Tips on Getting The Most Money For Your House
Tips On Getting The Most Money For Your House
If you’re going to get the most money for your house, it will take a few different things. Sometimes there’s no way to make a profit owing to your local neighborhood or economy; or maybe some local disaster. Sometimes you don’t have to do anything to double your money. But in an average situation, the following steps should help you maximize value.
Fix Everything You Can Through DIY
What are the little “honey-do’s”? Paint walls, replace lightbulbs. Window replacement is a bit more involved, but if you think it out, it’s just an afternoon’s chore over the weekend; unless you’ve got substantial siding issues that can’t be overcome. Clean the attic. Finish the basement. Sand wood floors, stain them and apply a new coat of polyurethane.
You could put up some wallpaper, you can sweep, clean out cobwebs, clean garbage, and “stage” rooms for sale. Before getting deep into upgrades or remodeling, there’s quite a bit to be done. Think of it this way: would your rather buy a pristine-clean car with a bad water pump, or a dirty garbage-filled car with a bad water pump?
Most people will choose a clean car. It’s just the same with a home. Even if you’ve got a few structural issues, if you can present the total package well enough, that may outweigh the negative of getting such a problem fixed in the eyes of a potential buyer.
Consider Mild Remodel Or Upgrades
After honey-do’s and all the little DIY things, you might look into remodeling a room or a storey on the home. You might also look at upgrades. Kitchen remodeling, making an attic structurally stable enough to function as a bedroom, adding a theater or bar to the basement, adding a secret room, or something similar—there’s plenty to consider here.
A deck to the backyard can be a perfect addition to your home. Maybe you add a crow’s-nest with a pull-down ladder from a skylight to a bedroom or something. Maybe you add a lazy Susan beneath the kitchen island.
Assure Landscaping Is On-Point
If you can’t fix that lawn, pull it out and put down wood chips or gravel. What’s better is laying down new sod; but seasonally, you may want to consider where things are going in terms of weather before that kind of operation. Regardless, solid landscaping contributes much to curb appeal.
The better your landscaping, the better your curb appeal; and the likelier you are to command a high price for your property. What you spend in getting landscaping up to muster could well be overcome in expanded property value.
Look Into A Multi-Listing Service
You might also try selling through an MLS, or Multi-Listing Service, at a flat fee. Click on the following link for more info on MLS options. Essentially, such services list properties across multiple real estate agencies online.
Instead of your property only being visible through a local realty agency, anyone looking for a home with parameters that match yours can find you through a quick online search. Certainly, it will depend on the MLS service. The more comprehensive they are, the more visible you’ll be to diverse buyers.
The 1031 Exchange And Using Property As Income
A 1031 exchange is when you defer taxes by turning money from the sale of property directly into the acquisition of a new property; which is what most who are selling their home plan on doing anyway.
In this action, if you do it right, lies the potential to avoid the lion’s share of taxes associated with the property sale. Do it right, and you could see more home value in personal cost reduction.
It’s a collateral possibility, but considerable nonetheless. On that train of thought, what you might do is, rather than sell your property, make it a Passive Income Generator (PIG) by renting it out.
Expanding Property Value
1031 Exchanges, rental properties, MLS services, landscaping, upgrades, remodeling, and DIY repair including whatever you can do in terms of maintenance are all things that can help you command a higher price for your property.
Consider which of these best fit your needs, budget, and ability. Applying those that match your situation could add a few thousand dollars to the price your home ultimately goes for.
Author, Mark Klein