How to Improve Your Resale Value
As the market shifts away from an extreme sellers market to one of balance, many sellers may be forced to consider the marketability of their home. As more listings come onto the market, there will be more competition for buyers.
These tips can increase the attractiveness of your home, while maximizing investment potential.
When considering making improvements to increase the value and appeal of your property, you don’t want to over-improve. Your neighborhood may be selling at a price per square foot and these sales will be used as comps.
Spending money on improvements needs to be balanced against other listings and sales, and what the comps will support.
There are many inexpensive ways to make upgrades and you want to balance any expenditure with whether or not you can recoup or make money on the investment.
Enhance Curb Appeal
This is the first thing a buyer will see when viewing your home. If the front of your property is not in good condition, some buyers will simply drive away. Ensure that the yard and entrance are clean and appealing. You can add charm to the front entrance with flowering plants and make sure the entrance is free of defects. Any improvements of this type will definitely be worth the expense.
Appliances and Fixtures
Updated appliances and new fixtures will definitely add value and appeal to your home. Conveniences that accommodate modern technology, such as USB ports, can also be a plus. Many Lake Tahoe buyers are working from home, so consider internet access and work spaces that can make your home more marketable.
A gas woodstove insert can also increase convenience. Many out of area buyers will appreciate flipping a switch to warm the living space rather than starting a fire from scratch.
As I mentioned, the outside of the property should be in pristine condition. Examine the trim to see if a new coat of paint might freshen the curb appeal.
Interior paint can definitely upgrade the property. When choosing colors, it is sometimes better to use neutral colors so a buyer can have a sense of the property, and not be turned off by bold colors.
If the carpet is worn, new carpet will definitely improve the resale value. If you are considering hard wood floors as a replacement for carpet, it might be over-improving, so look at available listings surrounding your property to determine if this expense will translate into a higher purchase price. Hardwood flooring can be an expensive addition.
Additional Living Space
Increasing the square footage will always increase a home's value as long as the additional square footage is added with a permit.
If a bonus room can be converted into a bedroom by adding a closet, the extra bedroom is always worth the investment. Make sure any additions are permitted so the home can be confirmed with the added living space. Turning an empty basement into more living space can increase the square footage and will translate into a higher value for the property.
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I’d be happy to meet with you to suggest improvements that can ensure you get top dollar. Contact me today for a consultation.