How to Increase Your Home Selling Price

Photographer: NeONBRAND | Source: Unsplash

Before you list your house for sale, there are things you can do to boost the value of your home and maximize the selling price. But how do you know which projects or improvements will get you the biggest return on investment? And which ones will be a drain on time and money that you won’t recoup when it comes time to sell your house?

Read on for advice on how to maximize the selling price of your home so you can list with confidence that your home will appeal to potential buyers who will pay top dollar.

Make smart design choices with broad appeal

A fresh coat of paint or replacing old flooring might be great projects to undertake before listing, but don’t let your personal preferences guide your design decisions.

While you might love a forest green accent wall or plush carpet throughout the entire house, ask yourself what choices will have the most appeal to the highest number of people. You want as many people as possible to look at your listing and visualize themselves living in that space—not just a handful of buyers out there that might have the same sense of style as you do.

Don’t be afraid to enlist the professional help of a designer who can advise you on popular interior design choices and how to implement them in your home.

Ensure all essential systems are working and in good condition

I’m not saying that you won’t be able to sell a house that needs a new roof or a new furnace—but realistically, you are not going to get top selling price for your home if the new owners have to take on these projects themselves.

Homebuyers will appreciate if big ticket items like new windows or a new water heating system have been updated recently and will be willing to pay a higher purchase price for your home.

Enthusiasm starts with curb appeal

The old adage about first impressions is still true. Maintaining your lawn or staying on top of snow removal are must dos. Address any minor issues like broken eavestroughs, peeling exterior paint, or overgrown shrubbery.

When a potential home buyer arrives at your listing for the first time, the exterior needs to make them want to come inside—and not because they’re afraid that vicious woodland creatures are hiding in the overgrown grass. Unless you’re looking at expensive tree removal (and hopefully that’s not necessary), boosting curb appeal with minor upgrades and consistent upkeep is one of the easiest ways to help sell your home and get a great selling price.

Kitchens and bathrooms are still your best bet

Real estate experts still agree that homebuyers look at kitchens and bathrooms as the two most important spaces inside a home when making a purchase decision.

If your kitchen or bathroom needs a serious overhaul, be prepared to spend some serious cash. The good thing is that you will almost always recoup your investment if you make smart design and decor choices in a kitchen or bathroom renovation. Again, an interior designer can help, but don’t discount your professional real estate agent! An experienced Realtor® will look at comparables in the neighbourhood and take into consideration current market conditions when giving you advice on what changes to make.

Maybe a new tub surround in the main bath is good enough or maybe the comparables dictate that buyers are expecting a freestanding soaker tub. Or maybe the kitchen just needs an updated backsplash. Unless a full gut-job is required, the right upgrades or new fixtures may be all you need to boost the profile of your home’s kitchen and bathrooms.

Offer something the competition doesn’t have

In a buyer’s market, it’s not always enough to have a good house at a good price. Buyers have so much to choose from that they can afford to negotiate on price, especially if they’ve found a couple different homes they like. While each situation and home is unique, talk to your Realtor® about the types of add-ons you can offer potential buyers to sweeten the deal. A few ideas include:

• Adding an income suite - Traditionally, income suites or basement suites were more common in central neighbourhoods, but they’ve become popular in more suburban communities too. Income suites are a great way to market larger, more expensive homes to buyers who wouldn’t otherwise be able to afford the higher price tag without some rental income to offset it.
• Finishing the basement - The jury is still out on whether or not basements fetch a higher selling price, but in a market flooded with lots of similar homes in the same area, it might just be the thing that gets a buyer to pick yours over the others.
• Including furniture - If you have a few pieces of quality furniture that suit your home to a tee, consider including them as part of the sale. Unless you have a strong sentimental attachment to your sectional couch, there’s a good chance you’ll be able to find something equally perfect for your next home.

Thinking about selling your home, but not sure how to get started? Reach out to Wally today and schedule a no-obligation consultation. Call 780.238.7384 to get started!