Remodeling your home or making some improvements to it to update it and make living space more comfortable are some ways to increase the value of your home and make your home more desirable in a tough market. But you don’t want to throw your money away on updates that won’t do you any good. If you are going to put money into your home with the purpose of increasing your home’s value or desirability you will want to be smart about it.
The first thing to consider is what the recoup cost is for home improvement projects. Some projects are not as desirable to buyers as others. One example of improvements that have not proven to be effective in drawing more attention from prospective buyers is putting in an in ground pool. Studies have shown that this type of expense is not one that will pay off either in obtaining more money for your home, or in getting more buyers interested.
A couple ideas that have proven to be effective in getting more interest in your home, or in drawing in more prospective buyers are simple things such as cleaning up the outside of your home and doing a little bit of landscaping work. This is referred to as curb appeal. If a prospective buyer does not like the way the outside of your home looks they are not likely to even consider going to look at the inside. The first impression is very important, especially in a buyers market when there are many homes available for sale. Another great way to make your home appear more valuable is to clean out the storage space to give the illusion of plenty of space. If a prospective buyer looks into your closets and sees them crammed full of stuff they will think that you do not have enough storage space and be turned off of the idea of purchasing your home.
You can also make your house appear more desirable by staging it in a way that accentuates the positive aspects of your home. By doing things such as removing clutter and getting rid of all extra furniture and accessories it creates the illusion of added space and makes your home look bigger. When a prospective buyer walks into a home that is cluttered, and full of stuff it is hard for them to envision there own things in the home. It is also a good idea to make sure that there is plenty of light and to open the drapes to let in the natural light. Buyers do not like dark and dank looking area inside a home.
Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 – 2008
Hi Sean,
It’s funny how it’s the simple things that attract buyers. A little landscaping and ensuring the home is free from clutter and letting in some natural light is all it takes to make potential buyers happy.
I have to agree though. If I see that the outside of a house is overgrown I rarely go for a look inside. However, now I know that this is a sign that I may be able to get the property for a cheaper price.