I want to show you how to get the best return on your investment! Here's How:
Increase Your Home Value!
I recently went through a home which was being privately sold by the owners. Having been listed for months and months at a high price, and of course, without any offers. So I decided to walk through and look for myself.
Upon walk through, I noticed the home felt tight and had awkwardly divided rooms. It also had a damaged roof and no staris off the back sundeck to go along with an already long list of issues. Definitely issues most buyers noticed when walking through the home. The home did have updates, but in areas that didnt need updating. Yet they still wanted top dollar for it, because Joe Neighbour sold his home for X amount more than what he paid for it several years ago.
If you want top dollar for your home, simply put, you need to attract more potential buyers. To attract more buyers, you need to create an attractive product.
"If You Build It, They Will Come"
1. Create Space
Knock out a non-structural wall, or even remove that kitchen island. Anything that opens the space and creates a sense of flow in the house is generating a response from buyers who can afford to be choosy. For the price of a few hundred dollars, you'll transform the feel of the house.
2. Prune, Limb, and Landscape
My Grandma has always said, "A home with street appeal will prevent people from just driving by".
Tangled trees and unkempt bushes can obscure views, darken interiors, promote mold, and block a good look at the house.
People forget about their trees more than almost anything. Landscaping is one of the top three investments that bring the biggest return. An investment of around $400 or $500 dollars in landscaping, can bring a return of four times that. It could really make a significant difference in the price. Nobody likes to spend money, but landscaping might even be the most important thing, even if owners have kept up the house.
Overgrown landscaping is a problem at all price points, and it'll hurt with marketing too. If buyers can't see what they are getting, they just move right on. Also, if neglected, mother nature may go wild at considerable cost.
3. Let in the Light
Lighting, something I believe is one of the most important aspects of a property. This will include everything from a dimmer switch to the increasingly popular sun tubes, and will noticeably enhances a home's appeal.
A few other ways to light things up: Fix broken panes, make sure windows open, and consider lights that use motion detectors to turn themselves off. Remember high wattage bulbs make small spaces feel larger, and soft lighting brings warmth to empty spaces. Placing mirrors, or framed pictures will reflect light and bighten up a room!
4. Don't Put Off Care and Maintenance
Before thinking about a fancy upgrade to the kitchen, address the basics. Insulate the attic, repair plumbing leaks, replace rusty rain gutters, inspect the furnace and the septic system, replace or repair leaky windows, install storm doors, weed the flower beds.
These kinds of fixes go a long way toward value. Starting with a couple hundred dollars on a few things could increase the value of your house by a few thousand dollars, and people are surprised by that. People think they have to put in a lot of money to see a big difference and they really don't.
Investing in maintenance and repairs is not only makes sense on paper, but could also be crucial to a sale. Brokers and agents from across the country say the houses that get attention in this buyers market are in tip-top shape. What's important in this market, now more than ever, and because of the frequent turnover with inventory during different times of the year, the houses that sell quickly are in pristine condition and are priced to the market.
5. Home Begins at the Front Door
Don't underestimate the power of a front door. People make up their minds in the first seven seconds of entering a house.
Surveyed brokers like a working door bell, and don't forget an overhang, such as an awning or portico, above the front door. If you don't have a way out of the rain, or shelter from the sun while you are fumbling for your keys, you are really missing out!
If you're up for more exterior upgrades, move to the back or sides of the house. People get back dollar for dollar for the decks they put in. Even with a foot of snow during the snowy winter months of Prince George, the right deck on the right house can be an eye-catcher. I saw a home come onto the market with a small 20 x 30 yard. The owner had encompassed almost the whole area with a deck. The buyers really liked that. It dressed it up and enhanced the area, making it an extension of the living space. If the deck is done with the right material so that it will stay nice-looking and in good shape, it'll hold value.
6. What's Under Your Feet?
Don't undervalue the materials you're standing on. Ninety-four percent of real estate pros recommend spending some money on floors. But it doesn't have to be a lot of money. For an estimated average investment of $600 to $900, brokers report that the return in value comes in at up to $2,000.
And you can spend even less than that. A few well-placed nails can eliminate distracting squeaks. Other small projects with a big impact include repairing broken tile, patching damaged floor boards, and tossing out the wall-to-wall carpeting.
In some cases, however, a new floor is in order. One example would be where a seller's house might have sold were it not for a kitchen floor that drew questions from buyers. The number one problem was the fact that her floor was really personal. For Example, blue and green vinyl. It clashed with the other upgrades in the kitchen. Almost all buyers had noted the "sore thumb", of a kitchen.
If you want a wood floor that holds value, I would suggests engineered hardwoods.
It Is important to keep flow to each room. I have seen many times within the last few weeks, homes with several types of floorings. You can certainly have different flooring types, ex. tile in bathroom, hardwood in hallways and bedrooms, or hardwood in hallways but carpet in bedrooms. Although I have seen this, I would advise against having 3 to 4 different flooring types in the bedrooms, living rooms, kitchen, and hallways.
7. Easy Bath Upgrades
Brokers, one and all, say spiffing up the kitchen and bath is a sure bet for adding value to your home. Surveyed brokers say these kinds of improvements can get expensive. It may not be economical to do a major renovation if you are trying to spend as little as possible before putting a house up for sale. But some upgrades are cheap, easy, and fast...especially in the bathroom.
Replace frosted glass for clear glass, clean the grout, remove rust stains, apply fresh caulk, update doorknobs and cabinet pulls, replace faucets, and install a low-flush toilet. Even buying a new toilet seat can make a difference. Bailey says, You can spend $500 on a bathroom, and it's totally tuned up.
8. Neutral Wall Colors
If you're getting ready to put a house on the market, don't allow walls with chipped paint to go unmaintained. If you need to do more than a touch up, choose neutral colors.
Get out of your personal taste. She says buyers want to be able to project their own ideas onto a space, and sellers can help with toned-down wall color.
11. Remove the Question Marks from Your House
All I ask... please remove the 1950s wallpaper, a broken front step or cracked threshold, green-and-blue vinyl flooring... please fix it or remove it. If you cannot see the imperfections yourself, getting the impartial advice of a friend who can tell you what's drawing attention and raising questions for the wrong reasons, can be very valueable. Lets just hope things dont become insulting and your friendship ends over a choice of kitchen cupboard handles....
The more questions buyers have, the more likely they are to say, ''We are going to keep looking''. Sometimes it's the quick fix that someone put in thinking, 'I can live with it.'' Those fixes bite you back later when it's time to sell because prospective buyers are looking for more than jerrybuilt solutions.
12. Be Patient
Homeowners can enlist the help of a trusted real estate professional to consult on what changes to make. The realtor will keep them informed of changes in the marketplace. So they really need a team approach with the realtor…and a bit of patience.
In my business practice, I am not just a salesperson, I am also a Real Estate Investment Advisor. My business model is to help you with acquiring the right property, increase the value correctly, and sell for profit!