Steps to Maximize the Value of Your Home on the Market
When people seek to sell their homes, they want to get the most money possible. In turn, they’ll have more funds available for buying their next residence. This is why it’s so important to prepare your home for viewing and to avoid common landscaping mistakes. In this article, we’ll discuss the best ways to maximize the value of your home when putting it on the market.
Increase Its Curb Appeal
You only get one chance to give people a good first impression of your property. As soon as folks arrive, they’re going to be scanning your roof and looking at the quality of your windows and doors. They’ll also be checking out your front garden, pathways, and fences. It may be that you need to spend some time in your garden, removing the weeds and trimming the hedges. Make sure there’s nothing lying around in your backyard, such as broken toys and unused garden equipment.
Some people need to move quickly (e.g. when facing foreclosure, being declared bankrupt or going through a divorce). In these scenarios and more, they often avoid using a real estate agent as it slows down the sale process. You may be a resident of St Louis who has an old outdated home with lots of plumbing issues. It’s possible to sell your house fast in St Louis, even if it needs cleaning or is in poor condition. There are companies that buy for cash without commissions or fees, and who can enable you to close in seven days or less.
Deal with Any Structural Issues
If your home has issues such as subsidence, it’ll have a significant effect on the value of your house. There’s no point in making superficial changes to your home if these problems remain unaddressed. If a potential buyer arranges a home inspection of your property, these issues should quickly come to light.
Some common problems include:
- rising damp and structural cracks in walls
- rotten joists or roof timbers, and insect infestation
- unstable chimney stacks or bowing walls
- sagging or leaky roofs
In these instances, it’s important to contact either a surveyor, structural engineer, or builder.
Build an Extension
This could be a long-term investment if you don’t plan on moving in the next few years. Perhaps you have a growing family and could do with a second bathroom or an additional bedroom. You may have an elderly relative who is coming to live with you. Alternatively, you may have a small kitchen and want to extend it out into the backyard area. How much value you add to your house will be determined by the type and size of the extension. Before you do anything, make sure you speak to an architect or builder. You’ll also need to make sure that you budget for the work. This will include having an emergency fund to cover any unexpected eventualities.
Remove a Wall
These days, open-plan homes are becoming more and more popular. Perhaps you have a wall between your kitchen and dining room. If this was removed, you’d end up with a large kitchen diner. In turn, you’d have an improved communal space for socializing, relaxing, and eating together. If your children do their homework while you prepare your meals, it would be easier to multitask.
Speak to a specialist before you do anything, especially from a safety angle. The task could be something that’s simple and inexpensive for a professional to do. The work may even be completed within a week. However, if you need to remove a supporting wall, the cost and time will increase notably.
Potential buyers aren’t going to be impressed by your property if there’s junk and clutter everywhere. If you have things you no longer need or want, either give them away, sell them, or donate them. Anything that’s broken or damaged should be responsibly disposed of. If you have lots of large items that are dominating rooms, you may even wish to consider using temporary off-site storage.
By clearing the space, people will find it easier to envisage themselves living in your house. And just as importantly, the rooms will look bigger!
Make Some Small Improvements
You may have areas in your home that could do with a fresh lick of paint. If so, use light or pastel colors. Don’t go overboard, however, because the buyers of your home will probably have everything redecorated anyway. A key activity would involve painting over scuff marks and dirt.
Take a tour around your house and look for anything that requires attention. This could include threadbare carpets, cracked tiles, broken door knobs, or limescale around your bath or shower.
Split Your Home
Your property may be large enough to be split into two or more separate residences. This option could provide you with access to rental income, as well as add significant value to your property. Besides speaking to architects and building contractors, you should also seek legal advice.
You’d need to research planning permission and drawing up leases for separate residences. It’s essential to make sure there are no legal barriers before you pursue this option. Some local authorities may place restrictions on the size of each apartment, or in connection with parking or the number of rooms.
Make It More Energy Efficient
If you buy new windows and doors, these will make your home warmer during the winter and cooler during the summer. Plus you’ll save money on your electricity bills. You may wish to consider adding a new boiler, or insulating the loft or walls. Also, block up any cracks or holes in the walls of your home.
If you install solar panels, you’ll no longer be dependent on the grid for your electricity. You may also be able to sell any surplus energy.
We’ve now discussed a number of different ways to maximize the value of your home. Some changes will cost more than others, and will depend on how soon you plan on selling. If you act wisely, however, you’ll get more bang for your buck and be delighted with the eventual sale price.