Although it easy to think that adding Travertine and marble everywhere is sufficient enough to raise your property value, it is important to remember that most home shoppers value functional improvements as well.
Way before cosmetic upgrades can be taken into consideration, it is important to make sure that all your plumbing, heating, electrical and sewer systems are working properly. If we took a survey, this would be the place that people least want to spend their money, but buyers want assurance that the property is in working order and will likely conduct a home inspection prior to purchase. If these problems come up during a sale a buyer could ask for a “worst-case-scenario” (think: the total cost of replacement, rather than repair) deduction from the sale price.
Most buyers make a beeline to the kitchen when touring the property. It’s a fact: kitchens and bathrooms sell homes. Even small updates can make a difference. If you are on a tight budget, you can replace the kitchen faucet, add a new cabinet door handles, and make sure the lighting is energy efficient. If you’re on a really tight budget, giving every surface a thorough scrubbing can assure buyers that even an outdated space has been well maintained.
Even simple changes such as replacing the toilet seat or updating the sink go a long way. For a little more money, refinishing the tub and shower surround (especially if your tub is any color but white!). Just like the kitchen, a thorough cleaning can really go the extra mile. Old, dirty or poorly constructed bathrooms might hint to the buyer that there is damage lurking underneath.
If you have the space, building out your attic and adding an additional bedroom to your home can pay off big, according to Remodeling Magazine’s annual Cost vs. Value Report. With an average investment of $50,000, homeowners can expect to recoup 77.2% when selling the home.
Thanks to the popular TV hit, Curb Appeal, it is easy to see how having an attractive exterior can boost your home’s value. Replacing the front door alone can lead to more than 112% return on investment! South Florida, in particular, allows residents more opportunities to enjoy outdoor living. “Curb appeal shouldn’t stop at the front yard, but should be extended to the backyard as well,” suggests Jeff Mitchell of the American Society of Landscape Architects (ASLA) in their seasonal newsletter.
Most new homes are equipped with plentiful closets and storage nooks. Older homes, however, often lack any designated storage area. Short of building out your home, consider redesigning the spaces you do have. Looking for creative solutions like adding built-in or utilizing dead space between walls helps buyers pictures how they could keep all their stuff in the space too.
Boosting the value of your home is important pre-sale, but don’t go overboard with improvements. It’s important to remember that there are several elements that influence your property’s value, some of which are outside your control, such as the value of your neighborhood. Otherwise, consider leaving the market analysis and marketing of your property to professionals. American Management Group has been specializing in property management, real estate and business services for over ten years. Schedule an appointment today to see how we can prepare your property for sale.