suit their taste.  But if they start mentally chipping away at that budget because repairs are needed, we see a stress environment begin to develop.  They’ll wonder, If these things are wrong on the surface, what will we uncover with an inspection?

Studies show more than 70% of buyers know exactly what they’re going to remodel before they’ve even sat down at the settlement table.  Notice I said “remodel,” not REPAIR.  Taking care of all repairs and general maintenance not only helps you sell your home for a higher dollar amount, but it will help you sell faster because, not only will it show better, but a well-cared-for home creates an environment of buyer confidence.  Once you have taken care of all repairs, you’re ready to invest your remaining budget into Immediate Improvements.

Immediate Improvements
Minor kitchen and bath remodels are never a bad idea if it’s in your budget, and it would make a noticeable difference if it’s needed.  When doing a minor kitchen remodel, aim to keep things traditional: all-wood cabinets, natural stone floors and countertops, and commercial-looking appliances.  But bear in mind, if a buyer doesn’t have to spend their money on repairs and general maintenance because you have taken care of those things already, they are more likely to consider doing kitchen and bath upgrades themselves.  If your floors and cabinets are in good condition and show well, you might consider only replacing appliances if they’re dated, and let the buyer do the rest of the upgrades in their own personal style.

One of the highest returns on investment in a primary home is the installation of new garage doors.  In your vacation home, this can be translated to the installation of automatic storm shutters on your balcony.  Storm shutters protect your vacation home from water damage (OC’s kryptonite), and can also assist in energy conservation.  Replacing windows and sliders also have a strong ROI and can protect against water damage and reduce electric costs.

Nearly all homes in Ocean City are sold furnished.  If your furniture is in good or great condition, you’ll only need to worry about having it cleaned.  If your furniture is in poor condition, you may want to consider removing all pieces and selling your home unfurnished… but you’ll definitely want to have it staged.  Staging your home is important because it helps paint the purpose of a room so that buyers can envision themselves living in it.

The Seller’s Punch List
After you’ve ticked all the boxes on your list, it’s time to wrap things up.  If it’s been over a year since you’ve last painted your Ocean City home, you’ll want to consider a fresh coat; if you currently have bold colors on your walls, now is the time to swap those for more neutral shades.  Once the paint has dried, it’s time to go through your home and pack up all your personal items, including photos, knick-knacks, etc.  Organize drawers, cabinets, and closets so everything is neat and tidy, as buyers will often open these doors.

Then you’ll want to go through and change all the light bulbs, and even replace all the batteries in your remotes and smoke detectors (if applicable).  Everything should work.  Once you’ve completed all items on the punch list, it’s time to have the condo professionally deep-cleaned. ?

The New Curb
And now we’re ready to create “Ocean City Curb Appeal.”  How can you possibly make your condo stand out and give an awesome first impression without a curb?  It’s so easy.  If we think of the “curb” as what buyers see before they enter the home, there are plenty of opportunities to impress.

The average buyer looks at 6 condos in one day’s visit.  Making your home stand out above the rest begins with the photos.  Your REALTOR should hire a professional photographer who specializes in interior photography (i.e., not a hobbyist).  This is the first nexus of your New Curb.

Next, you still have some exterior of your own that you can improve and dress up.  Make sure your entry door is clean and give it a fresh coat of paint if needed.  Replace your unit numbers for your door to make sure they’re new and shiny.  Hang a beachy wreath on your door, put down a new doormat, and replace your doorknob with one that’s also new and shiny.  These things alone, which may seem small and insignificant to you, will make a lasting impression on buyers who will be in-and-out of several condos that otherwise all generally look the same from the outside… except for yours!?

Bells and Whistles
If you’re wondering what else you can do to make your home stand out from the rest, consider connecting your home with wireless controls for your HVAC system and lights.  Your REALTOR will be able to set you up with showing notifications and you can use these to your advantage to turn up the heat in the winter, or turn down the A/C in the summer, so buyers will be comfortable.  If you have lights connected to a wireless control system, you can also make sure everything is nice and bright for them, or install timers.  If your condo is above the ground floor, consider leaving your blinds open at all times so natural light is always flowing through the space.  Some owners keep a coffee station stocked with disposable coffee cups and a sign letting buyers and REALTORS know they’re welcome to help themselves. 

Don't Let the Lack of a Curb Let You Get Kicked to the Curb
Making the decision to sell your beach home can be a very difficult, emotional time.  As a REALTOR, I consider myself your partner, here to clear some of the fog and remove some of the stresses from the process.  Together we can make your home one of the most appealing ones on the market, curb or not.