Buying a home is arguably one of the most exciting and challenging times for prospective homeowners. The reason why is the fact that it includes a never-ending amount of research and negotiation. So, those who are able to close a transaction in a seemingly favorable manner are definitely going to feel accomplished.
This part of the process, however, is only the beginning. After all, homeowners normally do not spend their entire lives living in their first house. On the contrary, they tend to upgrade and move after spending a few years at that residence. Well, when the time to upgrade comes, one must know how to go about the sale of their property. More precisely, they must know how to keep the value of their home high so that they can recoup their investment and make some capital gain. So, how does someone reasonably increase the price of their home?
When showcasing a home to a potential buyer, it is important to have a spotless presentation of every square inch of the house. With almost every home, however, it is most likely that there will be certain scratches, bumps, and other signs of wear and tear that have to be covered. Fortunately, repainting is fairly effortless nowadays with an unlimited amount of tutorial videos posted everywhere. Moreover, people do not even have to worry about spending too much on this particular upgrade. After all, the only purchases that will need to be made include the actual paint and a few brushes. Those who would be more comfortable with a professional, however, can hire someone to do the job for them. Taking this route, however, will increase the cost of the endeavor. As far as the return on the investment, it is common to see an increase in selling price of about two percent.
2. Upgrade the Technology
Having a good selling point is a great way to have something that can be used as a conversation starter. According to Homes of Idaho, which is a group of licensed real estate agents, technology upgrades work well here. For those unfamiliar, these include minor modifications that can turn an average home into a smart home. Examples include things like programmable thermostats, voice-controlled lights, remote-access security systems, and so on. And while adding such upgrades may not be cheap, it will be an investment that can be easily recouped during the sale.
3. Prioritize the Kitchen
To gain the most dramatic increase in selling price, one will always have to go back to their kitchen. After all, the kitchen serves as one of the primary focal points of every home. The only one that comes as a close second in terms of demand would be the bathroom. As far as upgrades, according to Homes of Idaho, there are hundreds of ways that one can go about altering their kitchen. Some individuals may need to replace all of their outdated appliances. Others, however, may need to implement a different tile backdrop, install some new cutting surfaces, upgrade their cabinets, and so on. Regardless, it is fair to expect that a good kitchen-based upgrade will bring around a five-percent increase in the expected valuation.
4. Add Square Footage
When it comes to buying a property, the math is generally quite complex. The only time that this rule does not apply is when it comes to size. Why? Because people will pay more to get more. So, homes that are larger in size will be sold for more money. Hence the simplicity. Sometimes, however, there are houses where certain layouts and blueprint ideas from many years ago no longer work well. This can be a great opportunity to get rid of some non-load-bearing walls and maybe combine a room or two together. Doing that can give away the impression of a much larger home which will undoubtedly lead to a higher starting price.
5. Improve Sufficiency
In 2019, everyone loves efficiency. This applies to individuals’ homes, cars, jobs, and much more. Well, houses that have the capability of sustaining themselves to a certain extent will be much easier to sell for an amount that is close to the asking price. The reason why is that people tend to see these homes as on-going investments where the sufficiency will be saving them money in the long-run. Thus, putting a three-percent increase in valuation for this upgrade is definitely fair.