Increase The Value Of Your Home
If you are considering selling your home it pays to take a hard look at what your home has to offer potential buyers. You want to make sure it's worth the price you're going to ask. The last thing new homeowners want to do is spend a lot of money on a down payment and monthly mortgage and then have to plow thousands of dollars into remodeling or upgrades. There are a number of steps which can be taken to increase the value of your home both inside and out for as little or as much money as you care to spend. Keep in mind, some upgrades are more beneficial than others when deciding what to improve.
Exterior
The exterior of the home, especially the front yard, is often improved to enhance curb appeal. Updating landscaping by trimming hedges and planting brightly colored flowers help provide a manicured look which pops. The key is to go above and beyond what is normally done in terms of pulling weeds, cutting lawns, removing ornaments and cleaning debris. Power washing the driveway and providing a fresh coat of paint on the siding are additional steps which don't necessarily take a lot of money but can make the house look brand-new.
Interior
The inside of home should be given the same treatment as the outside in terms of removing clutter and professionally cleaning all surfaces. Touch-up painting to fix blemishes and abrasions from years of wear and tear is also mandatory. Again, these are considered the absolute minimum things that should be done for any home being placed on the market. To increase the value of your home you will want to do more such as implement professional level staging including removing most personal effects, putting potpourri or flowers in rooms and providing cookies and other snacks during open houses. The key is to make your house as inviting and memorable as possible so perspective home buyers talk about your home long after they've left.
Remodeling
Homeowners willing to go the extra mile and spend more time and effort remodeling a few areas of the home can significantly increase its value. The two primary areas of focus during home remodeling are the kitchen and bathrooms. Upgrading cabinetry and flooring materials, such as adding hardwood floors or tile, can have a dramatic impact on prospective buyers. It is common for homeowners to recoup almost 80% of the value in a kitchen remodel. Bathrooms also have a relatively high recoup value of 70% which makes them the second most common upgrade. Bathroom remodels often include installing garden tubs, installing or redoing ceramic tile and upgrading cabinets. A few hundred dollars on higher-end light fixtures in both of these areas also provide an impressive visual when prospective buyers walk into the space.
Summary
Increasing the value of your home isn't just a matter of planting some flowers and putting in new carpet. While these steps will help, it's more important to take a holistic approach and view the home as a single upgrade. What is meant by this is that upgrading one or two elements may actually detract by drawing attention to themselves while other areas have been left in a state of disrepair. To get the most money for your home, try to present it as if it were recently built with fresh landscaping, fresh paint inside and out and everything in like new condition. Depending on the financial resources available, you may have to pick and choose the most important and cost-effective items to tackle. Ideally, a few thousand dollars has been budgeted at a minimum to clean, repair and upgrade as many items as possible. Keep in mind, the more fixing up you do and the more sweat equity you spend the more likely you are to significantly increase the value of your home.
