While living close to a Starbucks can increase the value of real estate, it’s thankfully not the only way to enhance the appraisal value of your property. Instead, there are a number of steps you can take to enhance its worth and make it a valuable investment for buyers.
Focus on These 7 Tips
Personal taste is certainly a deciding factor in many real estate purchase decisions, but the overall value of a property usually holds the most weight at the closing table. If you want to get the highest asking price possible, follow these tips:
- Enhance curb appeal. It isn’t always about increasing the actual value of the property, as enhancing the perceived value can be equally as effective. This also brings a much higher ROI. Start by boosting curb appeal, since this is the first thing a prospective buyer or investor will notice. Some of the simplest tips involve dressing up the front door with a splash of color, installing outdoor lighting, and paying for professional landscaping. The key to curb appeal is making everything look fresh and inviting.
- Invest in interior design. While you may have good taste, you probably aren’t an interior designer. That means it’s best to leave the staging up to the professionals; they’ll be able to see the big picture and smaller details. From high quality window shutters to stylish throw pillows, every detail can enhance the perceived value of your home.
- Renovate key rooms. After maximizing the perceived value, you should take time to increase the actual value. Smart buyers can differentiate between the two and want to see a commitment to quality. The kitchen and bathrooms bring the highest ROI for renovations and should be addressed first. In the kitchen, replace outdated appliances with new versions, install recessed lighting, and replace cheap countertops with marble or wood. In the bathrooms, simple fixes include replacing hardware, adding fresh paint, and installing dimmer switches for lighting.
- Add square footage. Nothing enhances the value of a property quite like adding square footage. If you can find a way to create additional living space with unfinished areas you already have, this is best. Consider closing off a patio, finishing the basement, or turning attic space into something usable. These can be quick and easy projects, but have the potential to add thousands of dollars in value.
- Replace anything outdated. Your goal should be to modernize everything. There’s nothing attractive about an architectural design element that hasn’t been in style since the 1970s. Replace old hardware, furniture, paint colors, and fixtures with fresh, updated alternatives. By attending to these elements, an old home can appear brand new.
- Look next door. While you can’t force your neighbor to pressure wash their siding, you can ensure they follow local ordinances and neighborhood codes. Small improvements in the curb appeal of neighboring properties can have a direct impact on the value of your own.
- Hire an inspector. Once you’re done making improvements, hire a certified home inspector to assess your property. Explain that you’re trying to maximize the value and ask for his or her opinion on which areas are lacking and what can be done to enhance the home. Inspectors often bring a fresh third-party viewpoint and are trained to look for things that the naked eye might miss.
While certain tips may not apply to your property, it’s critical that you discover ways to increase the value of your property. Using these tips can boost the appeal of your property and enhance appraisal value, so why not give them a try?