When it’s time to sell, it’s normal for buyers to do their own analysis by looking at similar homes in their neighbourhood on the Multiple Listing Service (MLS) to see how their home compares. There are a lot of considerations that go into pricing a home and deciding its market worth, and not all of them are obvious. If you’re not sure how a home’s worth is determined or how to maximize your own, consider these five key features when considering how to weather a real estate market slowdown.
Design
A beautiful home is a major selling point for buyers, even though it seems easy. Home staging, decluttering, upgrading furniture and fixtures, and bigger upgrades will all help to boost the value of your home. You want to highlight your home’s best features and big selling points. The correct staging, architecture, and design will completely transform a room and leave a lasting impact on a prospective buyer. This is where recruiting a skilled photographer will make all the difference in a listing’s popularity, as pictures can make or break a deal.
Space
Adding square footage to your house would automatically increase its worth. Since the worth of a home is normally measured by its square footage, increasing its size/footprint would increase its value. However, due to lot size or budget constraints, adding more square feet might not always be possible. In this situation, making the home seem larger will have a significant effect on its perceived size. By tearing down walls, rearranging furniture, and rearranging rooms, you can improve flexibility and flow while still making the space feel bigger. Have you considered installing a toilet or completing your basement? These minor enhancements can enhance a home’s versatility and strengthen its appearance.
Energy Efficiency
Buyers are becoming more concerned with energy conservation and environmentally sustainable features. This covers HVAC systems, walls, doors, siding, lighting and appliances, and solar panels, among other things. This basic repair improvement will not only raise the worth of your house as you put it on the market, but it will also save you money in the meantime.
Appliances and Features
Updating appliances and systems in the house can increase the value of your home. Heating and cooling systems, kitchen appliances, washing appliances, and roofing all add to the versatility and total value of a home. Updating these prior to sale would put the buyer’s mind at ease and discourage the buyer from negotiating a price cut to repair or restore old/outdated appliances.
Tech
In the house, smart technology improves comfort, privacy, and value. Cameras, lamps, smart thermostats, fire and carbon monoxide alarms, and locks are examples of devices that can improve performance, maintenance, and protection. Smart home technology has become standard in the luxury home industry, and it’s something you should think about before putting your house on the market.
When deciding whether a house is worth the price tag attached, these five characteristics carry the most weight in a buyer’s view. As for all repairs or improvements, consult with the real estate agent to determine which upgrades are worthwhile to make before selling, and which will only have a minor impact on the price due to factors such as the neighbourhood, the age of the house, and the current economy.