While it cannot stand true for every other property, we have a huge chance of selling our home for a profit. The most common way to profit from the sales proceeds is to sell when the property’s value appreciates. There is no effort in doing so. You have to hold on to your property. Interestingly, there are several other ways to make a profit. These, however, will require some effort and a little investment. So without further ado, let’s dive in and explore these profit-generating tips.
Tips To Make More Money Selling Your House
Sell your house in the seller’s market
One of the easiest methods to sell a home at a profit is selling in the seller’s market.
A seller’s market is when fewer homes are in the market, with more buyers rushing to grab the deal. The imbalance results in a price hike for homes, allowing homeowners to ask for a price higher than the current market value.
Experts also suggest selling a home in spring. Buyers are out in the market in abundance. They waited for the long winter to end so they could go out and shop for their new home.
This way of selling your home at a profit requires only your vigilance to anticipate the best time to sell your home and act when the time is right.
Boost curb appeal
Now we will start where you invest a little to gain more.
The first thing you can do is boost your home’s curb appeal. Curb appeal is the first thing that buyers will encounter. Curb appeal comprises mainly of the sidewalk.
To boost your home’s curb appeal, you can plan a new paint job, cleaning up, landscaping outside and replacing small things such as outdated light fixtures, old numbers on a mailbox, etc.
You can do this job for under $1,000, depending on the condition of the curb appeal and the area you live in.
According to some experts, a well-landscaped home can sell for as high as 12% above the market value.
When landscaping, ensure you have a well-cut lawn, a clean and tidy patio with comfortable garden furniture.
Make your home more appealing by spending a little amount on landscaping and get some good returns.
Stage your home
I could have kept this to the last, but since we are gradually moving into the house, I thought home staging should be covered here.
Home staging is the process of furnishing and setting your home in a way that instantly grabs attention. According to experts, 90% of the staged homes sell quickly and for a top dime. It is easier for homebuyers to imagine living in a staged home instead of a vacant home.
There are various ways of staging a home. You can stage the entire home or part of the home. You can hire experts to do the job or learn from them to DIY.
A typical home staging service could cost you between $2,000 to $2,500. And it could give an additional value to your home of up to 3 times the total expense you incur, i.e. you can expect a return of $6,000 to $7,500 on top of the total home’s value.
Light it up
Potential buyers are now in the hallway. They are trying to visualize the entrance, but it is too dark to see anything properly. Sounds dramatic. Let me rephrase my statement; go brighter.
While making the home bright does not ensure a profit, it surely boosts decision-making. Buyers would prefer brighter rooms over darker ones. And when they like what they see, it would give you an edge to negotiate for a higher price.
Create a clutter-free ambience
A clutter-free house leaves a long-lasting impact. It helps viewers visualize living in the house and make it easier to decide to buy the house.
This job is not tough at all. All you need is to sweep out the dust and arrange everything properly.
Make essential repairs
When people start living in a house, they encounter several issues, such as broken faucets, cracks in windows, wrecked doors, etc. Leaving those behind can drop your chances of getting profits and delay the selling process. The only way to earn profits and sell quickly is to fix the issue and list the house for sale.
If you already know your home from the inside out, fix the issues. Else hire a home inspector. The home inspector will look deep into the house and will give you a complete inspection report.
Based on the detailed report, you can then prioritize where to start. Fixing everything is great, but not everything would add a top-dollar value. For example, a broken button on the switchboard appears bad, but fixing it will not give you an edge to ask for a profit.
Transform the walls
The obvious solution is to repair cracked walls and then give them a fresh coating of paint. You may also choose to paste wallpapers.
Bright colours are always good when letting the house go into new hands. I will not suggest giving a personalized feel to each room’s wall. Let the new owner decide which colour best defines their personality. They can redo the paint according to their choice.
Damaged, squeaky, or dull – if these are your home’s flooring features, you need to fix those first and then list your home for sale.
If you have bad flooring in the entire place, you may have to update the flooring.
Install ceiling fans
Climate is changing drastically. Everything is going at an extreme level. This year British Columbiana, Canada, witnessed 49.6°C in June. This extreme climate has changed the way we live, calling for the rising demand for ceiling fans (even air conditioners).
That leads us to the next profitable tip of selling your house – installing ceiling fans. Installing ceiling fans will certainly boost your house’s value and, again, reduces the listing period.
Upgrade your kitchen
Now comes the part where you could make the most out of your investment.
Kitchens are one of the few places in a house always grabbing attention. And it is not always the food.
To impress new owners, give a blend of a fresh paint job, open shelves, and new kitchen appliances.
Adding new appliances will certainly result in higher returns. The only thing you need to keep in mind is the current trend. Since everyone is going eco-friendly, avoid gas stoves. Instead, go eco-friendly electric stoves.
Similarly, you can replace outdated kitchen faucets with modern-day multi-functional faucets.
Install smart home technology
There are several options here. You can install a security system (I assume you already have it), smart door locks, foyer lights, etc. These smart gadgets are usually affordable and serve their purpose to the fullest. And certainly will add value to your home.
Hire a smart realtor
That is the most important tip if you want to profit from your home’s sales proceeds. A good realtor will share with you the best tips to follow when selling your home, such as what needs fixing, when to sell, and how to negotiate for a top dime.