Home prices have suffered a downspin these recent years. This is especially true in a real estate market washed with new and old houses. Selling you home in its current state may not be a good idea since its value may have depreciated due to market forces.
Increasing your home’s value is the best way of mitigating this drop in home prices and getting back your hard-earned investment. Some home improvement projects could increase its value, but the costs of this are just too staggering and may not translate to bigger earnings.
To make the process more cost-effective, here are some of the proven ways of increasing your home’s value according to real estate professionals.
Create More Space
You may think of creating more space in your home entails building an extra room or a new living space. These home transformations often run into the tens of thousands of dollars and often end up as money pits. But creating more space need not be complicated. Sometimes a few simple touches like removing a large kitchen countertop, removing a closet or dividing a big room is all it takes.
New homeowners may be searching for bigger homes simply because they have more furniture or have a bigger family. Transforming a big room into two separate rooms means more family space. Removing that large kitchen countertop for example, would mean more elbow room. The trick is to identify rooms or furniture that could be removed to create more living space.
Energy Efficient Lighting
Another simple way of attracting new buyers is by installing energy efficient lighting. And when it comes to cost-effective lighting nothing beats natural light. Using LED lights for example, could give your home a green touch. Even old homes could be transformed into models of energy efficiency by using modern lighting or using natural light.
Bringing more light into your home makes it feel roomier and soft lights bring coziness to an empty space. Make sure your windows open and fix broken panes. Lighter shades could be a great idea for those with big windows. It keeps the warmth of the sun at bay while bringing much needed natural light into your home.
Simple Maintenance and Repairs
Before spending on costly home upgrades, be sure to check the basics. Ensure that your roof is properly insulated, repair faulty electrical wiring and repair all leaks. Homebuyers look for a home that it structurally sound and fully functional. There’s no sense splashing your home with new paint if a buyer discovers a leaky faucet or a faulty electrical outlet.
With so many homes in the market, the simplest details make the difference in making a sale. Investing a couple of hundred dollars in home maintenance and repairs makes sure that your home remains in top shape. Remember that you are also competing with newly built homes for the same dollar.
Polish your Front Door
First impressions last and when you’re trying to lure a prospective buyer a great looking front door could speak volumes for your home. Your home begins with your front door, porch of driveway. Polishing it up by trimming your lawn or replacing your front door could do wonders in attracting homebuyers. Sometimes it all depends on the simplest details and even a welcome sign makes it easier for homebuyers to enter your home.
Going green is another way of bringing more equity into your home. Replacing old heating and air conditioning systems could save you 30 to 40 percent on your energy costs. This would be an attractive proposition for homebuyers searching for huge savings down the road.
Installing energy efficient green systems could be costly, but some states offer tax credits. This could shave a couple of thousand of dollars on your actual purchase. Couple this with the huge energy savings that certainly makes your home an easier sell.
Solid floor structure makes homebuyers feel more secure when searching for a new home. Squeaky floors, missing tiles are signs of a poorly maintained home. A few nails could eliminate squeaky floors and polishing it before a homebuyer arrives are simple ways of preparing your home for inspection.
Home designs reflect its homeowner’s personal taste, but these could also get in the way of selling. Flashy kitchen tiles for example, make it harder for a homebuyer with a more subtle taste to choose your home.
Kitchen and Bath Upgrades
Brokers often suggest making simple kitchen and bath upgrades before selling their homes. But these could also be very expensive ventures so be sure to stay within budget. Checking the plumbing for leaks, retouching rusted surfaces and replacing chipped tiles are cost effective ways of improving your home’s equity and salability.
Author Bio: This is a guest post by Elizabeth Collins for Your Furniture Now, a leading source of quality cheap furniture Los Angeles. For more information, please visit their website.