HOW TO INCREASE YOUR HOME VALUE
When preparing to put your home on the market for sale, there are many ways to increase its value to potential buyers. There are some things that will increase the value more than others. In our experience, the following are areas that you should focus on to make your home marketable and your sale profitable.
You always want to make the best first impression to a potential buyer. The outside of your home, especially the front of your home, should be as pristine as possible. Make sure the landscaping is well-maintained. You may consider planting seasonal color or repainting the woodwork or the front door. It the house needs to be painted on the exterior, that should be a consideration as well. You want the home to look as clean and as fresh as possible.
Everyone’s situation is different, but the focus should be on making the environment clean and uncluttered. Do not keep a lot of personal items out in the home. Your potential buyers want to imagine themselves living in the home, which is much easier to do in a clean environment. If the home is not painted a consistent color, we highly recommend painting the home a consistent, neutral color throughout. A fresh coat of paint goes a long way in elevating the appearance of the home. In terms of renovations, focus your attention to areas that matter most to buyers. Your kitchen and bathrooms are most important. If these areas have not been updated to current standards or aesthetics, we highly recommend considering this. Staging can also make a huge difference. The home should be furnished when on the market, but sparsely so that the spaces appear larger and less cluttered.
Many home buyers worry about how much maintenance will be required when owning a home, so it is always a good idea to make sure that the major mechanical items are in good working order. You may want to consider repairing broken items or having lapsed routine maintenance performed so that buyers do not have to worry about it.
If possible, you might want to consider items like double-paned windows, programmable thermostats, LED or CFL light bulbs, or added insulation that will improve the energy efficiency of your home. Environmental concerns and energy conservation are becoming increasingly more important, so energy efficiency in the home increases a buyer’s perceived value.
Safety-enhancing gadgets are at the top of the list of smart technologies buyers are now looking for. Items such as digital thermostats, fire and carbon monoxide detectors, security cameras, doorbells, and smart lighting. Any added elements that allow for automation and seamless living will add value to a buyer.
Square footage has the largest impact on value, so if you are in a position where you can add on to your existing space, it may be worth your while. Square footage can be added in many ways. Adding a room, finishing out an attic, or connecting a garage apartment are just a few ways to add square footage and value.
There are many options to consider when getting your home ready to sell. Do you try to list "as is" at a lower price or do you make updates and try to sell for a premium? We can walk you through the numbers to help you make an informed decision for a profitable sale. We can even utilize Compass Concierge to front the expenses for you while you wait for your home to sell. To learn more about the Compass Concierge program, click here.