In a hot real estate market, agents recommend that their clients offer at least 1-3% above the asking price when interested in buying a home.
As a seller, you want to get the highest price possible for your house. Even if the local market isn’t hot, there are ways to increase your profits.
Start by inspecting your home and seeing where it could be improved. Create a budget that you can afford for repairs and renovations.
Use these house improvements as inspiration to increase your home’s value before selling:
1. Basement Finishing
An unfinished basement has a lot of potential for homeowners. Basements can be renovated into livable spaces for your family members or potential future buyers.
Basement finishing leads to added square footage for your home. Since homes are valued per square foot, you’ll increase the price of your house.
Finishing your basement can get really expensive, especially if you need foundation repair. You’ll have to focus your efforts on your home foundation before you can consider basement finishing.
2. Bathroom Remodel
A bathroom remodel doesn’t require a full renovation. A minor remodel involving a new shower or fresh coat of paint doesn’t break the bank.
Despite the affordability, a bathroom remodel can add value to your home. When it comes to house improvements like this, it’s best to complete market research.
Find out what home buyers in the area are looking for when shopping for a home. You might find that the locals prefer standing tubs or a certain color. You can implement these changes to your bathroom.
3. Kitchen Makeover
Kitchens are important rooms when it comes to home value. An inexpensive kitchen upgrade can have a big impact because it looks new.
Replacing countertops, cabinet fronts, and appliances are affordable upgrades that make a splash. Granite countertops, for example, come with a higher home asking price.
Consider replacing appliances with energy-efficient additions that can help you reap a higher return on investment.
4. Build a Smart Home
Smart home upgrades have broad appeal throughout the real estate industry. Implementing these smart features can increase your home’s value:
- Wireless home security systems
- Security cameras
- Video doorbells
- Programmable thermostats
Buyers can save money on implementing these features themselves by paying extra to purchase a smart home.
5. New Roof
If you plan on selling your home with an old and damaged roof, you aren’t going to get the price you want. Although a new roof is expensive, it can do wonders for your home’s value.
Buyers become interested in homes based on the exterior. You can dramatically spruce up the curb appeal of your house with a roof replacement.
If you can’t afford this luxury, consider roof repairs that can add value to your home as well.
House Improvements to Increase Value
There are a lot of ways to increase home value. Consider starting with a budget before looking into house improvements. A budget will determine what you can afford and narrow down your options.
Whether you are looking for a minor or major upgrade, this guide can provide you with some inspiration.
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