8 Smart Investments You Must Make Before Selling Your Home
Before you put your home on the market, you should make some smart investments that will yield the greatest profits. These are the renovations you can't ignore.
Buying a home is the biggest investment most people will ever make. When purchasing a home, buyers have many expectations including location, size, neighborhood, and potential resale value.
As the seller, before you decide to place your home on the market, it's important to understand what upgrades you should make to increase your home's value in the eyes of potential buyers and what items are better to leave for your buyers to make themselves.
The important factor is to ensure that any renovations and upgrades you make will yield a good return on investment. Selling your home at a profit is the ultimate goal. You get to pay off any mortgage balance, plus benefit from increases in property values since you first bought the home.
Keep reading for eight home selling tips to increase your market price.
1. Sometimes Smart Investments Mean Going SMART with Technology
Artificial intelligence is making its way into every aspect of our lives. SMART is an acronym that stands for: self-monitoring analysis and reporting technology. It is among the top smart investments you can make to your home.
New home builders are utilizing it as a selling point in planned communities. If you add SMART technology to your home, you will be setting yourself above your competition.
Smart appliances from ovens to refrigerators are a good upgrade. Kitchens and bathrooms can make a break your chances of selling your home fast.
Also, consider installing smart fixtures when upgrading your lighting.
2. Improve Your Curb Appeal with Landscaping
In the hustle and bustle of life, it's easy to neglect your lawn. Remember when you bought your home? The fresh green grass, vibrant flowers, and manicured shrubs were what drew your attention.
You'll need to give potential homebuyers that same awe factor. It is relatively inexpensive to spruce up a lawn. Review our post titled “Curb Appeal on a Budget: 10 Ways to Create an Attractive Home Exterior” for essential tips on how to make the exterior of your home sparkle!
Speaking of curb appeal, working outside is the perfect time to power wash exterior walls. You may also find that the paint and decorative siding need a touchup or repair.
3. Invest in New Windows and Doors
Sometimes it isn't until you're ready to sell your home that you realize that your windows won't open, so don’t wait until the last minute to check this! Be assured, potential buyers will get a home inspection, and windows and doors will get checked.
As far as home upgrades go, new windows and doors are a smart investment because they improve your home's overall appearance – both inside and out. Design trends have changed since you bought your home and new windows and doors will give the house a fresh, modern look.
4. Repair Leaky Pipes and Faulty Wiring
The realtor you choose will give you home selling tips and advice. Things like plumbing, electrical, AC, etc., will be sticking points during the negotiation phase. Depending on the home inspection report, you may have to repair these items or place money in escrow for the buyer.
Take this off the table and get the work done before listing the home. These smart investments are easily absorbed into the selling price. With the other investments you make, you're more likely to get your asking price.
5. New Color Breathes Life into a Room
When was the last time you painted a room in your house? Take a good look around and ask yourself, "can this room look brighter and bigger with new paint?" If the answer is yes, head over to the home improvement store!
Keep in mind, the paint is not for you – it's to improve the home's selling points. Stick with neutral colors, as they are the market standard.
Repair any dents, cracks, or holes in the walls before painting. The is also a good time to start packing away personal items such as paintings, figurines, and family photos.
6. Rip Out Old Carpet and Install New Flooring
Outdated flooring, whether its carpet, linoleum, or broken tiles, is a no-no. New flooring is a smart investment because it modernizes the home, which in turn increases its earning potential.
It may be tempting to go with cheap flooring… but don't! People can tell when you've cut corners. If the flooring is cheap, even the best installation can turn bad after a little foot traffic.
At the same time, don't break the bank because you don't know what the new home buyer will like. However, just like paint color, choose something neutral that will add value and stand out to people touring the home.
7. Modernize the Kitchen and Bathrooms
The selling points for a lot of buyers are with the kitchen and bathroom. People oftentimes will not compromise on these rooms.
You can easily upgrade your kitchen and bathrooms without breaking the bank. Things like paint, new knobs and pulls for drawers and cabinets, and fresh countertops can make a huge difference.
If needed, bring in a company that specializes in tub and tile rejuvenation.
8. Top Things Off with a New Roof
The most expensive smart investment a home seller will make is replacing the roof. If the roof is more than 2 years old or it is leaking, the buyer can ask for a replacement.
Like with the electrical and plumbing, it's best to take care of the issues before listing the house. This way the cost is already incorporated in the asking price.
For Sale!
These eight smart investments will more than pay for themselves if you're selling your home at the right time. Before putting money into a home you plan to sell, speak with a realtor to make sure you're spending money wisely. He or she can tell you what makes a good investment and what doesn't.
Whether you're interested in listing your current residence for sale, purchasing a new home, or both, we can help. Click here to connect with one of our experienced agents.