Whether you’re a first-time homebuyer or a seasoned seller, there are some tricks for getting the most value out of your home.
If you do your research, you can maximize the equity of your home to put toward your next adventure. First and foremost, it’s recommended you don’t undertake the task alone.
You may think you’re saving money by selling your home yourself, but how valuable is your time? Utilizing a trusted real estate agent can actually end up saving you money because someone else is working on listing your house, house viewings, negotiating with buyers, and wrangling the paperwork for closing. Additionally, a real estate agent has a whole network for marketing your home, so you may end up leaving your house on the market for a shorter period of time, which equates to savings in your wallet. To begin the process of selling your home, Check out Finlay Brewer for Hammersmith Estates to get in touch with reputable and experienced real estate agents to guide you through the real estate market proficiently.
With the right team on your side, the rest of these tips for maximizing your profits may come a little easier.
Understand the Market
Before you think about selling your home, being aware of the current market is a must. To get the maximum value for your home, take a look at what the current trends are; what are buyers looking for in your area? What remodels are buyers expecting to see in homes on the market? How much equity do you need to put into your own house hunt?
Other considerations to take are trends regarding the average length homes are on the market and if they’re selling below, at, or over asking price. According to industry experts at homesbyspencerhsu.com/san-
An experienced real estate agent can familiarize you with these statistics so you know what to expect when listing your home.
Sell at the Right Time
The 2021 housing market is on fire right now, making it a seller’s market. Homes are on the market a handful of days before multiple offers are received and the closing process begins. But in a regular year, how do you know it’s a good time to sell?
Typically, people house hunt in the spring. This gives them a few months to look for the perfect house and begin the moving process once kids are out of school for summer break. If you can’t get your home ready to hit the market by spring, summer is a favorable time as well. This gives potential buyers of your home the chance to settle into their new house before the holidays.
Refer to Relevant Comparables
You may think listing your house for top dollar is the way to go, but be sure you’re looking at comparables in your neighborhood that make sense. Relevant comps should be similar in square footage and condition or have amenities similar to those in your home. Also, sometimes pricing a home a little lower than you think can encourage multiple bids, allowing you to negotiate for a better deal in the end. If you pick a price and just hope for the best, your home may end up sitting on the market longer because it’s overpriced compared to the rest of the neighborhood, or houses nearby that are similar.
Home Improvements Worth Tackling
It’s common to say that a kitchen or bathroom remodel is worth doing to increase the value of your home. How much, exactly, can you expect to see return to your wallet when all is said and done?
Kitchen
The average return on investment (ROI) for a kitchen remodel is 54%. This means you can expect to recoup 54% of what you put into the remodel when it comes time to sell your home. That being said, often times a kitchen is the centrepiece of a home, so contacting reputable kitchen remodeling companies near you to have a remodel done could still be a good idea. Having a newly fitted kitchen might be what makes your listing stand out from the rest and give you the best chance of making a quick sale at full price.
Bathroom
The average ROI for a bathroom remodel is 70%.
Exterior
Since the exterior of your home has a lot of factors, the ROI varies from one project to the next. Let’s break down some common exterior upgrades and what each may offer, on average, in return.
Garage Door Replacement - 97% ROI
Manufactured Stone Veneer (upgrade exterior) - 94% ROI
New Vinyl Siding - 75% ROI
New (Steel) Front Door - 74% ROI
New Vinyl Windows - 73% ROI
Replace Asphalt Shingles (roof) - 68% ROI
Installing a Backyard Patio - 55% ROI
Installing a Wood Deck - 75% ROI
There are a lot of great options for upgrading your home’s exterior which has the potential to offer you a big return on your investment. Whether you do it all or pick and choose, some of these remodels also offer energy-saving rebates to help you save even more.
No matter what home renovation you tackle, make sure you partner with a reliable company that specializes in exterior remodels and offers a portfolio of previous projects.
Screwdrivers vs Sledgehammers
If remodels aren’t necessary or aren’t in your budget, there are a number of little things you can do to help you get the most out of your home sale. You can change the look and feel of your home by staging it, changing fixtures, or installing new hardware.
Staging takes away your personal details and allows potential buyers to picture themselves living there. You can stage your home yourself, or you can invest in a service that will do it for you. Staging may involve removing not just photos and tchotchkes, but furniture as well. The right furniture placement can emphasize your home’s features and improve its function, which is what you want buyers to see.
Do you know what era your fixtures are from? Some styles make a home feel older than it is or don’t reflect the tastes of potential buyers. If you can change light fixtures or sink faucets to more timeless finishes or styles, it can refresh the look of your home for much less than a full-out remodel.
Take a look at your doors and cabinets; what does the current hardware say about the home? Much like your fixtures, hardware can make a home feel dated. Upgrading doorknobs and drawer pulls can make a big impact. A complete upgrade of all of the doors can be highly effective too however, if this is something you are willing to pursue. You can find a huge range of modern interior doors by Trendy Doors online if you're interested in exploring the possibilities of a total switch up. There's bound to be something you like.
Get a Home Inspection
If you don’t know where to start when it comes to choosing between a remodel, cosmetic upgrades, or projects that fall somewhere in between, get a home inspection done. This will help you know what you’re up against before you list your house. A home inspector’s report will give you the breakdown of what needs repair, and what is likely to be noted in the potential buyer’s inspection. A buyer’s home inspection report could end up costing you money at closing, as home buyers may negotiate a lower price based on repairs the house needs.
Smart Marketing
More than before, people are seeing homes online before setting foot inside. It’s more common than you may think that people make their home purchase sight-unseen thanks to smart online marketing.
Your real estate listing should include not only high-resolution photos but a virtual tour as well. Drone photography is another great way to showcase your home’s assets. Another marketing tactic to think about is listing the house during the week, but waiting until the weekend to allow showings. This can generate “buzz” around your house since when buyers arrive, they’ll see all the other interested parties.
Essentially, selling your home for top dollar involves doing some legwork. As long as you’re aware of current market trends, you’ll know what, if anything, you need to invest before you can cash in for that equity.
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