Determining your home’s market value is a process involving multiple steps and a variety of different factors, the most important of which is the accuracy of all the information you’ve gathered. While there are simple DIY steps you can take to increase your property’s value, they should not be considered a guarantee. The online tools available to help establish a rough value of your home should be used with caution, as they are only estimates and tend to omit key considerations.
As you would with any important life decision, get multiple opinions! Or, better yet, turn to a trusted real estate professional for the most accurate information. In the meantime, here are a few tips that you, as a homeowner, can implement yourself to get the ball rolling.
Give your space some space
Making things feel spacious might seem like a no-brainer, but bigger houses tend to sell for more money. Now, we’re not talking about adding another wing to your home but, if you can swing it, squeezing in a secondary bedroom or living space is a great idea. Extra sheltered housing means more square footage, something homebuyers love. A simple renovation, especially on the ground floor, can go up relatively quickly and for less money than you might think (especially considering the value it will add when it’s time to sell).
Sometimes, you don’t even need to add a room––just expand an existing one. Take a look around. Is there a wall you could take down and open up space to make the whole house feel bigger than before? Are there any spots in the house (like an underused closet or guest room) where adding another bathroom would make life easier? Even the smallest powder room, with a bit of imagination, instantly becomes a half-bathroom that can drive up your asking price.
Turn up the tech
Potential homebuyers love to stay on the cutting edge of technology, even when they don’t necessarily subscribe to it themselves. Moving into a new house that is decked out with preinstalled gadgets, like Nest thermostats, video doorbell cameras, smart locks, and lighting, is a huge bonus for many––so much so that they’d even pay a premium.
Technology upgrades are simple to install, cost-effective, and available for purchase at your local electronics store. It’s a very accessible way to bring value to your space without much heavy lifting.
Did you know that one of the simplest and most effective ways to increase home value was to promote your space as energy-efficient? Well, it is. And your upgrading efforts can involve as much or as little of your time as you wish.
Start small. Replace your light fixtures with energy-efficient bulbs. Add some low-cost solar paneling to your landscape and switch your outdoor lights over to green. If you’ve got a little bit of money to spend (remember, spending a little on upgrades almost always pays off come time to sell), consider replacing a few windows with energy-efficient vinyl models. It may end up costing you around $10,000, but you are likely to see a 50%+ return on what you’ve spent when determining your listing price. It pays to be efficient.
When considering a move, one of the last things on your mind might be replacing your current appliances with brand new ones––just to leave them behind. However, a kitchen or laundry room featuring the latest, top-of-the-line refrigerator, dishwasher, or washer-dryer models is a huge attraction to homebuyers. Again, while thousands of dollars worth of shiny new appliances might not be in your budget, you will recoup the losses once you factor the equipment into your overall home value. Best of all, most reputable companies will deliver and install your new goods and remove the old ones, free of charge. Consider it a temporary spend, with no heavy lifting.
Get the updates
There’s a reason why professional home staging is an entire industry. Potential homebuyers require a lot of visual convincing that their stuff will look great in your space. Updating your current décor is the absolute best way to leave an impression and can even increase the value––frequently without you doing any hard work!
Cleanliness inside and out is the idea here. Tossing old rugs, removing outdated furniture, covering nail marks, a fresh coat of paint, planting a tree, mowing the lawn, removing popcorn ceilings––these are all virtually free actions you can take to ensure that your space is showroom ready. The fewer repairs and design issues homebuyers can spot, the more you can justify an increased asking price.