5 Ways to Maximize Home Value When You Sell Your Home
When it’s time to sell your home, you want to squeeze every last drop of value out of it before you go. Although there are several variables to your home value that are totally outside of your control, there are things you can do to maximize your home value. We’re going to look at 5 of the most effective ways to raise your home’s value without breaking the bank.
None of these tips are going to call for a sledgehammer or a massive construction crew. These are tips that virtually anyone can employ with a modest budget. While some may call for contractors, you shouldn’t need to spend more than a month on any of these projects, and the return on your investment will be worth it.
1. Boost Your Home Square Footage
The best way to increase your home’s value is to add more home! The basis for home value is always determined by the average square foot price in your neighborhood. You might think your home size is finite and unchangeable, but there are ways you can create more useful spaces.
If you have an unfinished basement, you should strongly consider finishing it. This simple change can greatly increase the amount of usable space in the house. Drywall and carpeting are often all you need. This is a great way to boost your home square footage.
The garage is often overlooked as well. Simply applying a floor treatment to the garage can make it sparkle and impress. Installing a proper counter and sink can make for a useful workspace.
Adding on to your home is a tricky affair. You’ll need to pour more foundation and run new electrical circuits, at a bare minimum. This is usually a huge project, and we don’t recommend it.
Instead, look for ways to expand existing space. Can you knock out a wall to open up the floor plan? Can you expand the size of your deck to accommodate more activities outdoors?
2. Wait for the Right Time to Sell
One of the variables out of your control is the market. Although you can’t control it, you can decide whether or not to enter it. Of course, sometimes necessity forces your hand. But if you can wait for a better season, do so. Don’t sell yourself short out of frustration or just because you are itching for a new place.
3. Upgrade the Kitchen and Bathroom
Your kitchen and bathroom are some of the most profitable rooms to renovate. There are a few things you can do to enhance the attractiveness of these spaces.
Upgrade appliances to energy-efficient ones. Not only will they save you money in the short term, but energy-conscious customers will appreciate your decision.
Cabinets can be refurbished or repainted to improve the overall look of the kitchen. Consider updating lighting fixtures as well. These simple changes can make the kitchen pop, especially if it’s visible from the foyer.
In the master bath, aim for a his-and-hers sink setup. Couples will appreciate the extra personal space. A walk-in shower is also a great upgrade. Similar to the kitchen, you can opt for some water-saving toilets and showerheads.
4. Install Useful Technology
Here is where you can get maximum value for your dollar. We tend to think of technology as expensive, but it does not depreciate as quickly and homeowners appreciate the little touches. There are three areas to focus on.
Security systems are a money sink, with their monthly memberships and expensive installation costs. You can actually get the same results yourself with minimal investment. It’s possible to rig up a security system with some cameras and a computer for a few hundred dollars. You can even build your own motion sensors and cameras using Raspberry Pi computers!
These modern solutions can be found on websites for DIYers and using Wi-Fi, you might not even need to drill more than a couple of holes. Speaking of Wi-Fi, consider setting up a network of signal repeaters and leaving it at the home. When people come to visit, let them sign in and see how great the Wi-Fi is in the home.
Although roofing projects are expensive, solar roofs have plummeted in cost in recent years. If your local weather justifies it, get a solar roof to save you money on electricity bills. These hold their value extremely well and can last as long as a regular shingle roof. The cost per square foot of roof has never been lower, so inquire about installers in your neighborhood.
Tesla’s Powerwall is just one example of a battery-based energy solution. Coupled with a solar roof, you can store energy during the day and release it at night. Imagine not losing power during blackouts!
Another good move is to install wall outlets with USB ports in useful locations. This simple upgrade is invaluable in the modern era and will impress potential buyers.
5. Make It Pretty
No matter how great your home is, buyers are people, and people are inherently irrational when it comes to home buying. Even simple defects like cracked paint or a chipped tile can completely change the way people perceive your home. Before putting your home up for sale, make it look good, both inside and out.
A fresh coat of paint pays for itself. Go with neutral colors. Buyers like to envision themselves in the house, and if you chose a color they hate, they’re less likely to see themselves there. Greys and beiges may not be exciting, but they’re also not going to offend anyone.
Landscaping is your first impression on homebuyers. Take some time to plant flowers, tidy up walkways, and consider some decorative lighting. Another good upgrade is the garage door, which is often visible from the street and can be a real eyesore.
Take a good look around your home and see which of these ways would best benefit you, and which fit within your renovations budget. Whether you do it yourself or hire help, you can definitely squeeze more value out of your home than you thought possible.