Opinion expressed by Businessman contributors are their own.
The first step to getting the highest sales returns for your home, unsurprisingly, is a solid understanding of its true value. Maybe you’ve checked the neighborhood and have an idea, but an appraisal is the best way to get data that’s applicable, in part because it’s possible the market has changed since you bought the home. Therefore, assessment should be the first step. This will also help you avoid the problem of homes staying on the market for too long.
Here are five additional steps to maximize value.
1. Upgrade
Updating your home to give it a modern appeal will increase its price, and this can be done through a simple but cost-effective finish — perhaps a natural stone countertop for the kitchen and/or stainless steel appliances. Check out these and other changes that might catch shoppers’ attention, such as new lighting, window replacements, and entrance upgrades.
2. Energy saving feature
One of the factors at the top of a home buyer’s wish list is energy efficiency. They are increasingly aware of environmental issues, and also want to reduce electricity bills. So swap out old appliances for energy efficient ones, and also consider upgrading to Energy Star rated windows and smart thermostats.
Related: 5 Ways to Sell Your Home Quickly
3. Necessary care
When you put your home on the market, but haven’t done the necessary maintenance, you are really selling yourself. Broken or damaged parts decrease the value of this asset, so put yourself in the buyer’s shoes and fix it! This could include something as basic as painting — one of the simplest yet most cost-effective fixes. Keep in mind that neutrals appeal to most people, and if you’re doing it yourself, don’t forget to set aside enough money for rollers, painter’s tape, rags, and brushes. The results will show buyers that your home is well maintained, give it a clean and fresh appearance, reduce shoppers’ work when they move and highlight its features.
4. Improve interior air quality
An air-conditioned and well-ventilated home will appeal to buyers overall, of course, and almost any HVAC system could use an upgrade/repair, even if it’s just a thorough cleaning to reduce contaminants and allergens. A good place to start is to hire a professional company with experience in testing indoor air quality to provide appropriate advice. And the results may surprise you; it could be that the floor is holding back odors, so the suggestion might be to replace it with an option that is easier to clean and odor-free.
Related: 5 Amazing Tips to Turn Real Estate Into Real Wealth
5. Bathroom upgrade
Similar to a kitchen, updating a bathroom is an excellent return on investment. Consider installing new plumbing fixtures and installing a fresh coat of paint and vanity upgrades.
6. Landscape
The discreet beauty and accentuation of the grounds and gardens give your home a stunning appeal (it’s all about first impressions). So make it a habit to mow the lawn or use a service to do both and trim bushes and shrubs. Also consider new plantings; depending on its location, a tree can add $1,000 to $10,000 to the value of a house.
7. Adding interior space
Homes are partially priced by determining square footage and comparing it to similar homes in the neighborhood, so investing in repairing a rough basement, for example, increases space and value. If there are other unfinished rooms or other areas, it’s time to work on them too!
Related: Real-Estate Gaming is Changing Fast. Are You Ready To Win?
8. Staging
Instead of letting potential buyers see an empty house, consider working with a staging company to help maximize visual appeal, and value. Staging helps shoppers appreciate curb appeal (exterior considerations are often taken into account as well), and helps them imagine themselves living there, which increases the likelihood of buying. Staging helps buyers see the home in its best light.
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