Boosting your home's value: 10 tips and tricks before selling
Category Sellers Guides
Selling your home is not just about finding a buyer; it's about maximising your return on investment so it's important to invest some time and resources into enhancing your home's appeal and functionality in order to attract more potential buyers and negotiate a better selling price.
This is according to Cobus Odendaal, CEO of Lew Geffen Sotheby's International Realty in Johannesburg and Randburg, who says: "Boosting your home's value can really help you to stand out in a competitive market because in today's digital age, buyers have access to a vast array of properties online, so yours needs to make a strong impression from the start.
"Additionally, increasing your home's value can expedite the selling process and reduce the time your property spends on the market because homes that are well-maintained, updated, and move-in ready are more likely to attract serious buyers and receive offers quickly.
"Furthermore, boosting your home's value can improve your negotiating power and give you leverage during the sales process. When your home is in top condition and offers desirable features, you can justify a higher asking price and negotiate from a position of strength."
Odendaal says that there are numerous home improvements one can employ to enhance a property's appeal and attract potential buyers. Depending on your available budget and the condition of your home, the following are the most likely to add value and attract buyer interest:
Boost Kerb Appeal:
The exterior of your home is the first thing potential buyers see, so it's essential to make a strong first impression. Invest in landscaping, trim overgrown bushes, mow the lawn, and add colourful flowers. Repaint the front door, replace outdated hardware, and consider updating outdoor lighting fixtures for a fresh, welcoming look.
Refresh Paint and Finishes:
A fresh coat of paint can work wonders in transforming the look and feel of your home. Stick to neutral colours that appeal to a broad range of buyers and make rooms feel brighter and more spacious. Don't overlook other finishes such as trim, doors, and cabinets, which can also benefit from a refresh to modernise their appearance.
Upgrade Kitchen and Bathrooms:
Kitchens and bathrooms are key selling points in any home, so investing in upgrades can yield significant returns. Consider replacing outdated countertops, cabinets, and fixtures with modern, high-quality materials. Adding a fresh backsplash, updating hardware, and upgrading appliances can also enhance the overall appeal and functionality of these spaces.
Improve Energy Efficiency:
Energy-efficient features not only appeal to environmentally conscious buyers but can also save money on utility bills, making your home more attractive to potential buyers. And in South Africa, features like solar geysers and other sources of energy are big drawcards.
Create Additional Living Space:
Increasing the usable square footage of your home can have a substantial impact on its value. If possible, consider finishing an attic or garage to create additional living space such as a home office, guest suite, or recreational area or expand your outdoor living area by adding or extending a patio. Even small additions, such as converting a closet into a built-in desk or adding a window seat, can add functionality and appeal to your home.
Maximise Storage Space:
Ample storage space is a highly desirable feature for many homebuyers. Evaluate your home's storage options and look for opportunities to maximise space. Install closet organisers, add built-in shelving or cabinets, and consider using underutilised areas such as under stairs or in alcoves for additional storage.
Upgrade Flooring:
Flooring is a significant factor in determining the overall look and feel of a home. Replace worn or outdated flooring with modern, durable materials such as hardwood, laminate, or luxury vinyl plank. If your budget allows, consider upgrading high-traffic areas such as the kitchen and living room with premium materials for added visual impact.
Enhance Outdoor Living Spaces:
Outdoor living spaces are a priority for most homebuyers. Invest in creating an inviting outdoor oasis by adding a deck, patio, or pergola, and incorporating features such as outdoor seating, a fire pit, or a built-in barbecue.
Landscaping enhancements such as adding a water feature, installing a sprinkler system, or creating defined garden beds can also increase the appeal of outdoor spaces.
Upgrade Lighting Fixtures:
Lighting plays a crucial role in setting the mood and ambiance of your home. Replace outdated lighting fixtures with modern, energy-efficient options that provide ample light and enhance the overall aesthetic. Consider adding dimmer switches, pendant lights, or under-cabinet lighting to highlight architectural features and create a warm, inviting atmosphere.
Focus on Maintenance and Repairs:
Addressing deferred maintenance and making necessary repairs is essential for maximising your home's value. Repair plumbing or electrical issues, fix cracked sidewalks or driveways, and ensure that all major systems are in good working order. Potential buyers are more likely to be impressed by a well-maintained home that is move-in ready.
"By making strategic improvements and enhancements to your home, you can increase its appeal, attract more potential buyers, and ultimately achieve a successful sale at a higher price. Just make sure that you know what the ceiling sale price is in your area before attempting major upgrades.
"It does require careful planning and attention to detail but with a little effort you can achieve your goals and maximise your return on investment," says Odendaal.
Have you considered the colour of your light bulbs? Bulbs that are 'warm white' will give off a more yellow glow and are better used in rooms that do not require bright light, while 'cool white' bulbs tend to give off a brighter, white light that closer resembles daylight.
Could you make a feature with just a light? For example, a pendant light can transform a dining room and can help to define the different spaces in an open floorplan.
Have you considered the functionality? Lights can be used for various functions, namely: ambient lighting, task lighting, and accent lighting. Ambient and accent lighting are more optional and can be used to improve the home's aesthetics, while task lighting has a purpose and needs to be bright enough and placed correctly to ensure that the space is functional.
Have you considered your curb appeal? A buyer's first impression is made when they see the house from the road. Adding some outdoor lighting can boost the home's appeal and can also double as a security measure to deter criminals from lurking in dark corners.
"Ultimately, the quantity and quality of the lights throughout your home can play a huge role in attracting buyers," says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Author: Team Seven