5 Surprising Tips For Increasing the Value Of Properties You Need To Know

Buyers and sellers are always faced with the same problem-the price. Price is what you think your house or apartment is worth.  Value is what the buyers perceive properties are worth. Perception is what rules and no matter how you feel, your property can’t be sold for higher than the perceived value. Perception of value is influenced by many factors such as location, features, condition, and comparison to other purchase option available in the neighborhood. You can significantly increase perception and chances of attracting qualified buyers willing to pay the asking price. However, most homeowners don’t know how to increase value correctly. Here are some tips…

Tip no 1: Increase perceived size.  Where you are selling apartments, condos, or detached houses, the size of the property has a big impact on how much a buyer is willing to pay for it. Open floor plans surprisingly make rooms feel bigger than larger spaces with smaller rooms. It is advisable to show your property when it is furniture or clutter free. It makes the space look bigger.

Tip no 2: Show Property when vacant. The sale-ability of properties increases when they are vacant. For one, it is easier to show when vacant than when occupied. And two, it is quicker for the buyer to take possession when vacant. Occupied properties can sometimes meet challenges of tenants who will not allow buyer tours. And the buyer can easily imagine ownership of a vacant unit when empty unlike when it has occupants, who may sometime have paraphernalia on walls or tables that are a repellant to would be buyers. Tip no 3: Take care of the obvious. Cosmetics are important. Have a fresh coat of paint, clean carpet or flooring.  Let there be superb landscaping, a spotless ceiling and so on. These items will cost you, but will increase the value more than you spent. After all, think about yourself. Would you take possession of a house that is not painted? If your answer is no, why would you expect someone else to rent or buyer a house with a ceiling that shows signs of a leaking roof or walls with peeling paint?Tip no 4: Do strategic renovations. Strategic renovations or remodeling are those that have the biggest impact on price. Research has shown that the kitchen and master bathrooms are the two items that have the biggest impact on home buying decisions. So if you have the extra money to remodel, then go for this two. But you need not spend more money than you hope to recoup in the sales price. For instance if you go overboard and spend $50,000 remodeling, it will mean that you will have to ask for probably $60,000-$70,000 more for your house. The problem may be, no house has been sold in your neighborhood for $70,000 more. It is unlikely you will recoup your costs. So be modestTip no 5: Have a home inspection report. Have this report before closing. Fix any problems before letting in your buyers. It removes the possibility of buyers bargaining downwards to accommodate flaws in the report. By the way, it also pays to get a professional to check your home footage, which sometimes may be different, from what the county assessors have in their records.  This can dramatically increase the value of your property should the professional report show a higher footage.