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THE LANDLORD DECIDED TO SELL YOUR RENTAL. HERE’S HOW TO GET THE HOME SHOW-READY

By: Karen Behfar



When you live in a rental home, you unfortunately run the risk of the landlord choosing to sell the property. When this occurs, you must clean, organize, and prepare the home for all upcoming showings. To make the home show-ready, here are several tips:

Begin Packing Early – A decluttered home not only looks well cared for, but it also appears larger and is more inviting. As you prepare the house for upcoming showings, begin packing boxes early and removing as many items from the home as possible. If you have new living accommodations already, begin moving many of your possessions to the new location.

Depersonalize the Space – Potential buyers want to envision themselves living in the home. Remove many personalized items in the home such as photos, posters,knick-knacks, and family heirlooms. These can all distract from the charm and features the house has to offer.

Clean! – Get a head start on the moving process and deep-clean the house. This process involves more than wiping down baseboards and clearing off counters. You want to tidy and clean all cupboards, drawers, and closets. Potential buyers will look in these areas and you don’t want to scare them away with too much clutter and trash.

Let in the Light – When you get the house ready for a showing, you want to think “bright.” Open all the window treatments and clean the windows. Replace burnt out light bulbs and keep the lights on during showings. A bright home appears welcoming and happy – a feature many potential home buyers desire. Even though you’re just the tenant, you never know if the new owner might decide to keep you.

Do You Want to Sell Your Home,
But Run a Busy Household?

If you run a busy household, completing this project may not happen that easily. Instead of stressing out, use simple organizational tips that will help your house appear clean, well-maintained, and tidy, all without spending too much time and effort. Here are a few tips to try.

Clear off Counters–Ideally, there should be no more than a few items stored on kitchen counters and only hand washing supplies left on bathroom sinks.

Pay Attention to the Floors– Keep all main walkways clear of crumbs, toys, and extra items.

Pace Yourself– Don’t try and do it all in one day. Instead, focus on just one room, closet, or cupboard at a time.

Hire Some Help– If you simply don’t have the time or the energy to maintain your household, hire someone to help you. Professional housecleaners can focus on all interior living areas, and landscapers can ensure your exterior looks just as nice.

Keep Your Home Décor to a Minimum– In many households, too much décor doesn’t add to the house, instead, it makes it look cluttered and messy. Limit the amount of décor that line your shelves, sit on top of tables, etc. The less you have in the house, the less you have to clean, and the more the future buyers can envision living in the house.

Seller’s Concession
Is Your New Best Friend

One of the expenses that first-time home buyers underestimate is closing costs. They hear from family members who may have bought in areas outside NY that closing costs are two percent of the loan amount. However, NY has an additional closing cost that many states do not have called mortgage tax.In Brooklyn, 1.875 percent of the loan amount is taken at closing as a tax. On a $1M loan, that sum amounts to $18,750! In addition, there is something called a mansion tax for any property over $1M which adds another one percent of the PURCHASE PRICE to the costs. When buying a house worth $1.5M with a $1M mortgage just your taxes are over $30,000! It is obviously helpful to be prepared for that and have enough savings, but what if you didn’t? Here is where seller’s concession can come into play. A seller’s concession allows you to increase the purchase price of a house and potentially finance some of the closing costs.
Let your loan officer walk you through the process.