Are you thinking about moving soon? Do you know for sure that you don’t want to be in your current house forever? Are you sick of the big city and know someday you want to leave it behind for a peaceful lifestyle block? Whatever your reasons are, if you know you want to eventually move from your home, you should be thinking about your home’s resale value.
Even if your potential move isn’t for another decade, now is still the time to look into it, or at least think to think about it. Considering how difficult moving homes is, from the big search, to the competitive market, to getting the loan and selling your own home, you’ll want to get started on amping up your resale value as soon as possible. We all know how long some renovations can take, so if there’s anything you need to fix up or replace, getting a head start is really important. Here are some basic ways to amp up your resale value before it’s time to move.
What is it?
Resale value is exactly as it sounds – how much your home will sell for if you were to sell it today. Resale value can also refer to what the future value will be, depending on various factors. To determine the resale value, one could use a real estate agent to help, or investigate on your own. Trade Me is an excellent place to look up property insights and see what other properties in your area are going for.
Renovations are a sure fire way to amp up your resale value, but only if they actually add value. For example, adding on an extra room to the back of the house may suit your growing family well, but the extra space makes it undesirable for someone wanting a large yard. Try to stay away from renovations that would only suit your needs, rather than generic renovations. Click here for some classic mistakes in renovations. Take note of what buyers are looking for in renovations, and how much upgrades are adding to the bottom line. Projects like tackling your kitchen and upgrading appliances, replacing windows, and bathroom renovations are typically good options. Here are a bunch of projects to take on that will likely increase your home’s value.
Energy saving additions
The focus of new home builds continues to be on sustainability and green building. Adding or replacing things that make your home more green will definitely increase your resale value. For example, if you are due for a roof replacement, look into creating a green roof instead of regular roofing options. A green roof will decrease your water runoff as well as be an asset to the environment. It’s important to note that your roof needs to be structurally strong enough to support the load of the green roof, but you can fairly easily make improvements if it needs any reinforcing. You can look at some additional pros and cons, here.
If you aren’t looking for significant changes to your house right now, consider at least adding in some energy saving appliances and fixtures. It’s easy enough to switch out some light bulbs for energy saving bulbs or change your shower head to an energy efficient one. You’ll not only save on your own energy bill, but will also be able to use the low bill as a selling point.
Other easy ways to increase the resale value is to do some basic cosmetic changes. This is especially important as you get ready to sell the property. For the exterior, consider house washing to brighten up your house’s look immediately. You’d be surprised how dirty your house can get, and how appealing it looks afterwards. We also recommend cleaning out your gutters at the same time to kill two birds with one stone. You’ll also want to take a look at your landscaping, especially in comparison to your neighbours. For example, if other sections for sale in your neighbourhood are beautifully decorated, yours may not sell as well simply due to cosmetic reasons.
For the interior and exterior, regular window cleaning is a must. If you keep up with it, this seemingly big job won’t take long at all. Dirty windows are one of the first thing prospective buyers notice, so it’s important to give them a good wash before putting the home on the market. If you’ve got any carpet or upholstery stains, now is a great time to get them taken care of as well. Finally, a simple coat of fresh paint can liven up a room instantly and create instant appeal to a buyer. Try one of these colours to help sell your house quickly.
Today’s homes are moving towards being more technologically advanced every day. With all kinds of smart devices at our fingertips, a surefire way to increase your resale value is to advertise smart technology within the home.
For your home’s security, consider installing a state of the art security alarm and system. Monitoring is made easy with these systems, and alarms and notifications can be sent directly to your smartphone. Many security systems today have camera systems as well that allow for 24 hour access from a mobile device. At the very least, make sure you fix the locks around the house so that you can at least advertise a secure home. Other technology that’s easy to install is temperature control devices. Things like a Nest can help save in energy bills and is appealing to a new buyer.
If money and/or time is tight, and you can only manage a few options from this list, try not to fret too much! A good paint colour and a few flowers planted outside will help refresh your house quickly, and without spending too much time or money. When in doubt, always do your research so you know exactly what you should be getting for your home when it comes time to sell.