Are you looking to get your home ready to sell?
Did you know, that in preparation for that there are many things you could do, small or large that could drastically add value to your property on auction day?
Selling your property is a big step and seeing as your home was such a large investment, it would make sense that trying to extract as much value out of it when you sell is desirable.
In order to do so, you must be prepared and willing to get started early.
The more groundwork you put in, the more return you can expect to see on auction day – and the less stress and anxiety you’ll have to endure.
Some things are minor and can be quickly done yourself, while in other instances larger projects such as renovations will take time, planning and budgeting.
According to Domain, spending $10,000 can add up to $25,000 in value to your home.
So if you’re ready to increase your ROI, here is a guide to increase the value of your home before you sell on auction day.
#1 – Evaluate Your Property and the Market
Start off by assessing your own house.
It’s important to check that it’s up to scratch and ready to be put on the market.
Address small faults such as taps, doors and window issues. Simple fixes can get your house looking its best for the big day.
According to the expert plumbers at Shepherd Plumbing, hiring a professional to have a look at your home before you sell means that you know your sale won’t fall through during a post-purchase inspection. “Identifying and sorting out issues with your home that aren’t visible, such as plumbing or pest problems will give you peace of mind that your sale will most likely go through. It can also provide you with a report that you can disclose with prospective buyers to arouse more interest.”
Having a look at similar properties within your area can be a good idea too.
Seeing what other properties have to offer that yours doesn’t might interest you in a renovation project or two that go beyond minor repairs.
#2 – Make Strategic Upgrades to Your Property
Updating your property can greatly increase the value and overall impression of your property to prospective buyers.
This can include a fresh coat of paint in a modern and palatable colour. Sometimes, it might be replacing doors or removing wallpaper. In other instances, the occasion might call for replacing your worn flooring.
Minor landscaping choices to the front yard can also add plenty of value to your property. Curb-side appeal can sometimes make up to 10% of a property’s value.
Ensuring your lawn is presentable, free of weeds or has a secure fence will go a long way for prospective home-buyers.
Visible signs of property damage are a big turn-off for buyers, so sorting these out will more than likely work strongly in your favour.
#3 – Renovate Your Property
Renovating your property is something that can add incredible value if well planned.
As a general rule of thumb, spending up to 2% of a property’s value on a renovation can add true value when it comes to selling. Spending any more may be over capitalising and could run the risk of not turning a profit at auction.
The best places to be renovating in your home would be the bathrooms and kitchen. These are usually the big ticket items when it comes to home-buying.
Other options may include adding:
- an extension
- additional landscaping
- or even building a granny flat for your property
There are many options when it comes to home improvement and they are completely dependent property-to-property so it’s important to assess where and if you want to spend.
According to the equity experts from Maxiron, there has been an increase in customers taking out loans or trying to save for home improvements beyond $5,000. They explain “this increase demonstrates that home renovations can be considered a real investment for homeowners seeking to sell soon later down the line. Keep in mind that for older homes, it might not actually be worth the spend. They require so much work and might not actually give you a return.”
#4 – Put Your Best Foot Forward
Closer to the date of auction, getting your home to look as presentable as possible is important.
First impressions matter and this goes for your house facade and interiors. Impressing prospective buyers means tidying, decluttering, deep cleaning and freshening up to make your home look modern and immaculate.
For interior design experts at Gary Hamer Interiors, putting the effort into some home styling will really make your property appeal to buyers. “Removing excess clutter is always the first and most important step, it helps to open up the space to make it look larger and lets inspectors get a good view of rooms. A deep clean is also a must, even the areas that aren’t immediately visible such as under sinks. It’ll help give the impression this property has been well looked after and that there aren’t any expensive repairs for the new owners immediately down the line.”
Hiring a stylist help stage your home can be an option, but so can renting or borrowing furniture and staging the interiors yourself for the showing.
#5 – Choose the Right Agent to Work With
A good real estate agent will be able to tell you all of the areas in which your home will need the most work and that are worth investing in.
They will also guide you through the process of getting your home ready for sale and help you get the best price on auction day.
Do some research, ask around and don’t be afraid to request a resume or references. A reputable agent will have several years of experience, contacts and market knowledge. Have meetings and see which agents you feel are good communicators and are honest with you.
An agent that will be able to work well with you will listen to your needs, do their best to accommodate them and be proactive with working on your goals when it comes to selling.
With these 5 simple steps you’ll be giving yourself the best chance of finding a buyer that will not only love your home as much as you did, but ensure you get a great deal when the auctioneer yells ‘sold!’