Just received the March Consumer Reports magazine and a spark plug ignited in my brain! The cover story spoke to me. ‘Boost Your Home’s Value By 10%’. Let’s see if what they say can also relate to how to make your Inn more valuable. Many of the suggestions made in this article are points we have been suggesting (strongly) with our innkeeping clients since The B&B Team has been in business. When The B&B Team values a property, condition plays a big role.
For the article, Consumer Reports contacted 303 real estate pros from around the country. They answered many survey questions. Let’s take a look at what innkeepers should be doing to keep their property in top condition. You do this for your guests, right? You will also need to work for the time, and that time will come, when you open your Inn for potential buyers. It’s important to keep up with real estate industry trends to see what other property owners are doing to get their homes ready for a quick and profitable sale.
‘What are the costliest mistakes sellers make?
#1 Clean Up, Clear Out
‘Nothing drives away would-be buyers faster than clutter.’ I wish we could say that we see this occasionally but unfortunately we see this mistake far too often. Basements and owner’s quarters are the worst. Potential buyers must be able to see their possessions in these spaces. They are leaving their comfortable private homes and need to feel they are entering a clean, safe and comfortable environment for their private living and working space.
#2 Spruce Up the Kitchen
Most of your guests may never see your Inn’s kitchen unless it is an open floor/door configuration. But your potential buyers will! Ongoing repairs and upgrading appliances and fixtures as needed is recommended. You don’t want to be facing costly repairs in a short period of time. A fresh coat of paint goes along way too.
#3 Freshen up the Bath
Have to add the ‘s’ here! “Simple improvements like caulking the tub or re-grouting the tile floor go a long way in the mind of the buyer.” Remember, everything they see that is fresh, clean and repaired well is something they don’t have to face doing themselves.
The Consumer Reports article lists and rates fixtures for the kitchen and bath. Good information and worth picking up this issue or subscribing online.
#4 Paint the Rooms-Selectively
Fresh, clean and de-cluttered also can refer to the walls in your guest rooms. Fussy and flowery wallpaper has been on the unwanted list for a while. Starting now with updating your guestrooms is highly recommended. One or two at a time and you will be surprised at the positive reaction you will get from your guests as well as your future prospective buyers.
#5 Enhance the Exterior
Curb appeal is so important. It is like your home page on your website. The 3 second opt out rule is true for your exterior too. Buyers see overgrown shrubs, weeds in the walkways, and even worse, a cracked foundation. Result: They are thinking ‘reduced price’.
“The roof is another area to pay close attention to because prospective buyers are sure to do the same.” The B&B Team will ditto this statement 5 X +. We have seen buyers walk away from properties that they are very close to purchasing because of roofing problems that the sellers just didn’t want to deal with. True!
“Web appeal” has been called the new curb appeal. That puts a premium on the photos that you use in your online property listing.” We love when our seller clients have good photos. “Buyers pay more attention to photos than the actual property description.”
These are just some highlights from this article with so much great information and advice. It could be 10% boost in value or even more. But don’t wait, the important word here is ‘ongoing’. If you value your Inn than let it shine. Others will also see the care and love you have put into your Inn and that =more value.
Thanks for Listening,
Tags: buyers, consumer reports, curb appeal, inn valuation, The B&B Team
Great notes, Janet.
It always amazes me that people don’t know these things. Thanks for the reminder janet.