Preparing to sell your home? Well, wouldn’t it be a dream for your property to fetch the highest price possible?
Generally, there are various strategies to increase the resale value of your property. You can improve the asking price of your home through simple works and budgeted renovation; need not merely relying on expensive renovations.
Closing a deal on your property is a bit like starting a relationship. Especially when it comes to such a big purchase, homebuyers tend to be emotional especially when they see a home they love. That is why the first impression is very important. A warm and inviting house that is visually pleasing can easily make potential buyers fall in love with the place.
Once you are able to touch their hearts, it becomes easier to ask for a higher price on the home.
Tips and Tricks to Increase the Value of Your Property
More often than not, buyers desire a house that is not just visually appealing but is also able to sustain them for the long term. They are more willing to spend on turnkey properties whereby they wouldn’t have to go through the fuss of repairs and renovations.
When we talk about improvement works that can be done to upgrade the resale value of your property, it is vital to not overspend since you would not always get a 100% return on your investment.
1. Take Professional Pictures
If you think the quality of listing photos doesn’t matter? Well, think again.
Listing photos can either make or break a property’s selling potential. Do not expect buyers to be impressed with your listing photos if you yourself are not impressed by them. Buyers wouldn’t even blink twice to consider participating in a home showing if they do not like the pictures they see.
A study by VHT Studios indicated that good quality or top-notch photos can make your house sell 32% faster as compared to a house with average or low-quality pictures. In addition, it was also reported that 51% of buyers purchased a home they have found online. This goes to show the power of a good listing photo.
Try investing in or rent/borrow a high-quality camera such as a DSLR for your property shootings. These cameras allow you to have better control. Its wide-angle lens also enables you to shoot an image where you can see the full space of the room.
If you are tight on the budget, the modern mobile phone does wonders. It does take a while to learn the angles to properly accentuate the space and theme but trust me, it will be worth it.
2. Improve Your Property’s External Front
The exterior of your house is the first thing buyers will see both online (listing) and in person. It is imperative that the curb appeal of your house make a good first impression.
Typically, buyers will first be drawn to the landscaping even before knocking on your front door. It is essential to always keep your outdoor property clean and well-organised. Having a healthy lawn, trimming and weeding flower beds, keeping dead branches at a minimum is not exactly difficult or expensive.
Nevertheless, with hard work comes positive returns since it will definitely improve your curb value.
Other than landscaping, also do not forget about the exterior of your property. Ensure that your fences are in good condition and that there are no excessive creaks in the driveway. If you have a deck or patio, make sure it is well-maintained, free from pests and/or rot.
Meanwhile, simple updates such as a fresh coat of paint to the exterior, replacing outdated awnings and windows are budget facelift works that can do wonders; drastically improving the emotional value of your property.
At the end of the day, a well-taken care property has a better chance to demand more.
3. Deep Clean and Declutter
This is the cheapest “renovation work” that will cost you nothing but time. It sounds like a tiring job to do but trust me, it will make a whole lot of difference.
Giving your property a good and thorough cleanup enables you to have a good first impression. Clean appliances and furniture tend to be more inviting for potential homebuyers. No one individual will spend a second in a house that is grimy, smelly, and uninviting.
Having rusted appliances, stained sofa cushions and clutter around the property will make your house look like it is poorly maintained. This creates the impression to potential homebuyers that there is a lot of cleaning work necessary before the property is ready to receive their family members.
Moreover, decluttering your house will instantaneously make it look more spacious. It helps potential buyers imagine how they can fully utilize the place. Cleaning out the storage spaces such as closets, cabinets, etc., and having them half-empty can also help trick buyers to think that there is ample storage.
4. Cosmetic Upgrades
In most cases, properties with updated and spacious rooms tend to fetch a higher value. As such, there are a few cosmetic tricks that can improve home valuation.
Make your room feel spacious using paints and mirrors.
You can change the way a room feels through the proper use of colours. Light colours make a room bigger and brighter because it is reflective in nature, maximising the effects of natural light in the room. This results in the space feeling more airy and open.
In addition, soft tones such as off-white, blues, greens, violets and etc. are a good option to make your room feel inviting.
Besides, you can also achieve an open space sensation with the use of mirrors. Large mirrors in particular are able to visually double the built-up area of the room. Similar to light colours, the reflective surfaces of mirrors help bounce light around, making the room feels brighter and bigger.
Installing day and night curtains can be an alternative way to improve the room. The sheer fabric of day curtains provides privacy while still allowing daylight to sneak in. This creates an ethereal atmosphere that is both warm and inviting.
Rearrange your furnitures.
Staging is one of the most direct ways to appeal to prospective buyers. It is best to have a minimalistic layout as it helps buyers to envision the potential of the room. Having pieces of furniture that are strategically arranged to fit the size of the room is a great way to showcase usable space.
At the same time, it makes the space less cramped. Remember, less is more!
5. Keep It Neutral
It is always important to keep it neutral when upgrading your property. Ideally, you would want your house to appeal to the general public. Hence, having paint colours and furniture selections that only cater to the likes of a specific group of people will make your house harder to be sold off.
For instance, walls painted with bold colour choices might defeat the financial benefit of painting since buyers will immediately picture themselves having to repaint it to a subtler colour. The same goes for fixtures or furniture that are of an acquired taste. Potential homebuyers may run the cost subconsciously to have them replaced and this is usually a bad sign for you, the seller.
On top of that, I would suggest you not go overboard with the upgrading of your house such as installing fancy appliances, building a pool, etc. Do not expect all buyers to be willing to take up the extra work and time to maintain these installations. In fact, it might even throw off potential homebuyers.
6. Upgrade Fixtures and Fittings
Replacing fixtures and fittings is an affordable way to transform your space.
Before listing your home for sale, give your dated light fixtures, fans, and even door fittings a modern touch. Instead of buying new lighting fixtures, you can opt to spray paint the existing fixtures with trendy colours.
Moreover, if you have a lighting fixture that looks like it is from the early 1970s, you can experiment with removing the light casings. This is an easy and cheap way of making them look modern – making a simple room look totally modern.
Updating the tapware and handles of cabinets, especially in the kitchen and bathrooms can improve the overall look of the space and increase its perceived value.
7. Repair Broken Fixtures and Fittings
Before listing your home on the market, it is good to conduct a visual inspection of the place and repair any broken fixtures. Simple repairs for leaking faucet does not cost much but can weigh heavily for the buyers. A well-maintained property typically has a better valuation.
Leaky faucets, squeaky cabinets, or torn mosquito netting is insignificant and inexpensive to repair. However, these minor repairs can easily add up in the mind of buyers. And oftentimes, they will overestimate the cost of repairs. Therefore, do not give them any reason that dissuades them from putting in an offer or even use these broken fixtures as a point for negotiation.
8. Refresh Your Bathrooms and Kitchen
When renovating on a budget, giving your kitchen and bathroom cabinets a good coat of new paint can drastically change their appearance. Putting attention on the small details like changing the knobs can totally make the furniture look brand new.
Although you might not be able to gut out the whole kitchen or bathroom and put in a new one. You can still paint the walls or change the backsplash to make it appear clean and updated. If you have the means, you can also consider installing a new vanity and sink to give the space a fresh feeling without undergoing a full remodel.
Reminder: Do not go all out and re-route the plumbing, install bathtubs, top-of-the-line cooking appliances, refrigerators. etc., as these do not actually help increase the resale value of your property. No doubt, it gives potential buyers the assurance that there are no major impending repairs to expect.
9. Add Additional Space
In most cases, additional rooms usually result in extra profit. According to New Silver, an extra bedroom can add as much as 15% to the overall value of the property. Contrarily, a half-bath can increase the resale value by over 10% and a full bath by around 20%.
It sure does sound promising, doesn’t it? Still, additional rooms are only appealing given that the work done is of good quality. Moreover, you should also avoid adding an extra room just for the sake of adding. In another word, there must be adequate space for the additional room that is desirable for both children and adults.
If your property does not have enough built-up area to accommodate the extra rooms, then it is best to use your budget on other improvement works.
10. Avoid Shoddy Workmanship
Do-It-Yourself (DIY) projects are a great way to save money while being able to increase the resale value of your property. However, DIY projects with end products that look amateurish would make potential buyers question the upgrade works. They might even consider having the works redone and maybe potentially turned off by it.
Therefore, if you are not a handy person, it’s still best to leave the upgrading works to a professional.
Final Words
There were never any rules that said you must spend a ton in order to increase the resale value of your property. With a few strategies and a good sprucing up of your house, you can easily turn it into an ideal home that buyers would want to own.
Until the next post, take care.
It is the little details that are vital. Little things makes big things happen.
John Wooden
