Key misconceptions on how to raise a home’s value
There are many things you can do to raise the value of your home. But equally there are lots of misunderstandings which on the contrary will not raise and may even diminish the value of any home. Follow this list we have compiled for you in order to not do any of these mistakes as you won’t win only lose money on these.
- Only renovate basement if the renovation price per square foot would not surpass the local property rates per square foot, otherwise it would not be worth doing it for the sell.
- Renovate kitchen but only compared to the overall current value of a home. Do not go out of line and only renovate according to the cost of your home. There is no need for an all luxurious kitchen within a small home for instance. A good kitchen can add value to the property but a kitchen that’s too good would leave value only to stagnate. On the other hand, you should never invest in a too cheap kitchen as it would bring the value further down.
- Do not outgrow your area.This means, that no matter how shiny and new a property is, it won’t worth much more than the average value of homes in the area. This is a common misconception where many home owners fail.
- Oversized TV being the focal point of a living room area. Many people like TV but in the same time many people don’t. It’s wise therefore not to put the TV as the focal point of the living room. Rather use a fireplace or a beautiful piece of furniture if available.
- Refurbishing, Refurbishing a home costs a lot and it’s totally not worth at all, as the new users probably don’t want to buy the furniture and even if they did, it would not push up the value even half as much as the total worth of the new pieces of furniture. Rather empty your home out only leaving some key pieces around or what’s even better, leave staging to a professional. A professional interior designer can do wonders with staging and it won’t cost nearly as much.
- DIY bodge projects. We all know about the current trend that’s called fixer upper, but in reality most of these projects won’t work as well as they do on TV.
- Unique and artistic resolutions. These are so personal that they are generally much more valued by their owners than they are by anyone else. You won’t be able to sell your home with a higher value because it features artistic elements. This is also true to homes which were entirely built in a very unqiue and artistic fashion. These generally sell much harder than ordinary homes.
It’s extremely important before doing any upgrades to ask for an honest evaluation of your home by one or more professional real estate agents, it’s even better if they are local ones who are well aware of the local house rates.