Increasing the Value of Your Home

While the state of the housing market has been quite soft in recent years, there are still homes being bought and sold. The only difference is that buyers are in a better position to be more discerning since finer homes are more likely to be within their budget. What this means to you as a home owner and potential seller (either now or sometime in the future) is that you have to do things to make your home stand out to a potential buyer.

Maintenance of the Home

If you wish to get a substantial price on your home, you need to make sure that it is kept up. That means regular maintenance of all aspects of the interior – both visibly and behind the scenes. Remember that the savvy buyer today knows full well that a home inspection is an important part of the process. Even if your home looks right on the surface, inspections and appraisals will reveal what’s happening underneath the surface.

Obviously, you do need to make sure that the flooring, walls, kitchen and bath, mirrors and other built-in parts of the home are in good repair. In many cases, touch ups are possible that can help things return to like-new condition. It is not always necessary to replace larger hardware.

Replacing smaller hardware accessories like wall outlet covers, trim, light switch covers, light fixtures, faucets, door knobs and handles can give a fresh look to existing hardware like doors, walls, floors, sinks, toilets, cupboards and drawers without the need to do a complete renovation. A fresh coat of paint over certain surfaces can also add a renewed look.

These tips are a good start, especially for those who are on a tighter budget for daily expenses. It is not necessary to put your family in a state of financial duress (or increase an existing financial hardship) just to make the home more sellable, so be realistic with your spending as needed.

Renovating May Be Necessary

If you are going to start showing the home for possible sale, the carpet must be modern and in good condition. If it looks too worn, the buyer will either be less inclined to buy in general or less likely to give you the price range you want.

The buyers’ agent will be advising them that the things you have not renovated will need to be renovated by them after purchasing. They will figure this into their price negotiations, at best. At worst, again, they may look at this as too much additional work and expense and may move on to another home they are considering.

The kitchen and bath should be the primary major renovations to focus on as these two rooms are famous for increasing home value when they are beautiful and updated. You need not spend a fortune unless you really believe you will see a comparable return. However, don’t skimp too much if you do renovate these rooms.

New carpeting, flooring (wood, tile, linoleum, etc.) and new wall additions and paint jobs will make the home look new again. These can get a little pricier than the aforementioned small hardware accessories, but are well worth it.