Of course, selling your home when the overall market is on the rise is one way to help increase the chances you will profit big on the sale of your home. However, even when the market is lukewarm, so to speak, working to increase the overall valuation of your home is an equally good way for you to obtain top market dollar.
Additionally, compared to waiting until the realty market is on the rise, relying on your own efforts to increase your home’s overall market valuation is a much more effective way to sell at a high profit because when you are doing all the work and making the improvements, you are adding to your home’s inherent worth. Consequently, it will be able to command a higher price than that afforded by external market forces.
1. Add a room
In terms of adding value to your home, an extra room is estimated to increase your home’s value at a range between $50,000 and $90,000. If you have large rooms and can tear down two or three non-load-bearing walls and then create additional rooms, this increase in value can lead to enormous profits. However, even if you have to add a room, the costs to add an extra room are typically only $30,000, depending on the amenities and whether you are adding an upstairs room, which requires no floor or whether you are adding a side room, which might involve foundation and roof costs.
2. Upgrade the kitchen
Arguably, the kitchen is the most important room in the house, so it is imperative that you upgrade this room to include modern appliances and an overall decor that is calming and inviting. Although upgrading the kitchen appliances might not add increased value to your home’s overall worth, new appliances will ensure you are able to attract top offers. For instance, a shoddy kitchen can invite low-ball offers because potential buyers understand that costs will be involved in modernizing it. If appliances are too expensive and you want to be able to earn every dollar your house is worth, you can purchase appliances around holiday sales or buy them on credit and pay the credit card off upon the sale of the house.
3. Maintain the luxury perishables
Decks and sunrooms offer exquisite luxury, but they are often hard to maintain. However, if you want to ensure you are able to command top-dollar offers when you go to sell your home, you should make certain to keep your deck up every year by painting and sealing it. If there are loose boards, these should be replaced. In terms of your sunroom, it should be painted in a conservative shade that is calming to 80 percent of potential buyers. Additionally, the glass or screens should be cleaned and / or painted. Finally, plants on either the deck or in the sunroom can make the area more inviting and calming.
4. Hire a professional photographer
Attracting buyers is the only way to get competing offers, and you can best do this by hiring a photographer–a good one. For instance, if you make a variety of upgrades to your home, yet the photos do not convey just how wonderful your home looks, many people who shop online will not be interested in even viewing it.
To get top dollar, you need to increase the traffic your realtor’s ad can generate. Additionally, when hiring a photographer, you should look at his or her portfolio, and in terms of the portfolio’s impact, it should be something more akin to art than to real estate.
5. Curb appeal
Mowing the grass, weeding the paths, and trimming the hedges or bushes are all basic strategies that help convince people your home is worth what you are asking. If they feel it is nice, they will be more inclined to offer more in the face of a competing offer. However, if they feel it is in a state of semi-disarray or if it is older and outdated, they might not be willing to compete for your home by making a top offer. Note: the key word in the previous advice is “feel” because people make purchase decisions as much on feeling as they do on objective criteria. If you can make your potential buyers feel as if this is a prized home, they will compete for the prize.
6. Renovate toward your comparables — then stop
Your renovations should not be made willy nilly. Instead, you should upgrade according to comparable homes in your area. Doing so will allow you to know when your home is at the same level of others. Additionally, you will know if your home actually provides more value than others, and when your house is at the level compared to other homes, you should put no more money into it. Doing so will allow you to get the top valuation for your home along with the most potential profit.
7. Hire the right realtor
In many cases, you will need a realtor capable of actually selling your home because they do not, in many cases, sell themselves. Additionally, a realtor can help direct you in the repairs you need to make to attract top offers. Finally, a good realtor has contacts to such resources as professional photographers and tradespeople capable of making repairs and helping get your home in the shape it needs to be in. Of course, a realtor can also point you in the direction of valuable educational resources, such as the No1 Property Guide Online. When it comes to getting the most for your home, these types of resources are critical as they pinpoint even further the things you can do. However, they also provide added tips on a host of home-selling-related items that many people just never consider.