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5 Tips For Selling Your Home For The Maximum Value
If you're looking to sell your home in the near future, you want to get the absolute maximum value possible on the sale. That's no surprise, but often homeowners end up settling for less than they could have sold their house for if they had only made a few minor repairs and adjustments. What can you do to ensure you're not settling for less? Follow these simple steps to get your home ready for its appraisal and showing, and you could have several thousand dollars more in your pocket than you previously imagined!
1) Consider Your Home's Location
The location of your home will actually have a significant impact on the value of your house, and will dictate approximately how high or low your initial asking price should be. If there's an empty lot next door, find out if there are any plans to develop that space ' if stores or an office building are going in, your home's value will be reduced. However, if it's going to be turned into a park area or green space, it will be in your best interest and your property value will increase.
2) Consider The Housing Market
Is the housing market in your area a buyer's market or a seller's market? If homes in your area aren't selling as quickly as you like, you may be at a disadvantage. You'll be competing with other resellers and developers for fewer buyers, which means that you'll probably end up lowering your asking price in order to make the sale. However, if the market is hot, you should be able to get close to the price you want since houses are in high demand. If you can, wait until the market has turned in your favor, and then list your home. It's a fine line to balance, but if you keep a close eye on things, your Realtor should be able to help you out to make sure you list at the best time.
After you've done these few external steps, it's time to look inward ' take some time to carry out these small adjustments inside your home, and watch the value increase!
3) Repair Everything You Can
It may seem like common sense, but you'd be surprised how many homeowners forget the big impact a little coat of paint can have. If you walk into a home and see scratches on the wall, cracks in the floor tiles, and water marks on the ceiling, it won't matter how beautiful the rest of the home is, because you're going to spend the whole time wondering what else is wrong with the place! Fixing the big things and the little things will make your home look well-maintained and inviting. Since a lot of your home's value is based on perception, you want potential buyers to perceive your house as a place that's worth paying more money for.
4) Make Additions
If it's in your best interest ' and you can find this out from a Realtor or appraising specialist ' add space to your home. The garage, porch and patio are not included in the square footage listing for your home, so if you can add even one more bedroom and a small washroom, it could increase your home's value by anywhere from ten to fifty thousand dollars. You do need to make sure that you won't spend more on the additions than you'll gain back though, as you don't want to find yourself taking a net loss down the line. Another easy addition to make that can significantly increase you home's value is a hot tub! A permanently installed hot tub is considered part of the full property area, and will allow you to start your home at a higher asking price.
5) Do A Little Yard Work
Again, value is based on perception, and if both the outside and the inside of your home are well-maintained, you're going to be able to ask for more money and have more traffic coming through your home. A few hundred dollars spent on landscaping will actually increase the traffic in your home by 200-500% - which could result in a bidding war over your home, if more people are interested in buying. What better way to get the maximum value than through a bidding war between buyers? Keep your grass cut, gardens tidy, your doors and windows fully painted and cleaned, and polish any metal on your door, railings, or gate.
About the Author
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