The bottom line for most home sellers is the price they get. On the other side, the bottom line for most home buyers is getting what they feel is adequate value for what they are paying. So increasing your home’s value as well as its perceived value is a key factor in getting a better price. The video below covers certain aspects of what you can do to improve the value of your home as a seller.
Buyers typically try to make a purchase in the best neighborhood they can afford and then will often look for the one that is either the least expensive or has the best value in their eyes. As was described in the video, you should do your best to have an attractive presentation but should avoid having a home that is overimproved (too far above what is usual for your neighborhood).
For example, if the rest of the homes in your neighborhood are all 3 bedrooms, 2 baths and 1500 square feet, adding on to your house to make it a 5 bedroom 4 1/2 bathroom home with 4500 square feet will make it much harder to sell.
When you do make improvements for the purpose of improving your home’s value, they should improve the appearance, function, usefulness or layout while still fitting in to a greater or lesser extent with the neighborhood. Putting in a lot of money to make significant structural changes in order to sell for a higher price commonly don’t bring the kind of return that is worthwhile.
Upgrades that improve the ‘curb appeal’ and appearance have a much better change of paying off – a new coat of paint, mailbox, front door or landscaping outside; repainting, replacing cabinetry hardware, new bathroom vanities, replacing older worn-out carpeting inside. These are some of the less expensive improvements that can make a major difference.
Obviously, all major systems and appliances should function properly to support the perceived value for the buyer.
Making improvements or doing upgrades that you want to make your home more enjoyable for you to live in should be looked at to make sure they won’t decrease your home’s value or make it harder to sell in the future – but they are not for the purpose of increasing your home’s value, they are mainly done for your personal enjoyment.
Working with a real estate agent who is a professional seller representative will help you make your home attractive to buyers and get you a better price when your house sells that you would have otherwise.