Selling a home is one of the biggest, if not the biggest, financial transactions of one’s life and is not an endeavor to be taken lightly. Naturally you want to get the most out of your house, but in order to do so there’s a decent amount of work that needs to be put in. The normal wear and tear of everyday living takes its toll throughout the course of the time you live there and unless you’ve been regularly doing restorative projects both inside and out it’s likely that you could get a higher price for your house with some hard work and financial investment. Even if you follow just a few of these tips, your home will be more appealing to buyers and therefore more likely to get the price you want.
Outdoor
Landscaping is one of the most beneficial and cost effective upgrades you can make to your home. A study done by Clemson University recently found that landscaping regularly results in a 100% or more return on investment. According to a study done in tandem by the University of Michigan and Clemson University, buyer’s value a landscaped home up to 11.3% higher than it’s base price. Both these studies indicate that if you are planning on selling your house in the relatively near future, landscaping is something that you should seriously consider. Here are a few tips to think about.
Plant a tree: Adding a mature tree(s) can be one of the most effective ways of quickly adding value to your home. Not only that, according to Pat Vredevoogd Combs, President of the National Association of Realtors, houses with large trees sell quicker because in addition to being aesthetically pleasing, they also provide privacy. Prices of tree can vary greatly depending on the maturity and type of tree you are interested in purchasing, but as a rule of thumb expect to pay at least $150 per tree. Conversely, if you don’t want to spend the money for a mature tree and have the time, 5-7 years for a tree to mature, consider buying a new tree for as little as $25.
Add plants: Choose plants to fill in the fence area and the area around the house. This will give your yard a more full appearance and will greatly increase the curb appeal of your home. Pick plants that are native to your area and will fit in with the neighborhood. If you have the space, consider adding flower boxes in the front yard. Flowers are cheap and add color to your property. Winter plants are also a great addition to your yard as they will help keep the landscaping full during the months when other plants are bare and colorless. Simply adding a winter plant like hedges can raise the value of your house by 6.3%.
Clean up lawn: This is an easy renovation to do and one the cheapest. Do a thorough scan of your lawn and fill in any dead spots. Fertilize your lawn in the spring and make sure and mulch when you mow. This will make your grass thicker and more appealing to the eye. Pick any weeds around the property and if you have a dog(s) try adding a small amount of vinegar to their water to neutralize their urine and cut down on dead spots in your lawn.
Water Features: There’s a lot of ways you can incorporate water features into your yard to add value to your home, however you need to consider the value of the houses around you. For example, if you’re selling a home in a higher end neighborhood where most of your neighbors have pools, then you should consider adding one. Also, if you live in a hot area like Arizona, southern California, or Florida where virtually every home has a pool then a pool is a great addition. Not only will it add value, but it will likely make your home sell quicker. Not to mention all the positive health benefits to having a backyard pool. However, if you live in a colder region where pool access is limited and most of your neighbors don’t have them then a pool can become a costly endeavor that won’t build much value in your home. Adding a small pond or fountain is a much less costly renovation and can easily recoup the money you put into it. Fountains and small ponds are appealing to buyers and they create a tranquil space in your yard.
Landscape Lighting: If you’ve invested in your landscaping, it only makes sense to have it on show as much as possible. Solar powered landscape lighting won’t increase your electric bill and is a great way to accent your most important plants and features. As an added bonus it also helps to deter would be intruders.
Indoor
Upping your home’s curb appeal and backyard is a great place to start out, but there are many indoor renovation that will add value to your home both small and large. Here are a few of my favorite.
Water Filtration System: If your fridge doesn’t already have one you can add one to your kitchen sink easily for under $20. You can replace your faucet with one that filters for around $200 as well, these have a cleaner look than the filters that screw onto the end of your existing faucet. Adding a filter will also help cut down on bottled water cost.
Replace Old Carpet with Hardwood: Depending on how much carpet you have in your house this can be an expensive renovation. You can expect to pay anywhere from $3 to $6 per square inch. If your carpet is old, hardwood is really something to consider. Old carpet holds in odors from everything that has happened on it, whereas hardwood is easy to maintain, doesn’t trap dirt and odor and is more aesthetically pleasing.
Paint: Painting is an easy way to instantly increase your homes value and it doesn’t take much skill to complete, just good old fashioned time and patience. If you’re looking to attract the most buyer’s keep the colors neutral.
Cut the Clutter: When showing your home try and keep things as uncluttered as possible. Less is really more. Also, consider adding a large mirror in rooms to create the look of added space.
Energy Efficient Windows: There are a couple good reasons for replacing your windows with energy efficient windows in your home. First off, they are better for the environment. Secondly, you will recoup the cost in decreased energy bills within a matter of years depending on how inefficient your current windows are. According to houselogic, you can expect to recoup 80% of the cost of energy efficient windows in added value to your home. Add in a 10% tax credit for energy star approved windows and lower electric bills and this becomes one of the most financially sound renovations you can make.
All together this may seem a bit overwhelming, but if you decide to complete one tip every other month your house will have added value sooner than you know it!
