SWOT analysis is a business technique taken from strategic military planning and action; you may have heard of a “SWOT team” in a movie and wondered what this term means.
SWOT stands for:
and this approach to achieving military or business objectives can work for you as a homeowner, too.
When making a decision or considering action in terms of your property, here are ways you can use SWOT analysis to guide your thinking:
Strengths. If you are considering selling your home or your home is on the market now, sit down with a pen/paper to make a list of what makes your home great; sharing what you love about your home will help your Realtor promote your home with an eye toward the high points. If your family loves the walkout basement, your master bath features heated floors, or your home has tons of natural light or a mountain view, you’ll want to include this information in the listing. Highlighting the positives about your property can help me sell it more quickly, and for top dollar.
Weaknesses. Identifying your homes weaknesses may help you decide whether to move on to greener pastures, or whether it is worth making updates that will keep you happy in your current property. It is also worthwhile to mentally walk through the list of weak points in your home if you are trying to sell so you can minimize them. Tight closet space? Remove at least 1/3 of the clothing in your closets to make them appear more spacious before listing. If your kitchen offers little storage, box up anything you can live without and avoid storing items on top of the refrigerator or on the counter top – both of which point out to buyers that your space lacks storage. If you love almost everything about your home but you desperately need an additional bathroom, it might be worth investing in a remodel or expansion of the house. Upgrades (or additions) involving bathrooms will yield a high return on investment when you sell your home.
Opportunities. Have you maximized the livability of your home? Would a small investment in curb appeal make you that much happier when you pull into the driveway at the end of the workday? What about the garage? Do you love to tinker, but maybe you haven’t invested in a workbench or organizational system that will make your garage the perfect spot for building and fixing? If your basement is unfinished, just imagine how much fun your family would have with a media or game room downstairs. Another opportunity to consider: if you are on the fence about listing your home now or waiting until spring, give me a call to find out what is happening in your neighborhood. If you have a floor plan or location that is in high demand and there isn’t enough inventory of your type of home, now might be an incredible time to sell.
Threats. One big threat to the well being of your home is deferred maintenance. If you’ve been ignoring the moisture problem in your basement for 6 months, what was a minor issue could turn out to be a major leak, causing permanent damage to your property or even your health if mold becomes an issue. A few bugs unchecked could become an infestation. The questionable setup of your electrical panel could lead to a fire. These kinds of threats deserve your attention; if you are not qualified to make electrical repairs or to determine the severity of a potential plumbing issue, it is time to call a pro. Your home is a major investment, and much like you make it a point to change the oil in your car when it’s time, or replace a flat tire or faulty headlight – your home requires regular maintenance and repairs. Hoping a problem with your home will go away if you turn a blind eye can lead to compounded issues and higher costs over time.
Are you ready to take a serious look at the potential of your home, or maybe complete a SWOT analysis on a potential home or investment purchase? With over 20 years in Colorado Real Estate, I have the experience to help you analyze every aspect of your home sale or purchase decisions.
Call me to discuss all of your Real Estate needs.
The Meyers Group