Usually, one of the first questions we get from our sellers is, "How can I increase the value of my home?" However, we have to first explain to them the difference between price and value when selling a home. Price is what you are selling the property for and value is what the buyer perceives. This perception of value is highly influenced by several factors, including condition of the property, location, features, comparison to local purchase options and more. Therefore, by setting your attention to these details, sellers can positively increase the value of their home by attracting the right buyers that are willing to pay their asking price.
Here are some tips we give our sellers to achieve a positive impact on the value of their home:
· Cosmetics are very important. Therefore, don't be afraid to spend the money needed to splash on some new paint, add new carpet, do some landscaping, plant new flowers, etc. These items will always add more value to the property than it actually costs to do.
· Declutter your home and open up each room as much as possible. Open floor plans are very popular with homebuyers. However, when you don't have an open floor plan, you want the home as furniture free as possible, but not totally free. This helps make the space feel bigger.
· Do your own home inspection to speed up the closing. A failed home inspection can cost you a sale or drop your asking price significantly. Fix any problems before closing or even before putting the house on the market. Also, make sure you have proof of the home inspection and any repairs done.
· If possible, vacate the property while it is on the market. A vacant home is easier to show and easier to sell. Studies show that vacant homes sell faster, too.
· If you own an older property that has an outdated kitchen and master bathroom, consider remodeling or updating these areas. These two areas have the biggest impact on today's homebuyers. Shop around first and weigh your options before deciding which one you will do. Remember, you are trying to get the most money from your home, not sink the most into it.
These tips, when followed correctly, will give you a positive increase on the value of your home. Good luck with your sale.