4 Ways to Increase Your Property’s Resale Price

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There will come a time when a homeowner will start thinking about transferring to a new neighborhood and acquiring a larger home for their growing family. As your priorities change, you will find it necessary to move on to better pastures and secure a living space that’s more comfortable than your current one. Before you can reach that point, however, you need to know if you can raise enough cash to move into an upgraded home.

While you may not be thinking about selling your current home this year, you should know how you could get a good return from selling it. The biggest advantage of homeownership is the fact that property values are always on the rise but you could add more to the final sale price by opting for the right improvements. If all goes well, you could use the extra money to shop around for a bigger and more sophisticated home. All it takes is doubling down on a few surefire ways of raising your property’s resale value. Here are a few you might want to consider:

1. Enhanced Curb Appeal

Many homebuyers are instantly drawn by homes that look great from the curb. More often than not, properties with an upgraded exterior are more likely to fetch a higher price, especially among high-value buyers who put a premium on aesthetics. Focus your home improvement efforts on updating the exterior paint body and fixing any gaps and signs of dilapidation on the roofing. It also matters to invest in great lighting as there are buyers who are willing to pay within your asking price if the property has post lights and wash lights that make it appear larger.

You may also have to invest time and resources in upgrading the surrounding landscape. Aside from trimming down overgrown branches, you may have to plant vegetation such as hedges and flower beds to improve not just air quality but also the aesthetic appeal of your home. 

If you have extra money to spend on additional amenities, installing features like an outdoor shed or deck is worth your while so long as you follow construction codes. In Oregon, for instance, you’re only allowed to place a shed in the backyard and you may have to obtain a permit in case the design exceeds 200 square meters.

2. Proper Kitchen and Bathroom Upgrades

The exterior isn’t the only major selling point that justifies a higher resale price. Meticulous buyers in today’s real estate market will not think twice in asking to view the kitchen and bathroom areas. These essential amenities could make or break your home-selling goals so it’s important to tread lightly when opting for a full overhaul. For instance, you may think that replacing the entire kitchen flooring would translate to a higher sale price but the potential returns may not cover the cost of the project. Unless you can afford expensive kitchen upgrades, you’re better off replacing the countertops, adding extra storage space, and revitalizing wooden cabinets.

For the bathroom, consider repainting the interior walls. If it’s well within your budget, you could go for a total overhaul of the flooring. Consider replacing porcelain tiles with granite and natural stone which luxury buyers often seek. You might also want to replace rusty faucets and get a larger toilet. If your bathroom doesn’t have a shower that allows for hot and cold settings, you might get a good return later if you install one. You don’t have to go overboard when enhancing amenities like your bathroom. Be practical and opt for upgrades that will freshen up the area.

3. Installation of Energy-Saving Improvements

For buyers who are conscious about their energy consumption, it would help if your home allows for sustainable living. This would mean installing a programmable thermostat and updating the insulation in critical areas such as your attic and basement. You can also opt to replace appliances with energy-efficient models. 

A major feature you can include in your home sale is a residential solar energy system. Solar panels offer massive tax perks for homeowners who use solar panels to store backup energy and cut their utility costs. While the initial cost of installing one could be hefty the price increase and better sellability it brings is hard to ignore. You might as well consider getting one even if you’re not contemplating moving out this year.

4. Smart Home Features

Today’s real estate buyers comprise mostly tech-savvy millennials who are willing to purchase a living space that aligns with their lifestyles. With the popularity of remote work, these types of buyers are willing to pay more for property listings featuring large home offices as well as smart home devices that can automate certain aspects of living.

Apart from advanced security features such as motion sensors and early warning systems, smart homes also come with voice assistants powered by advanced artificial intelligence. The technology is here to stay and it will only take some time before every home is connected to the Internet of Things. For now, having basic smart home features should help you fetch a good price in today’s market as buyers highlight the need for tech-enhanced living experiences. 

Endnote

If you’re still not prepared to sell your home in today’s real estate market, it should at least feature these important selling points. That way, you can move out knowing you have enough cash to start over with a larger and cozier home.

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