Top 5 Speedy Ways to Increase Your Property’s Value
Looking to sell your home? Before you do, make sure you’ve completed some simple, quick, and cheap ways to increase your home’s value. That’s right, increasing your home’s value doesn’t only come with costly, large-scale renovations. Sure, a tax assessor might not recognize the increase in value from the following five improvements, but potential buyers certainly will. Little improvements can ultimately justify a higher asking price as well as motivate a quicker sale.
Clean Up the Yard
There are many disadvantages to having an unkempt yard. Overgrowth can obscure views and block light from reaching your interior. It can also foster mold growth and promote unwanted insect and pest life. Not to mention, a disheveled yard is plainly displeasing to the eye of a potential buyer. Furthermore, if a buyer can barely see what they’re buying underneath wild tree limbs, weeds, and the like, they will probably move on.
Besides the increasing aesthetic appeal, some basic pruning, trimming and landscaping can have dramatic fiduciary benefits. Indeed, studies have shown that a modest $400 investment in landscaping can see a return up to four times that amount. The following short video further discusses the benefits of landscaping to your home’s value.
Update Light Switches
You might not have guessed it, but interior lighting is one of the biggest draws for potential buyers. Fortunately, you don’t have to add or replace fixtures to get this response from buyers. Instead, all you have to do is replace the switch. In particular, buyers are especially captivated by dimmer switches. This is good for you because dimmers are inexpensive, easy to install, and most work with the current wiring or your switches right out of the box.
You can also add a touch of style by updating the switch covers. Though you should consult the installation instructions that come with the replacement switch, the diagram below gives a general picture of this simple install process. Just remember to turn off the power before replacing the switches.
Clean, Clean, Clean
Before putting your house up for sale, you should clean it more thoroughly than you, perhaps, had done throughout your homestead. This means scrubbing the grout between tiles, vacuuming behind large appliances, dusting high places, and more. This is by far the easiest and the cheapest way to boost your home’s value.
And again, this is all about presentation. You’d be surprised how even the smallest lapses in cleanliness can give off the impression that your home is constructed with low-quality materials or that it is older than it truly is.
If there are any imperfections in your home’s interior paint such as cracks or chips, now is the time to fix them. If your walls need an entirely new paint-job, consider hiring a professional. Painting correctly and with the best results can be difficult and time consuming. And if you’ve never painted an interior before, it is probably better that you don’t start with the property you’re trying to sell.
Moreover, make sure that either the current or the new paint-job is in neutral colors that are closer to white if not white itself. Different colors have different effects on people and the wrong ones might turn a buyer off of your home. Neutral colors generally brighten rooms, creating the illusion of more space and allow for a potential buyer to project his or her preferred color scheme onto the room.
If your property has a leaky faucet, it is not ready to be sold. Similarly, minor repairs like replacing window caulking or repairing cracked tiles can spell big gains down the line. The last thing a buyer wants is to purchase a home for which they have to spend their precious time fixing up. Rather, everything should be ready for a buyer to move in and live comfortably.
You may also consider hiring an inspector to learn about all of the things that absolutely must be repaired or replaced. This will not only increase your property’s value, but also speed along the buying process. The video below offers some more suggestions for DIY home repairs and improvements that can really make an impact on potential buyers.
But what about the more expensive ways to increase a property’s value, you ask? Well, many of the larger, more costly improvements can have no effect on buyers and, in some cases, even a negative effect. For example, purchasing new, high-end appliances might seem like a good idea, but buyers may not like your choices. Consider giving them an appliance allowance instead.
Additionally, opting to open up a space by knocking down a wall is not only expensive, but could also put off potential buyers who would have preferred a less-open floor plan. In the end, the cheaper, quicker alternatives are better options because they only take care of what needs to be done and nothing more.
Thank you to Michele Duchet for this post. Michele is a graduate of Economics and lives in Southend England. She is a regular contributor to various business magazines and has worked as an estate agent for 1st Call Property, one of the Southend’s realtor companies.