7 Ways to Increase the Value of Your Property

Attracting eligible buyers who are willing to pay the asking price of your home can considerably increase, simply by attending to the details that have a constructive influence on the value of your home. Recognizing that there is a difference between value and price is important. Value is subjective to dynamics, for instance, comparison to other purchase options, features, location and the condition the home is in. Price is simply the dollar amount you are requesting for the property. Here are 7 simple tips to gain the most positive impression to the value of your home:

1.      Cosmetic improvements are important. Simple things like a fresh coat of paint can add more value to your home that what it costs. Other jobs that homeowner’s can do themselves include having the carpets & floors cleaned or if there is a yard do a little landscaping (i.e. adding flowers or new sod). All of these things will add more value to the property than it costs. If you can, do the cosmetic work yourself instead of paying someone else to do it.

2.      Value is also affected by the condition of home. It’s recommended that you do a seller’s home inspection so that if there is something that needs to be fixed, it can be done prior to closing. A failed buyer’s inspection could hold up your check or could even possibly cost you the sale. If the home is in poor condition and needs repairs, buyers will most likely bargain with you on the asking price to make up for what needs to be fixed.

3.      When showing the property, have it be furniture and clutter free. By doing this you make the floor plan feel more open. Open floor plans are more appealing and make a space feel bigger. This perceived size impacts the value, more than the actual square footage itself.

4.      Be strategic in your renovations. Renovations will ultimately influence the value of the property and your bottom line. Be sure not to spend more money to refurbish the home, than you can recapture on the sales price and value.

5.      If you are in a position to update the kitchen and master bathroom, do so! These lifestyle home improvements have a big impression on home buying decisions. These enhancements consistently enhance a home’s value for the better. As a result, these will always be your best investment.

6.      Sale ability can be increase through vacancy. When a property is vacant it is easier to show, making taking possession of the property happen at a faster rate, and therefore making the property easier to sell at the time it is put on the market. Negative impacts that can occur with an occupied property are circumstances such as, tenants who won’t allow buyer tours or infringements…these all effect the value. Vacancy also gives the buyer the ability to envision being in possession of the home. When attempting to sell your home, you should remove personal items (e.g. family photos…) as well as, being appropriately absent when a showing is taking place. You want the buyer to feel as though they are in their “new home.”

7.      Be informed. Know the value of the homes in your area. Realtors will use the sale information of homes on comparable sales (comps) to determine the value of a home. For example, if you know that the house down the street at 457 Pine Street sold for $415,000 with an updated kitchen, you can get an idea of what the value of your home may be. Taking a look at these comparable is the best way to stay on track of values in your neighborhood.