Selling Your Property? 9 Tips to Capitalize on the Real Estate Market
Whether it’s a primary residence, holiday home, or an investment property, purchasing real estate is a lucrative investment. Since real estate appreciates over time, most investors consider it a safe option. They know they’ll get a sizable return on their investment when selling their property. However, while real estate appreciates, you might not get the maximum return on investment if you are unfamiliar with the market.
Suppose you’re selling your primary residence after living in it for a decade. You bought the property for $200,000. The average property’s price has increased by nearly 50 percent over the last decade. Therefore, your property would now have an estimated value of $300,000, although various factors, such as the property’s condition, the neighborhood, etc., can affect this value.
Selling your property at a 50 percent higher price might seem like a great deal. However, what you might be missing is that your property could fetch a higher price with a few alterations. For instance, repainting your home’s exterior might add another few thousand to the list price, or renovating the bathrooms might make it more appealing to prospective buyers.
You might not have known these insider secrets, but they can considerably boost your selling price. Remodeling or renovating your property is particularly effective when selling it, although other strategies, such as adding amenities, also work. If you’re considering selling your property, get remodeling or renovation done by the Legacy Remodeling company, a local and family-owned company with over 35 years of experience.
Tips to Help You Capitalize on the Real Estate Market When Selling Your Property
Here are some helpful tips to capitalize on the real estate market when selling your property:
1. Stage Your Property
Staging your property can also help you fetch a higher selling price. As per the National Association of Realtors, 89% of buyer’s agents deem staging your house leaves a favorable impression on prospective buyers because it helps them visualize how the property would look after they’ve moved into it.
In addition, research also shows that staged homes spend nine fewer days on the market than non-staged homes. Moreover, 73 percent of staged homes sell for nearly $40,000 more than their listed price.
2. Focus on Curb Appeal
Most property owners don’t know that focusing on curb appeal can drastically increase their property’s list price. The best part about focusing on curb appeal is that you can boost your property’s value with minimal investment. Contracting professionals to pressure wash your driveway, trim the hedges, mow the lawn with a lawn mower, and wipe down the windows is enough to increase your property’s list price by a few thousand dollars.
3. Do Some Landscaping
Another good idea is to do some landscaping before selling your property. Ensure your property’s patio and backyard is pristine. High-quality garden furniture can also make your home more appealing to prospective buyers.
4. Remodel the Kitchen
Most people consider the kitchen one of the central features of a home. Therefore, you’ll want to ensure your kitchen is clean and up-to-date. Dated and worn cabinets or poor tiling can make your kitchen look decrepit.
Hence, consider remodeling or renovating your kitchen. However, it’s important to note that completely remodeling your kitchen can be extremely expensive. The remodeling price depends on your kitchen’s size, but full remodels cost approximately $80,000 on average. On the other hand, they only increase home value by $60,000.
Thus, consider opting for minor alterations or a limited-scale remodeling project instead.
5. Ensure Bathrooms are in Good Shape
Another consideration before selling your property is ensuring the bathrooms are in good shape. A well-maintained bathroom can increase your property’s selling price. Consider remodeling your bathrooms if they’re not in good condition. You don’t have to opt for a complete overhaul, but you’ll need to ensure the fixtures and fittings are replaced.
6. Make Your Home More Energy Efficient
Making your property more energy efficient is also an effective way to get a higher listing price. For instance, research shows your property’s value increases by $20 for every $1 saved on utility bills. You don’t have to install solar panels to make your home more energy efficient. Instead, you can opt for inexpensive additions, such as smart thermostats.
Replacing the windows is another effective way to make your property more energy efficient. If your property is older, your window designs might be outdated. Replacing them with modern designs will considerably lower utility bills since modern window designs provide better insulation. Moreover, they’ll make your property more valuable.
7. Add Amenities
Adding amenities to your property can also increase property value, although it’s costly. For instance, adding an in-ground pool and pairing it with an outdoor kitchen might be expensive, but it’ll considerably raise your property’s value.
However, you must consider a few things before adding amenities. Some amenities might make your home less appealing to prospective buyers. For example, a potential buyer might not want to deal with the maintenance costs and increased utility bills an in-ground pool would bring.
8. Timing is Important
Timing is also an important factor when selling your property. The ideal time for selling is when the housing inventory is low and property demand is high. Research shows October and December are the slowest months for selling property. Meanwhile, the best times to sell properties are late spring and early summer, particularly May, June, and July. For instance, properties sold in May netted sellers a 12.6 percent premium.
Therefore, consider the market conditions and time your sale accordingly to get the best returns on your investment.
9. Paint Your Property
First impressions matter. Potential buyers are less likely to purchase a property if the paint is decaying or the exterior looks antiquated. Painting your property can make it look newer and modern, raising its potential value.
Conclusion
Properties are investments, and sellers want the best return on their investment. While real estate appreciates over time, implementing these tips can help you get a better price than you would otherwise. You don’t have to opt for costly makeovers or amenities. Sometimes, a few touch-ups are all you need. But for this purpose, it’s wise to hire a remodeling company.