For some homeowners who are looking to sell their home, the final selling price may not be their biggest concern. Some people may need a quick sale to relocate for a new job or a family emergency while others may just be wanting a hassle-free transaction and are willing to take less money if it means less work for them. However, most homeowners would like to sell their house for as much as they can get for it. If your home was either built fairly recently or has had some work done on it within the last few years, you may be able to get top dollar for your home without spending much money to upgrade or improve it. But if you have owned the home for twenty or thirty years, you probably will not be able to get maximum value for your home, even if the structure is in great condition. With more and more people doing research online before buying a home, home buyers are usually aware of which homes have the latest amenities and features. If your home does not compare with these updated homes, chances are that you will not get as much for your home as you would like. Below are some ideas that you may want to consider to add value to your home and get the selling price that you are looking for.
Start with square one
Before you even think about spending money on upgrading your home, you should make sure that all the major systems of your home are functioning properly and up to code. You should at least know the condition of your plumbing, electrical, and Heating Ventilation and Air Conditioning (HVAC) systems. It doesn’t matter how new your appliances are if there is a gas leak or how nice your bathrooms are if the water heater is not working properly. Also, other big ticket items such as the roof or termite issues should be resolved before attempting any upgrades. While these items may not necessarily add value to your home, they can definitely take value away if they are not functioning effectively. Resolving any issues with major systems will make sure that you are setting yourself up for success when it comes time to attempt any upgrades.
One of the more guaranteed ways to add value to your home is by adding bedrooms and/or bathrooms. All things being equal, a larger home will sell for more than a smaller home, and extra bedrooms and bathrooms offer the biggest bang for the buck. A good way to determine how much more value another bedroom or bathroom would add to your home is by going on Redfin, Zillow, or your favorite real estate search website and comparing the “sold” price of homes in your neighborhood. For instance, if you have a 3 bedroom, 2 bathroom home and are considering adding another bedroom, you can compare the “sold” price of 3/2s to the “sold” price of 4/2s and that should give you a ballpark estimate of how much value an extra bedroom adds. You should also note that the more bedrooms your home currently has, the less value adding another bedroom will have as compared to a small home. In other words, adding an extra bedroom to a 2 bedroom house will usually have more of an effect than adding an additional bedroom to a 4 bedroom house.
Upgrade the kitchen
Most experts agree that one of the biggest selling points in today’s market is the kitchen. The kitchen is one of the first areas that potential buyers migrate to and notice when touring your home. Depending on your budget, there are many things that you can do to upgrade and improve the look of your kitchen. Big selling points today seem to be laminate or hardwood flooring, granite countertops, nice cabinets, tile blacksplashes, and stainless steel appliances. A word to the wise though, you want to be make sure that you do not overspend for the neighborhood that your property is in. You want your kitchen to be just as nice, or a little bit nicer than the kitchens in the comps that you researched. However, if you go overboard and make it too nice, you still won’t be able to sell it for a price much higher than the comps and will probably end up spending more money on improvements than you need to.
Modernize the Bathroom
After the kitchen, the bathrooms are one of the next biggest selling points. While not as expensive as upgrading a kitchen, a nice new bathroom can go a long way in increasing the appeal of your home. A budget of a few thousand dollars per bathroom can go a long way to improving each one. And for those on a smaller budget, little things like replacing sink fixtures, lights, and mirrors can also help to spruce up your home.
Maximize Storage Space
Depending on the layout of your house, this may be easier to do in some homes than others, but storage space is another item that a lot of buyers look for. If there is any unused space in your home that doesn’t really serve a purpose, consider converting that to storage space. For those without any extra room in their homes, adding storage shelves to the garage can also be helpful. The last thing you want is for a family to completely love everything about your home but not feel like they have anywhere to store their belongings.
This last tip could not only increase the value of your home, but could also save you money while you are still living in it. The current state of California’s drought has everyone thinking about ways to save water. One way to entice potential homebuyers is by having a drought friendly yard. With the current water restrictions, it is almost impossible to keep your yard the way that most people would like to. While most Ventura County residents understand the need to preserve water, there will still be one or two homebuyers who may be turned off by a brown yard. Southern California offers rebate for residents who participate in their turf removal program. Not only will this decrease your water bill in the long term, but a drought friendly yard done correctly can look a lot nicer than a brown yard and will definitely increase the curb appeal.