When you sell a house, there are lots of delays and difficulties that you can run into, even more so for homeowners that overestimated their property value and are relying on achieving a higher sale price. Whether you’re looking to make improvements for yourself or to sell for the best price you can, there are several things that you can do to achieve your goals.
How much is my house worth?
When you look to sell, your agent will be able to value your house for you. It’s best to get a few different surveyors to do a valuation, so you can know that you’re getting the correct amount – some agents will over-value and some under, which can both be damaging when you come to sell. Getting a few prices will allow you to outline a range and go with the most reasonable option. By making some improvements, you should be able to increase this value.
Should I increase my value before I sell?
There are lots of different benefits for homeowners who want to increase their property value before they sell their house, such as –
- Having a higher property value will mean that you will receive higher offers from any potential buyers – remember that estate agents will generally price over as buyers will put in offers under the asking price, but by increasing your value, you will still be able to get a higher amount
- A house that has been improved and updated will usually generate more interest on the open market, meaning you have more viewers and will often sell faster
- Being able to sell your home at a higher price offers you much more flexibility when buying another house and could be the reason that you can afford to buy a house that would have been out of your budget previously if you’re able to increase your value.
Of course, with these advantages, there are some disadvantages that you need to take into consideration, like –
- If you want to see a more dramatic increase, you will need to be able to spend money to create that sort of growth which can be difficult if you haven’t got the funding in place
- Without careful planning, homeowners can risk making improvements that they think will increase their value more than it does, which can mean you spend more than you would have liked to and reduce your profit margin when you do come to sell.
What are the best ways to increase my house value?
Just some of the ways that homeowners can increase their house value are–
Renovating the bathroom
By updating a bathroom, in particular ones that are quite old-fashioned and outdated, you can increase your property value by around 5%. If you can, design the room to have both a shower and a bath as most buyers will have a preference, so offering both reduces the risk of putting any of your viewers off. It will also appeal massively to buyers as you redoing the bathroom will mean they don’t need to do it themselves any time soon, saving them money and time. This is also a great improvement to make if you’ve been asking yourself, “how can I sell my house fast?”.
Provide space for parking
Homes that offer parking will always be more desirable, offering a more secure option to park as well as providing peace of mind knowing that there will always be space, which is a privilege that homes that offer on-road parking aren’t able to offer. A driveway increases property value by up to 10% – an impressive increase for work that can be done for a lower cost compared to others.
Add a bedroom
Adding a bedroom is one of the best ways to increase your value substantially, as when it’s done well, you can boost your value by as much as 15%. You can choose to either add an extension onto the house that will act as a bedroom, convert some loft space, or split a big room into two smaller ones – but remember, if you split a room, you can sometimes actually reduce value if they are too small, so do your research and check the minimum dimensions that bedrooms can be.
There are plenty of ways that you can increase your value, so by looking at the budget that you’ve got to work with and the changes that will benefit your house the most, you can sell for the best price possible!