10 Tips To Increase Your Home’s Value
Thinking of selling? If the answer is YES, consider the following tips to help improve the market value of your home.
1. Invest in the Small Improvements
Chances are, your walls are sporting a few dents, and not all of your pipes are exactly free of leaks. They’re easy to ignore, but seemingly insignificant issues like these can actually drastically decrease the value of your home. Fixing them has myriad benefits – it both increases the front-end listing price and reduces the number of “negotiating tools” a potential buyer might try to leverage. “Negotiating tools” refers to any minor repairs that a buyer could frame as a weekend project – repairs that they utilize to justify a reduced offer on the basis that they’d be taking on an additional burden.
2. Try Low-cost and Low-maintenance Landscaping
You’ve probably heard that “first impressions are lasting!” The adage holds true, especially for home buyers. When a potential buyer walks onto a new lot, they instinctively place the home into one of two categories: “Buy It” or “DON’T”. A visually appealing entrance and manicured yard can both increase value and ensure buyers’ recognition of the property by setting your property out from the crown. A few simple tips to improve your landscaping include:
● Plant drought-resistant plants
● Clean up hedges
● Prune shrubs and small trees
● And mow the lawn!
3. Get Your Home Inspected
Save the buyer the hassle, and do it yourself. You are now conveying to a potential buyer that you are serious about selling, which once again diminishes their repertoire of “negotiating tools.” Furthermore, you can address all issues that may have been found in the escrow process, reducing your risks of a buyer backing out of a deal.
4. Replace Your Bathroom Faucet
Bathroom faucets are easy to replace and add significant value to the overall aesthetic of you bathroom. Pick a clean and versatile look that will pair with any style or decor. Adding a small, simple update can give the buyer the illusion that the home has recently been remodeled. While making improvements in the bathroom, try caulking around the bathtub and installing a low-flow toilet as well. These small additional upgrades can go a long way.
5. Paint Your Home
Get rid of the old school colors and go neutral. Everybody has different preferences, and as a seller, you want to provide your buyer with the opportunity to imagine the home of their dreams. Painting the interior of the house in neutral tones enables a potential buyer to more easily imagine adding their own touch to the home. Research indicates that neutral color schemes score as the top-selling interior colors – their timeless appeal transcends the tastes of generations.
6. Cut Energy Costs – Go Green
“Going Green” is the newest trend, and it can save homeowners thousands in the end. Try these simple improvements and market your property as a “green” living space.
● Purchase a new water heater
● Assess your air HVAC system
● Replace the windows with high-efficiency windows
● Replace old bulbs with LED Lights
● Install solar panels
7. Keep It Clean
Trash and dirty, unkempt spaces are likely to scare away potential buyers. In their minds, a dirty home is indicative of poor maintenance practices and a general lack of upkeep. Buyers need to feel confident that mold and other unsightly grime hasn’t been building up in the corners and under the baseboards to start haunting there nostrils with the arrival of the year’s first heat wave. Additionally, a messy previous home owner is less likely to notice more serious or permanent damage caused to the cosmetic appearance of doors, windows, railings, and other upgrades.
8. Open The Space
If you are planning on selling soon, clear out the clutter! New home buyers want to see an open space so that they can imagine their belongings in the home. If you have a little more time, open the space further…knock out those unnecessary non-structural walls, for example, and create an atmosphere of possibility and invitation. Opening the space creates a flow in the house, especially for younger buyers who are seeking an open concept home.
9. Fix or Replace Flooring
Depending on the condition of the flooring, it may be beneficial to make a change. If you are stuck in the 1970’s with rag carpet, try installing hardwood floors. If you have a squeaky floor or broken tile, fix it! The floor is also a tool for opening up space and provides opportunity for a potential buyer to imagine themselves in the home. Everyone knows that this repair can be timely, so remove that future burden from a potential buyer.
10. Upgrade The Kitchen
While this upgrade can be one of the costliest, it has the potential to increase your home’s value up to 7%! If you pursue a modern aesthetic, you increase your buyer’s pool; try installing stainless steel appliances or quartz countertops. You do not need to rip everything out, but merely facilitate the illusion that the home is brand new.
At The End Of The Day…
Remember that all of the time and money you invest in the home only helps increase the selling price. However, in the end…ALWAYS weigh the benefits of investing your time and energy versus selling now.
Selling as-is creates an opportunity to get out without all of the work! Many individuals are not in a place to invest money, or they simply do not have the time to make these repairs – if that is the case for you, that’s okay! Remodeling is not for everyone.
Our suggestion: get your house evaluated BEFORE making the investments. You may be sitting on a gold mine you were unaware of. We here at Gulf State Homebuyers would be happy to provide you with a free assessment to help you determine what the next best option is for you!