For just about everyone who will soon be preparing to list their home in town, selling price is a principal focus. What price will this fall’s market support? How will that number affect the time it takes to attract serious buyers? Are there ways to maximize the ultimate selling price without squandering a lot of time and capital?
While there certainly are broad market factors that contribute to a local home’s final selling price, there are others that can be controlled by the seller—and which maximize the odds of bringing in top dollar.
Additions without Adding
Room additions may be certain to increase value—but not necessarily without costing more (sometimes much more) than they add. While adding a second story or extending the ground floor of a home will add substantial value, the cost in time and budget (and frequently permitting hassles) can also be substantial. Where it’s possible, “adding without adding”— re-purposing existing space—is a far less expensive and easier way to add to that final selling price. The idea is to take an unused or underused space and transform it into something that adds appeal and utility. Common methods include renovating a basement or garage: turning it into an office, media room, or extra bedroom. The extent of such a project can go all the way from the most basic (flooring, paint, and other minor aesthetic improvements) to the most comprehensive (lighting treatments and other accents such as crown moldings and baseboard). One caution: the quality of any improvement should match that found throughout the rest of the house. Slipshod workmanship can actually diminish value.
More Bathrooms = Higher Price
Adding a full bathroom often requires reconfiguring an existing home’s frame—and that’s always costly. Instead of taking on the burden of adding a full bathroom, to get a selling price boost, local homeowners can consider dividing the space of a large room to include a half-bath. While still a time and budget expense, adding a powder room can add significant value to the listing (and real convenience to the future homeowner).
Facelift (the Easy Way)
Curb appeal is all-important for adding to a dynamic first impression, both on the listing page and during the first visit. One underappreciated means of adding curb appeal and boosting the ultimate selling price is through simply updating the siding. It’s a “facelift” that can be completed quickly and at a relatively low cost— especially in comparison with more drastic changes like additions and whole-house window replacements.
Fall can be a great time to list a property before the holidays hit. If you’re thinking of selling your home and want to discuss the ways we can boost your home’s selling price, now is a good time to call me for a no-obligation consultation!