Depending on which stage of our lives we are at, we outgrow our homes and need a new one. As a bachelor, the house you had might not have enough space for a family of four. The house you had when you were still with X company might have to be sold since the company transferred you somewhere else.
Either way, we have to sell one and get another. When we do have to sell our house, of course, we want to sell it at a much higher price than when we bought it. That’s normal. The question is, how do you increase your chances of selling your old house with a heftier price tag? Check this article to find out.
Getting Acquainted with Home Equity
The difference between the price you bought your house for, and your selling price can be called many things. For example, the difference can be called profit if you paid off the property. But in cases where you still have an outstanding mortgage and decide to sell it, then the difference between the selling price and the current value of your home is called home equity.
You can increase your home’s worth–and, in turn, your equity–by renovating or improving certain areas.
Areas to Improve
To increase your home’s value, you need to do some work to keep it updated with the times (especially if you have had the property for years).
The first thing you can focus on is renovating a few rooms. Renovations, which involve updating the cosmetic aspects of a room, are a great choice to improve your home’s value–and give you a fresh-looking living space to enjoy as well.
Prospective buyers usually focus on a couple of areas—the kitchen and bathroom. Thus, renovations done in these areas may add a lot of value. Not only do kitchens and bathrooms attract people looking to buy a home, but they also appraise well when it’s time to sell.
As tempting as doing the work yourself sounds, consider the cost of hiring a team (as it might be more cost-efficient). Between huge works or minor remodeling jobs, put more weight on the latter as the goal is to spend as little as possible on the works yet attain a huge impact. Works like painting, swapping light fixtures, switching out faucets, or updating your kitchen backsplash or bathroom mirrors are minor remodeling jobs.
Increase Your Curb Appeal
Curb appeal refers to the attractiveness of your house when viewed from the curb. Improving the curb appeal of your home has a lot of benefits. Beyond pride in doing a great job in maintaining your front lawn, how your home looks from the outside can be a big selling point for home buyers–or a big detractor when it comes to home value.
Aside from curb appeal, you also have to consider what your backyard has to offer. If you have a sizable area behind your house, you can consider landscaping, including fire pits, gardens, and outdoor lighting. These upgrades won’t cost you a lot but will have a huge appeal to prospective buyers. These changes make a positive impression on home buyers, especially when they look at online photo galleries or virtual tours of homes for sale. Well-maintained landscaping can increase property value by 5-15% in some areas.
Other things to consider are renovating your living room, such as repainting it or even installing smart devices (some buyers might not prefer this, so carefully weigh your choices). The most important advice we can give is not to get carried away. Only introduce upgrades that have practical uses and avoid adding ornaments, especially those that speak more of your personal preference.