The housing market has been on a roller coaster since the start of the pandemic. Buyers have had a difficult time finding their dream homes, thanks to skyrocketing demand for more space to work from home and the highest interest rates in decades.
However, as inflation begins to slow and housing prices begin to fall, it is more important than ever to ensure that your property is at its peak before listing it for sale.
A house is one of the most expensive purchases (and sales) you will ever make. So, the last thing you want to do is throw money away. After all, you want to sell it for the highest possible price, right? But don't worry. It's not as complicated as it sounds. We'll walk you through seven simple ways to increase property value in any real estate market.
And most of them don't necessarily require a massive budget. A few simple changes and updates can significantly impact your property's value.
Are you ready to learn more? From enhancing curb appeal to upgrading bathrooms, we've got you covered. Let's dive in.
1. Enhance the Curb Appeal
First impressions are everything when it comes to selling a home.
After all, the exterior of your home is the first thing potential buyers see when they arrive for a tour with their realtor or drive through the neighborhood. And, in reality, it can make or break a sale.
As potential buyers approach your property, curb appeal often creates a sense of excitement. Seeing an appealing exterior immediately draws them in and allows them to imagine themselves living in the space.
Here are some ideas for improving your curb appeal:
- Keep your landscaping tidy: A well-manicured lawn can make a significant difference in the overall appearance of your property. Make sure you mow the lawn regularly, trim the hedges and bushes, and remove any weeds or dead plants.
- Paint the exterior of your property: If the exterior of your property looks tired or outdated, consider a fresh coat of paint. Stick to neutral colors that'll appeal to a broad range of buyers. Or add a splash of color to the front door.
- Clean your driveway and walkway: A clean and well-maintained driveway and walkway can significantly affect your property's appearance. Power-wash the driveway and walkway to remove stains, dirt, or grime. If necessary, repair any cracks or potholes.
Improving your curb appeal can catch the attention of buyers and make them feel more connected to your property before they even step inside. And the majority of these upgrades are less than $100.
2. Make Necessary Repairs
Any damage, such as leaky roofs, outdated electrical systems, or broken windows, should be fixed before listing your property for sale. Inspect the roof and foundation to ensure everything is 100% functional and safe.
Repairing small issues before they become big problems will help maintain your property's value and prevent any bottlenecks during the inspection. Any unaddressed damage or issues could be a major red flag for potential buyers and may even lead to a lower offer (or no offer).
If you own a few rental properties, tracking your listings and repair projects with project management software can help you divide your time and maximize your schedule. There are also CRMs for real estate that can help you streamline your communication between your team and potential buyers.
Because deadlines are critical when selling a house. So, you want to ensure all repairs are done before you officially list any house for sale.
Keeping everything in one organized place will save you many headaches down the line. Plus, the faster you list your house, the faster you can make money.
3. Consider a Kitchen Remodel
If there's one place to put your discretionary income to work, it's improving the kitchen.
The kitchen is the heart of the home, and a modern, functional kitchen can add significant value to a property. Almost 42% of buyers agree that the kitchen is the most important room in a house. Not to mention, 58% of buyers agreed that their preferred kitchen style was very important to their home-buying decision.
While kitchen remodels aren't cheap, they can increase your ROI by as much as 80%. In fact, minor kitchen remodels tend to see the highest returns.
A minor remodel means you can keep the cabinet boxes and focus on replacing the cabinet fronts with new ones and adding new hardware. Other simple upgrades include:
- Adding quartz, granite, or marble countertops
- Getting a matching set of new, modern appliances
- Repainting the walls
- Installing new flooring
Kitchens sell houses. With these small but impactful changes, you can give your kitchen a fresh, modern look that appeals to your buyers.
4. Upgrade Bathrooms
Bathrooms are another area that buyers pay close attention to. If you're still holding on to the yellow tiles, wallpaper, and fixtures commonly used in the 1950s and 1960s, it's time to say goodbye.
According to the National Association of Realtors, a bathroom renovation is the most popular home improvement project. The good news is that midrange and upscale bathroom renovations can provide a good return on investment, based on data from Remodeling magazine's most recent Cost vs. Value report.
A mid-range bathroom renovation can recoup 58.9% of the costs, and upscale renovations can recoup 53.5%. So, a bathroom remodel is worth considering. To update your bathroom, add new fixtures, lighting, and flooring to make it more appealing.
A modern, luxurious shower or bathtub can be a major selling point for potential buyers. Consider upgrading to a larger, more spacious shower or a deep-soaking bathtub to make your bathroom feel like a spa.
5. Install Hardwood Floors
Nowadays, most homebuyers expect hardwood flooring in their new homes. They want properties that are move-in-ready and require minimal work. If your property has carpeted floors, it could be a turn-off for potential buyers, causing them to pass on your place, especially if you are the only house in the neighborhood with carpet.
Hardwood flooring adds some pizzazz to a home, particularly in the living and dining rooms. If you have hardwood flooring in the primary suite, it could also help you win over a buyer.
Studies show that installing hardwood flooring on your property can produce a return on investment (ROI) of 70–80% and increase the home's overall value by 2.5%.
6. Stage Your Property
Staging a home is a crucial step in the home-selling process, as it can significantly increase the perceived value of your home. But that's not all.
According to a survey of sellers' agents, staging a home can significantly increase the dollar value buyers offer compared to similar homes. In fact, 23% of sellers' agents reported a one- to five-percent increase in the dollar value offered by buyers due to staging.
When potential buyers walk through a staged home, they can envision themselves living there and get a better sense of the space and layout. A well-staged home can also help buyers overlook flaws and focus on its positive features. Think of staging your home like preparing for a big presentation and how you might invest in professional software to properly showcase your key insights. Just as you would want to highlight the strengths of your presentation and downplay any weaknesses, staging a home is about emphasizing its best features while minimizing any flaws.
Staging a home is about presenting your home in the best possible light to potential buyers.
For example, imagine you are trying to sell a home with a small bedroom. By strategically placing a bed and a few key pieces of furniture (read: a mirror), a professional stager can create the illusion of a larger space and make the room more appealing to potential buyers.
7. Invest in Good Marketing Materials
After investing the time and money into remodels and staging, it's time to show it off. In today's digital age, online listings with high-quality photos play a big role in selling your home. Some people even browse Zillow or Redfin endlessly in search of properties.
Hiring a professional to capture high-quality photos showcasing your home's best features is worth the investment. This extra step can help attract more potential buyers and increase the chances of a successful sale.
The better the pictures, the higher the perceived value of the home in the eyes of the buyer.
And don't forget to pay extra attention to how you market and promote your property. A modern real estate web design and branding can also help add value to the property you are selling.
Why? Knowing how people think about color is important for branding and marketing. Adding the right colors and graphic elements to your property website can help make it more appealing and evoke emotion.
For instance, properly displaying data can significantly impact a potential buyer's perception of your home's worth. Choosing a histogram vs. a bar graph to show prior valuations can be decisive for the buyer, depending on what information you want to focus on.
Make sure the graphs also stand out on the printed flyers you hand out during opening houses.
A picture may be worth a thousand words, but in real estate, it's worth more. Listings that use professional-grade photography can increase the sale price by up to 11.5% compared to those with low-quality photos.
So don't skip this step. It's the icing on the cake.
Take the Extra Step to Increase Your Property Value Today
Increasing your property's value doesn't have to be complicated or expensive.
Simple updates like enhancing curb appeal, making necessary repairs, and minor remodeling of your kitchen or bathroom can make a significant difference.
With these seven tips, you can increase your property's value in any real estate market. And with more money in your pocket, you'll easily find your next dream home or investment property.
So, what are you waiting for? Try some of these tips today. You won't regret it.
