How to Increase the Value of Your Home Before Selling
What’s your primary goal when selling your home?
If you’re anything like most sellers of existing homes, you want to sell it at the highest possible price and make a tidy profit. Selling the property quickly is also a major goal, but in this article, our focus is on the profits.
While we would all want to overprice our homes when given the opportunity, the truth is selling at a good profit is easier said than done. You especially have to know how to increase the value of your home before you put it on the market.
In this article, we’re sharing tips on how to increase the appraisal value of your home without spending a ton of cash.
Understand How Local Market Conditions Affect Home Values
When your goal is to increase the value of your home before selling, it’s understandable that the first thing you’re thinking about is making some physical changes.
These changes go a long way, no doubt, but don’t ignore the fact that you can get the most value without even doing a thing to your home. You just need to sell it when market conditions are right.
Seek to establish whether it’s a seller’s market or a buyer’s market in your area. When it’s a seller’s market, the demand for houses is higher than the supply, which drivers up property prices substantially. A buyer’s market is the opposite of this, which means prices are often subdued.
If it’s a buyer’s market and you’re in no rush to sell, it’s advisable to hold on to the house until a seller’s market comes around.
There’s a wide range of physical changes you can make to your house to increase its appraisal value.
Some of these are low cost and can be done by self. For example, giving the house a deep cleaning, manicuring the lawn, and putting a fresh coat of paint on the walls can add some value to the house.
You can also go all-in and invest heavily in upgrades or remodels that will yield a significant value increase. A kitchen makeover can add about $20,000 to the value of the house.
Don’t rush into making these upgrades or remodels. Do your research to establish what upgrades will offer the most bang for your buck.
Also, be sure to work with professionals if you want to be on the safer side. Companies like Diligent Exterior Remodeling can do a good job without leaving a dent in your wallet.
Install Energy-Efficient Features
A recent study established that green-certified homes sold for 9.5 percent more than comparable homes without green certification.
Your home doesn’t need to be green-certified to fetch a higher price on the market, though. Installing energy-efficient features such as LED lighting and solar power will make a big difference.
Know How to Increase the Value of Your Home
Buyers are aplenty in the real estate market, but if you want to get the most money, you need to know how to increase the value of your home. Strive to sell it when the market is right, but also don’t ignore the importance of repairs and upgrades.
Explore our blog for more real estate tips and insights.