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How to Increase the Resale Value of Your Home

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Improve Your Home's Curb Appeal to Increase Its Resale Value

If you’re thinking about selling your home, you’re undoubtedly thinking about the sale price of your home, too. If you don’t know already, you’re likely wondering what your home is worth. Maybe you’ve talked to a Realtor, he’s done a market analysis and come back to you with a suggested sale price. Are you happy with that price? If you’d like to add a few more dollars to it, here are some ideas to increase the re-sale value of your home:

Curb Appeal

This is something Realtors talk about a lot; “curb appeal” is the real estate term for your home’s first impression. What will people think when they drive past or pull up in the driveway? Is the lawn neat? Bushes trimmed? Weeds pulled? Take some time to make the outside of your home look clean and well-kept. Paint trim, shutters or the whole house, if necessary. Fix broken trim or rain gutters.

Fix Things That Are Broken

Once you’ve tended to the outside of the house, take a walk through the inside and note anything that’s in need of repair. Or better yet, ask a friend or relative to do it. Because it’s your home and you likely have an emotional attachment to it, you may overlook things that other people will notice. So walk through the house with a trusted friend. Ask him to look at the house with a “buyer’s eye.” Then take his list and get to work! Fix cracks in the bathroom tile, touch up the paint in areas where it’s chipped or smudged, clean the carpets, replace cracked windows, add a fresh coat of neutral paint in rooms with bold color schemes.

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If You Have the Budget, Remodel

Remodeled bathrooms and kitchens can add a considerable amount to the re-sale value of your home. That being said, don’t take on a full remodeling project unless you know you have the budget for it. Again, talk to a Realtor and find out how a new kitchen or bathroom would affect the price of your home. If you can make more money than you’ll spend, consider taking on an equity line of credit to do the remodel.

The remodeling job doesn’t have to be big to be effective. Replacing old fixtures and appliances in the kitchen may be all you need to do. If you have dark cabinets and would like to make them lighter and more modern, paint rather than replace them. If you want to add something a little extra, visit a home improvement store and see if you can find discount counter tops. Similarly, replacing fixtures and putting a new sink in a bathroom could give your home’s re-sale value a nice lift.

Move the Laundry Room

This could be more costly, but could also be well worth it. An increasing number of home buyers are looking for laundry rooms that are located on the first floor, instead of in the basement. This is especially true of families with small children and older couples. Talk to a professional plumber and find out what this would cost. Then, talk to your Realtor and find out if it’s worth it.

As you’re planning your home improvements, keep in mind the fair market value of other homes in your area. While increasing the re-sale value of your home is good, buyers may also be deterred if your home is priced significantly higher than others in your neighborhood. Again, this is something to talk to your Realtor about.

The re-sale value of your home can often be improved by taking some simple, though occasionally time-consuming, steps. Consider your options (and your budget) and talk with your Realtor before making any final decisions. You don’t want to take on projects that cost more than they’re worth. Because selling a home typically means buying a different home in the near future, you want to be sure you’re not left with any debt from your current house. An equity line of credit, personal loan or high credit card bill that goes unpaid could affect your ability to get a home loan when you’re ready to buy again.

For more homeowner tips and tools, including a free home loan analysis to find out if you could be saving money on your largest monthly bill, check out Quizzle.com.

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How to Increase the Resale Value of Your Home was originally featured on Quizzle Wire

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