Real Estate Investment
6 Ways to Make More Money When Selling Your Home
Selling a home can be an arduous process, during which a homeowner wants to make sure that they do everything they possibly can to increase their property’s price and their potential buyers. This can turn into a perilous balancing act, where homeowners do not want to sell their property too low but may end up waiting longer for a higher bid. There are a few things that homeowners can do immediately to attract higher bids faster.
- Concentrate on the home improvements with the highest return on investment. Certain home improvements have higher ROIs. Attic bedrooms have a very high return on investment because they create additional livable space. Other cosmetic improvements, such as new entry doors, can also have high ROIs. Home improvements that are specific to the current owner, like a remodeled home office, will usually have a comparatively low ROI.
- Stage the home properly. Too many homeowners simply remove a few knick knacks and then invite people in to a showing. Prospective buyers want to be able to imagine the possibilities that a home will present to them. This means that the home should appear to be perfect before inviting anyone in to a showing.
- Don’t wait for the inspection. Some homeowners may already be aware of issues that their home has but hesitate before fixing it. An inspection will reveal these issues and this might delay a sale or even cause it to fall through entirely. Homeowners should be proactive in repairing their home before sale.
- Consider the use of online advertising. The internet has made it extremely easy for homeowners to advertise their own property. There are many online classified websites where a homeowner can post their property for free. Any exposure is good exposure, and the amount of interested buyers that a homeowner can attract can directly affect the amount of offers they will get on their property.
- Focus on the curbside appeal of the property. Curbside appeal includes everything that the potential home buyers see when they pull up to the curb. This can include the front yard, the pathway to the entry door, the entry door itself and the garage door. Garage doors and entry doors in particular are usually very cheap to replace and will give a good impression. A homeowner can save money on lawn care and maintenance by doing the bulk of the work themselves. A new coat of external paint can also help improve a buyer’s first impression of the home.
- Renovate the property intelligently. There are certain renovations that home buyers will specifically look for and that the homeowner can do quite cheaply. As an example, many buyers today will be impressed by a solar panel system because it will save them money in the long run. While a solar panel system may seem expensive, there are actually many tax credits available for those who want to have them installed. This means that a homeowner may be able to increase the selling price of their home significantly while having the government subsidize part if not most of the cost.
Patience is usually a major component to selling a home at the highest possible price. Many homeowners may find that they will need to wait a while for the right offer, and they may even need to reject a few offers that just don’t feel right. A professional real estate agent can help advise a homeowner on the right choices to make, and let them know when there is a deal that they can’t afford to pass up.