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What Home Improvements Increase Resale Value? (2021 Ver.)

What Home Improvements Increase Resale Value? (2021 Ver.)

Last Updated on December 25, 2020 by Chandler Bing

//This blog is updated in 2021//

Those who are planning to sell their house, perhaps, have already learned a lot about the resale value of their house and the factors that can influence this value. Selling your house is not an easy process and very often it is not a quick one either. So if you have any ideas of selling your flat in future it will be a good idea to start evaluating your home’s resale value in advance.

How to evaluate your home’s resale value?

There are many factors at play that affects a flat’s resale value, so when you are evaluating your home’s resale value bear in mind there are many things that you will have to take into consideration and will play a part in contributing to the value of your house. Unfortunately, there is no a one-size-fits-all formula to estimate your property’s value. Even the most detailed evaluation, taking into account a large combination of factors will only be able to give you an approximate idea of your home’s potential resale price. So it will be useful to bear in mind that at the end of the day the value is an approximation and is constantly changing and fluctuates according to the housing market and economic climate.

Of course, at the end of the day it is better to entrust the job of estimating the resale value to the professionals as that’s they have more experience and expertise when it comes to doing the guesswork. Invite a realtor. It will cost you at most around $100 but it will provide you with a a clear image of your flat’s position within the housing market as well as receiving some professional opinion that can also be very useful for you to understand your flat within the context of the whole housing market. However, it is not impossible to estimate your flat’s value on your own especially if you are only playing with the idea of selling your flat but have no real intention of doing it anytime soon you might want to save the money anyways as the housing market fluctuates and it might be better to get professional opinion when you are ready to seriously think about selling your flat.

So, if you want to calculate the approximate value of your house by yourself here are some tips that may help you. What are the factors that should be taken into account?

Location

One of the most important and influential factor is the location of your flat and what neighborhood it is located in. Browsing through a number of sources you will definitely notice that location always tops the list of the factors that influence the house’s resale value. The location itself also consists of many sub-factors that influence it as well.

    • Proximity. Proximity to other locations and services. Where is the flat located? Is it close to a highway? How far are the supermarkets, bus stops, MTR stations? Does it face a busy road? Are there restaurants nearby if you want a late night snack? Does it have a prestigious school nearby?
    • Community. Many people find it very important to have a strong sense of community in the neighborhood and different locations have different communities and cultures. While we all live in the same city different areas still have differentiation in culture, behaviors, and values. Some areas are more tight knit and has a strong sense of community and provide a strong local support structure but at the same time may also be less welcoming to strangers.
    • Area. You should analyze your house not only as a separate unit but also holistically as a part of the area it belongs to. Take into consideration the tendencies of buying and selling properties in your neighborhood. If your area is considered to be flourishing chances are you can get a sharper price for your property. On the National Association of Realtors website you can find a lot of statistical information that might be useful while estimating the prestige value of your area.
    • View. This is the most subjective criteria. However, the house facing a park and the one facing a parking lot will definitely vary in price. Still, you should also consider the fact that not everyone is going to overpay for the view.

These all affect the price of your flat as well as the target audience your flat may potentially attract.

Size & Exterior

The square footage is one of the first things that interest the potential buyers and directly affects the price of your flat. Here the best option lies in the middle. Having a house that is too big or too small can both influence the home’s resale value negatively as it limits the size of the potential audience that can afford the flat or live comfortably in your flat with their families. However, the size of the property is not the only factor that matters.

  • Shape of the lot. The majority of buyers are more likely to choose a rectangular shaped lot. Oddly shaped lots usually cost less and is more difficult to find buyers for them. Main reason being rectangular flats have right angles that makes placing furniture much easier as well as wasting less space between furniture. Basically the more rectangular the lot is the more efficiently the space can be used and thus buyers often prefer flats with such layouts. Also, the more level the flat the better.
  • First impression. The buyers usually make up their mind concerning the property in the first 7 seconds. So don’t underestimate the importance of your home’s exterior. Remove all outdated elements and do some landscaping and repainting of the exterior to increase your property’s aesthetic appeal as well as your property’s value.
  • Yard. A landscaped yard is a great advantage of the property. However, some buyers would rather appreciate a free yard where they can do everything up to their liking.
  • Garage. Do you have a garage for one or two cars? Is there a private driveway? The overwhelming majority of the potential buyers have at least one car. So this factor might be very important for them.

Age & History

Historic houses, if they are in good condition and were properly maintained, and newly-built properties are usually in demand. If your home is of this difficult in-between age of 30-40 years old it might be harder to sell it. However, the condition matters as well. People are likely to choose the house where they can move in right away.

The negative events that took place in your house significantly influence its resale value. Whether there was a natural disaster, like fire or flood, or some crime, or even a mold damage it can result in a lower price.

Renovations

This is basically about the interior of the house. Have you recently done some renovations and what they are ? What still needs to be improved? This is a tricky question, however, as tastes differ. For example, you have fully renovated your kitchen a few years ago, painting the walls in pea-green color and ordering lemon-color in-built furniture. Let’s presume you are mad on this color combination and are in raptures about your kitchen. However, if the buyer’s taste doesn’t match with yours, your house may stay on the market for months. People want to fulfill their own design ideas and preferences and not to overpay for the renovation they don’t really like.

How to Boost Your Home’s Resale Value?

While evaluating your house you have probably noticed that there are lots of factors you can’t really influence, like the property’s location or the age of the house. But are there some real steps you can make to boost your home’s resale value? Of course, the answer is “yes”. You don’t have to trust the chance. Here is a list of home improvement tips that can influence the value of your house.

Declutter Your Home

You don’t need to spend a fortune on some expensive changes. Sometimes a little replanning is enough to make your house look better. The experience shows that potential buyers appreciate open spaces. The majority of them have already the idea of how to fill it up. Cluttered spaces limit their imagination, which can affect their decision. So just removing a non-bearing wall you can make your home look more spacious.

Do Some Landscaping

As we have already mentioned before, the exterior is one of the main factors that influence the home’s resale value. Owners usually neglect this factor, considering it to be secondary. However, unpruned trees and tangled bushes can significantly spoil the overall impression about the house. Investing up to $500 in the landscaping can pay off in 3-4 times. Thus, a small investment in the landscaping can make a big difference in the price of the house later on.

Take Care of the Lighting

The veterans of the real estate market note that lighting is very important in terms of creating a cozy atmosphere in your house. Everything goes. You can use dimmer switches, sun tubes, lights with motion detectors, natural light from the windows, etc. You just need to place them in the strategical points to create a more appealing look of the house. For example, to make the small spaces seem larger use bright lights and mirrors. Use a combination of lights in the bedroom to create a pleasant atmosphere.

Make Regular Repairs

All your expensive upgrades can be brought to nothing if some pipe is leaking or some floor plank is creaking. So before planning some renovations, inspect your house for such small things that need to be taken care of. Surprisingly, but investing a hundred dollars in your house maintenance can increase its resale value by several thousand dollars.

Make it Clean

A simple advice, but still highly efficient. Of course, you have a first-hand knowledge of how important the first impression is. So make your home shine. You can do it yourself or hire a cleaning service that will make your house look fresh and spotless. Then, while showing your house to the potential buyers you can boldly raise window blinds, open every cupboard and lower toilet seats without feeling embarrassed.

Pay Attention to the Flooring

This is a really significant expenditure item. However, there is no need for the complete renovation of the flooring. Just replacing the damaged floor planks and fixing the annoying squeaks might be quite enough. If there is soft flooring in your house you might need to renew it if it is worn or stained. Of course, this does not seem a big deal. Still, it plays an important part in creating the overall impression of the property.

Small Upgrades for Kitchen and Bath

All the real estate agents in the same breath claim that kitchen and bathroom benefit the most even from the smallest renovation. Here everything depends on your budget. You can make the complete renovation or replace just one thing like a stained sink or a toilet seat. If you have a limited budget you can just replace the cabinet doorknobs, remove the rust stains and make other simple and low-cost renovations that will make your bathroom and kitchen look fresher.

Do Some Painting

This is perhaps one of the most cost-effective methods. Newly painted walls look clean and fresh. However, while choosing the paint, keep in mind that neutral color is the most successful choice as it appeals to the majority of the buyers.

Well, as you can see, there are quite a lot of things you can do to increase your home’s resale value. You don’t necessarily need to do it all by yourself. In some cases, it is more efficient to hire professionals. Anyway, if you tackle the problem reasonably you can boost your house’s resale value with minimum expenses.

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