Last updated on July 4, 2022
At some point, you may have to sell your house. The reasons for putting a home up for sale are many. It could be an emergency that requires a significant amount of cash, or you could be relocating to another part of the country. Most of the houses being sold around the world have had several previous owners. If you have reached that point where you need to sell your home, there are things you can do to mark up the selling price. Homes for sale should have some extra features so that they could attract buyer’s attention easily.
Renovation
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Renovating the house from the floor up is one sure way of increasing the value of the house. Purchasing a house is a big affair that costs a lot of money; this makes buyers extremely cautious and critical of any little thing they see about the house. They will be looking for reasons to knock the price down. The only way to avoid this is through proper renovation. Change everything that shows any sign of damage.
Adding Extra Features
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Many people usually add extra amenities around the house to make their stay there easier. It could be an additional garage, an extra floor, a barn if you are living in a farmhouse, or a Hisea boat dock if you are living near a large water body. Every extra feature you add on your property pushes the price up significantly, and you can use it as a bargaining chip. No buyer will ever argue if the house comes with something they did not expect.
Increase the Visual Space
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A big space is a huge selling point for a house. There are ways you can make the house look bigger than it is. The first trick is to use vertical blinds to allow as much light into the room as possible. If the windows are larger, even better for you. Another age-old trick is installing a huge mirror into each room; mirrors have the effect of making a room appear twice as big since eyes will always shift towards the mirror every two seconds.
Increase the Aesthetic Appeal
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In the few months leading to listing your house for sale, start making the house and the surrounding environs to look great. Plant flowers in the front and the back yards, change the painting on the walls, and, if you can, hang more wall art around the house. The trick is to make your house stand out more than the other houses around you. The first thing a buyer does is to give the neighborhood a sweeping look, and if your neighbors have better-looking houses, they may hesitate with the deal even.
Work on the Bathrooms
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Bathrooms are a deal-breaker for many buyers. From the flooring, the size, and the general feel they give off. Bathrooms are essential, they are the one place in the house where people spend quality time alone, lost in their own thoughts. To make it stand out, change the flooring and use the most beautiful marble tiles you can find. Install a new bathtub and ensure the water heating system is from atop brand with the name displayed clearly for the buyer. You will be surprised at the effect big brand names have on people.
Increase Security
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It would be a huge selling point if the first thing your buyer sees is security cameras, alarm systems, an electric fence, and an in-house smart security system that can be controlled from anywhere. Even if the buyer was not thinking about security, once they see such a set-up, they will become more open to buying the property. Capitalize on that as you show them around to push them over the edge.
How to Pay for the Improvements
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Most of the home improvements you will undertake to increase the value of your house will need funding too. You may not have the required cash on hand to pull this off, which will push you to find alternative sources of financing. The following are some of the viable ideas.
- Home Equity Loan: Taking a mortgage can quickly avail the much-needed funds you require to turn your house into a highly prized asset. Another option is the home equity lines of credit (HELOCs), which are a line of financing you can borrow against. However, be aware of their interest rates and the tax cuts involved beforehand.
- Cash-Out Refinance: This is an option for those that do not want to take another mortgage loan. However, it is not a recommended way of financing the renovation of your home as it has higher interest rates compared to mortgage loans.
- Personal Loans: Personal loans are another source of quick cash; however, it depends on many factors, including the health of your credit line. There are also higher interest rates involved.
- Credit Card: This option should only be taken if you can pay off the entire standing balance in a short period of time. If you are sure that the house will fetch the price you plan to place on it, then go for it.
- Other Assets: If you have additional assets you can sell to raise the cash for the renovations, then this would be the best option for you. Most repairs never cost too much anyway. If the cost is within your means, then all these options should be a last resort.
Conclusion
Getting the best price for a house will help you move on to something better. There are more things you can do to ensure that that comes to pass; it all depends on the condition of the house in the first place and the prevailing market conditions. Sometimes timing is critical. There will always be someone looking to buy a home; it is up to you to ensure that whoever buys yours is left satisfied.
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