Seven Tips: Add Value, and Help You Sell Your Home
Deciding to sell your home may seem like a massive undertaking. Be prepared to prioritize any necessary repairs to increase the home’s resale value on the market. When you improve the condition of the property, you can maximize your return on investment by quickly closing the deal. This article provides seven helpful tips on the most essential repairs your home might require in order to improve the home’s resale value and generate the most profit.
Considerations for Upgrades
Many sellers are constrained by a limited budget. To get a reasonable return on this investment, you have to make good decisions about any repairs. It will also be necessary to account for multiple variables that affect the home’s overall market value. This includes the condition of similar properties as well as the average value of other homes in the neighborhood.
Most experts advise performing repairs that are consistent with the quality of similar homes, and avoid making any repairs that are too flashy for the neighborhood. For example, if the home is located in an area where there are no swimming pools, installing a pool is unlikely to increase the value of your home relative to the costs of the upgrade. Try to strike a balance between investing in renovations that are cosmetic and structural repairs, which appeal mostly to experienced buyers.
Increase Home’s Resale Value in Seven Steps
1. New Carpet: Enhancing the condition of the carpet is an essential upgrade for any home that is going to be sold on the market. Fresh carpet is appealing because it makes the home feel brand new. Any home that has stains and other dirt baked into the carpet will be perceived as less valuable than a home that has a clean, new look on the floors. The perception of value is as important as the actual market value in many of these cases.
2. Fresh Coat of Quality Paint: A fresh coat of high-quality paint creates a positive first impression, and it can dramatically improve the appearance of a home that requires additional work. Always consider the effect of any sunlight that enters the room when choosing a color, and avoid bright or high-contrast colors. Muted tones work the best, and it gives the impression of a properly maintained space. The scent of fresh paint is an effective way to create an environment that is welcoming to the buyer. Avoid cheap paint whenever possible because this technique will backfire if it starts to peel.
3. Structural and Cosmetic Repairs: Obvious signs of major damage are a big deterrent to most buyers. Roofing renovations can have a large return on investment in these situations. This investment increases the value of the home and increases the prospects of closing the deal. Consider repairing or replacing essential features of the home like the plumbing or HVAC system if you expect to deal with knowledgeable buyers who will have the home inspected before committing to a purchase. If you have any funds left over from structural repairs, consider upgrading the countertops or replacing a key appliance.
4. Insulation Improvements: Insulation upgrades provide a major talking point when a potential buyer is doing a walk-through of the home. Energy-efficient windows are extremely popular with informed home buyers. If the home has an impressive U-factor, make sure that this information is available to the real estate agent in a form that they can use to estimate the monthly cost savings on heating and cooling. Double-pane windows also reduce the monthly utility bills, which improves the buyer’s perception of value. Additional home insulation in the walls can reduce the energy use by up to 30 percent, according to the North American Insulation Manufacturer’s Association, or NAIMA.
5. Replace Old Carpets with Hardwood Floors: Many home buyers prefer hardwood flooring to carpet, so this is an effective renovation that will appeal to these buyers. It is important to make this decision based on the understanding that it will primarily appeal to this group. If you planning to sell your home based on this strategy, make sure that you select a neutral tone of wood to avoid any kind of extreme or overpowering color palette.
6. Tile Flooring: Carpet and hardwood floors appeal to a generic base of home buyers, but tiles express a specific kind of personality. In addition, it is traditional to use ceramic or porcelain tiles for certain rooms inside of the home. You may choose to select an appropriate type of flooring for the kitchen and bathroom areas to provide contrast to the main living room areas. Mute tones that blend in with the paint will appeal to the widest base of home buyers.
7. Clean Entrances: Buyers often make major purchase decisions based on the first impression of the entrance to the home. While the real estate agent is finding the right key, the buyer will be looking around at the condition of the paint, exposed gutter parts, the style of the door and windows, and the front yard. Make this area feel welcoming and warm. Entice your buyers to feel like they would want to experience this place every day.
Additional Considerations to Increase Home’s Resale Value
Classic Floor Designs provides a variety of services and solutions to help you sell your home with the best possible return on your investment. There is no guarantee that any specific renovation will increase the home’s resale value, but there are many ways to improve the odds. For example, the condition of the homes in the surrounding areas can constrain the impact of any curbside improvements. Another point to consider is the overall condition of the home. Some sellers make the mistake of investing in expensive upgrades in a home with a low existing market value. In this situation, the best strategy is to target specific improvements that will increase the value of the home in proportion to the other homes in the area. Contact us today for additional information or a consultation appointment.