If you’re a homeowner, at some point in your life, you might consider selling your home and move on to greener pastures; or you might be a real estate investor who just bought a house and want to flip it for more value, but how exactly do you do it?
Not all homes appreciate in value by itself, since value appreciation is largely dependent on location, but you do have the option to make improvements that will help you sell a house for a greater price than you initially thought.
Of course, it’s advised to seek the help of real estate experts if you want to make a profit from selling your home, but these tips should get you started and should help you make a viable plan to increase your home’s selling value and overall marketability.
1. Increase Your Space
Adding more space to your home can greatly increase its value. Houses are valued and priced based on their square footage, or the livable space that they have, and the more livable space that there is, the higher your home will be valued.
Thus, adding an additional bathroom or some other usable space will increase your home’s space as measured in square feet and will in effect boost its selling price in the market.
However, there are times when the costs to renovate your home and add space could be greater than the value you would get if you sold it right after. Say adding a new bathroom would cost you $40,000 while adding $25,000 to your home’s resale value. In this case, it would be better to add space to your home if you plan to live in it for a while, so you may also enjoy the benefits of the additional space. The time you spend staying in your home will also give it time to appreciate in value, although that is dependent on your home’s location as well.
2. Clean and Declutter
Perhaps the most inexpensive way to increase your home’s value while at the same time making it more appealing to potential buyers is to clean and declutter your home. It’s highly advised that you take out all unnecessary clutter such as personal belongings and family memorabilia that the next occupant won’t need.
Not only will decluttering help make your home look brand new, it will also make it appear as if your home is more spacious than it actually is. Only maintain the essentials such as furniture and appliances. Also, don’t just stow away your decluttered belongings to another space in the house such as the closet or the garage, as clients may look at those spaces too. It’s better to put them away somewhere away from the home such as in a storage unit, or even donate the things that you can give away.
3. Improve Curb Appeal
The view of your home from the curb is the very first thing that prospective buyers see, and you should make it a point to make a good first impression. Add beauty to your home’s exterior by improving its curb appeal such as by installing a new door, mowing the lawn, cleaning your gutters, planting flowers, and constructing a walkway or patio.
You can get creative with how you’d want to improve your home from the outside as there is a variety of other ways to improve curb appeal. Plus, these improvements can also make your home more enjoyable to live in if you’re planning to stay in it for a while.
4. Have a Fresh Paint Job
A fresh coat of paint can instantly change how your home looks and how it feels when you’re inside it, and it’s not that expensive to get done. Before you put your home up for sale, have your home get a new paint job and see how brighter it gets. It may also have the effect of making your home appear larger and thus more appealing to possible buyers.
However, it’s advised to stick with neutral colors as you’d want your home to appeal to as wide an audience as possible. A new paint job can make even a dated home look brand new and thus more valuable.
5. Update Your Tech
You’d want to make sure that the next occupant of your home has what they need at their fingertips. It’s advisable to update appliances to fit contemporary homes and invest in tech such as smart lighting systems and smart thermostats.
Also keep in mind to implement energy-efficient technology. Energy-efficient and environment-friendly features will help your home stand out from others and this may even help you save on utility bills while the home remains unsold.
6. Let in Some Light
Lighting will help bring out the best version of your home. While you can invest in better lighting, nothing beats the brightness that natural light brings.
Open your curtains and let the sun into your house and see how everything can look better. It’s also a good rule of thumb to schedule open houses during the daytime.
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