How Much Do You Lose Selling a House As Is?
Did you know that selling a home as-is causes you a loss in value? You could be missing out on a valuable amount of profit by choosing to skip a few extra steps before putting your home on the market.
It may be tempting to just make a listing for your home and wait for a potential buyer to get in touch with you. But you shouldn’t settle with selling your home for the amount you need or for the amount expect it to.
First-time home sellers or those who are in a rush to sell their homes often make the mistake of putting their homes on the market without making any changes. But just how important is it to fix up your house before selling it?
Header image source: Urban Property Boutique
Should You Fix Up Your House Before Selling?
Most buyers these days are looking for homes that are ready to move into. And if you want to maximize your profit in selling your home, you should definitely fix it up before putting it up for sale.
Necessary repairs like reroofing or replacing a leaky faucet could instantly make your home more attractive to potential buyers. Take note, though, that buyers of pre-loved homes don’t expect everything in your house to be in pristine condition.
Invest only in repairs that add value to your home. But we’ll touch more on that later.
For now, what’s important to know is that if your house is still in relatively good condition, it would be best to fix it up a little so that you could sell it for more. If your house only needs a few repairs to get it to look as good as new again, then by all means fix it up.
But there are cases when selling your house as-is proves to be more practical. If repairing the damages in your house would cost you more than the profit you’ll get after having these issues fixed, you’re better off selling it as-is.
Your market becomes significantly smaller, though. A fixer-upper house might only gain interest from contractors or people who are into flipping houses. It would also sell for much less since it would need a lot of work to be fully functional again.
5 Ways to Increase Property Value
You don’t have to go all-out when fixing up your home before selling it. The goal here is to make as much money as you can get from your property. That means you should only pick which repairs or renovations are worth it. Here are five ways to increase your property value.
Focus on Your Kitchen and Bathroom
The kitchen and bathroom are the two most important rooms in any house. If you’re going to make some renovations to your house, invest in these rooms. They almost always give you a 100% return on your investment (sometimes even more).
For the kitchen, you might want to consider replacing or repainting your drawers and cabinets. You can also change the handles and other kitchen accessories along with them. If you have a large kitchen space, you might also want to add a walk-in pantry. It increases your property value by a lot.
For the bathroom, try investing in a curb-less shower area. It’s both accessible and aesthetically pleasing. You might also want to add or upgrade your vanity area. A good vanity mirror could make your bathroom feel more luxurious.
Update Your Furnishings
Lighting can also make such a difference in your home. Try updating the light fixtures around your home. They could make your space look and feel more inviting.
A fresh coat of paint could also transform your home and increase its value. You might be better off sticking with neutral colors, though, as they prove to attract more potential buyers.
Other accessories like cabinet handles, doorknobs, and faucets (among other things) might also be good to update, especially if they’re starting to look old and worn-out.
Boost Your Curb Appeal
Most of the time, a simple landscaping job does the trick of making your curb look more appealing. You don’t actually have to go as far as adding a mini pond or waterfall in your yard. Some new plants and flowers arranged in a nice display are usually more than enough to boost your curb appeal.
After all, it’s the first thing that people see when they come to your home. It’s important to make a good first impression and set the right mood even before they step into your home.
Furnish Your Spaces
If you have a basement or spare room in your home, you might also want to consider furnishing them. Extra livable space in your home always boosts its value more than you’d expect.
Similarly, most people would appreciate having a lot of (smart) storage space in a home. Investing in these spaces could greatly help you sell your home for more.
Clean Your Home
It tends to get overlooked, but simply cleaning your home could already increase its value by a lot.
Wash your linens—curtains, bedsheets, pillowcases—if you’re planning to leave them behind for the next owners of your home. You don’t necessarily have to buy new ones just to make your space look more appealing.
Declutter your space and make sure you only keep the essentials. In this way, you’re making your home seem cleaner and more put-together.
Also, remember that it’s always easier to move out when you don’t have a lot of things to take with you.
Selling Your Home
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Selling your house may not be as simple as it sounds. In most cases, you’ll have to fix it up a little before putting it on the market. But remember to invest only in changes that increase your property value so that you can maximize your profit.
It may get overwhelming, but you don’t have to worry. With the help of a reliable real estate agent, the selling process becomes much easier. Check out this seller’s guide to have a better idea of what you’ll go through once you sell your home.
And while waiting to sell your home, it might be a good idea to already start looking for a place to move into. Here’s a mortgage calculator you can use to determine your budget for a new home.
Again, here are five ways you can increase your property value before selling your home:
- If you’re going to spend on renovations, invest in your kitchen and bathroom. These rooms give you the biggest return on your investment.
- Update the lighting, paint, and accessories around your home. These seemingly simple changes could make such a difference.
- Do some landscaping on your property to boost its curb appeal.
- Turn unfinished spaces into extra rooms or storage areas. These can make your house more attractive to potential buyers.
- Declutter your home to give it an instant boost in its aesthetic appeal. Wash your curtains, bedsheets, and pillowcases to make them look new and, in turn, make your space look more refreshing.