Raising the Value of your Home

You’re ready to sell your home but you want to do so wisely. Let’s pretend this is you. And let’s pretend that we’re sitting across from you at your kitchen table. There are mugs of steaming coffee and a plate of biscotti and a whole lot of dreams bouncing back and forth. Your home is a big investment which means that both buying and selling are important parts of this investment. And that’s why we’re sitting on one side of the table and you’re sitting on the other.

“So what is my home worth?”

First of all, we look at how much your home is worth.   We do this by comparing your home to homes that sold in the last year.  You can also do this yourself by using Zillow’s website.  Zillow uses automated software to assign a value to your property in most cases.  You can see what this value is by looking at the Zillow zestimate.   All you have to do is plug in your address and scroll down to find your home’s estimate.   Zillow is great for uniform neighborhoods, however for areas with more variation, there is the chance of figures being significantly off.
Also, keep in mind that the zestimate is a computer generated number and so if data has been entered incorrectly for a property in the area or some really unique homes are in the area these Zillow values can be off significantly.  One of the primary jobs of your listing real estate agent should be to do the research to provide you with information to come up with the best possible price for your home. So just keep that in mind.
We drink some more coffee and then you wonder how much you can renovate your space to raise the resale value of your home. We do believe that the value of a home can be changed, however there is a limit. Most neighborhoods have a certain maximum sale point. You’ll have a hard time selling your home for more than $20,000 above the rest of the neighborhood unless your renovations are super exceptional.

“What practical steps should we take?”

And now we come to the practical steps. You wonder what you can actually do to raise that value. Of course, we would want to look at your home. But here are our top three suggestions that are pretty much universal: Update the kitchen. This is the center of the home and a space that people especially value. Updating the kitchen could mean redoing counter tops, or doing something as small as updating the drawer handles. Update the bathrooms. This is a great way to add value to your home because you don’t have to do a full bathroom re-haul in order to update the bathroom. Small updates can go a long way in freshening up a space and attracting home buyers. Our third suggestion is to paint the walls. This is the most inexpensive way to greatly increase the value of your home. This is especially beneficial if you can do the painting yourself. Trending paint colors freshen up a room and give it a clean, inviting feel. If possible, paint the walls. You won’t regret it. These three action steps will go a long way in raising the value of your home. But let say you have some ideas too. You were thinking about adding built-ins to the living room and a mural to the master bedroom wall. You know it will make a statement. Truth is, we’ll be the first to try funky design ideas. But, in this case, we strongly advise against the more risky ideas. What looks great to you, may not to other home buyers. While renovating your home for resale, stick to the more classic designs which will draw a larger crowd of potential buyers.

We finish our coffee and carry them to the sink. It’s Spring and you plan on getting your home onto the market as soon as possible. But we suggest that you focus on getting your curb appeal up as well. The front of your property is the first thing that potential buyers will see. Decluttering the yard and sprucing up the landscaping will go a long way in attracting people. You make a note of that. We wash the mugs in the sink while you wipe the crumbs off kitchen table. Then you walk us to the front door where we part ways. You’re going to miss this beautiful home of yours, however there are far better things ahead. You know that. And we know that.

This is a fictional story. Obviously, we’re not sitting at your kitchen table giving you ideas for raising the resale value of your home. But we could do that. The Chris & Claude Co offers free consultations for those looking to sell their current home. If that’s you, hit us up! If it’s not, we hope you’ve enjoyed another sneak peak into our world. Whether you hire a real estate agent or not, these are great steps to take to raise the resell value of your home. As you can tell we’re all about coffee and springtime and homes. Want to know more about us? Check out our About Us page.

Sincerely, Chris

PS. The Chris & Claude Co. sells and buys homes through Kingsway Realty.


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