Increasing The Value Of Your Home Before Selling
When you are ready to sell your home, you want to maximize the money you get from the sale. This will help with the down payment on a new home and increase the chances of you being able to purchase the new home that you want. Some improvements can be very expensive and will deliver almost no return on your investment, so in this article, we will focus on the improvements that you can make that will increase the overall home value and the cost of materials will be less than the value increase. Most of these projects are labor intensive, so if you can do the work yourself, you will save even more.
The best place to start is on the outside of the home. If the home does not have curb appeal, you will never get potential buyers inside. Two relatively inexpensive areas to work on are the landscaping and the exterior of the home. A good budget for each area is around $1200. If you do both, you can increase the value of the home by 15-20 thousand dollars.
The landscaping is a critical element to the appeal of your home. Buyers do not want to see trash, dead grass, dirt, and other unsightly elements in front of any home for sale. Plant flowers, shrubs or even a new tree to help with the curb appeal. Put down mulch in the flower beds and consider adding some exterior lighting in the yard. If the yard needs grass, re-sod the yard. The back yard is not as critical, so just focus your efforts on the front.
The appearance of the exterior of the home is also very important. If the paint is peeling, moldy or fading, this will turn away any potential buyers. Pressure wash the outside of the home and paint. Use neutral colors, do not pick pink, blue or any other bold color that could turn away buyers. You want to appeal to a majority of buyers, and if they would like a pink house, they can paint it after they buy. If the roof is in bad shape, it can be fairly expensive to replace, so just account for this and deduct some money from the asking price. You will not recoup the cost of a new roof when selling the home.
Now, moving to the inside of the home. If any rooms are painted with bold colors or the paint is in bad shape, repaint. Buyers need to be able to see the potential of the interior, not what you have designed. Your budget depending on the size of the home should be around $1000. This simple project can bring an additional $5000 to home value.
Using these three tips, you will be able to get buyers inside your home and make the sale. They will increase the value of your home by almost $25,000. You should spend less than $4000 for these projects and will give you over $20,000 return on your investment.
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