The real estate boom is just beginning. The sudden outbreak of the global pandemic proved to have adverse effects on countless industries. Some, on the other hand, experienced an unexpected rise despite the many unfortunate circumstances.
Driven mostly by mass migration from city centers to low-density areas, buying and selling of properties occurred at a staggering pace. It’s been observed that an average of 42% of property listings was sold in two weeks or less. The demand for single-family homes drastically increased at the height of the pandemic. Experts are predicting this trend to continue even after the pandemic has passed.
Major Renovations
For people involved in the real estate industry, there’s no better time to be selling properties. Various factors have to be considered when taking this sudden boom into account. Low mortgage and interest rates prevail amidst the growing uncertainties regarding jobs and the economy.
If you’re planning to sell a couple of properties, you should also expect a lot of competition. Everything from the custom steel fabrication to the tiniest finishings in a home will significantly affect its value.
When preparing a particular property for selling, it’s important to determine what projects will bring the biggest return on your investment. As sheltering-in-place and remote work persist, homebuyers will be looking for the best property they can get their hands on. These are the aspects of the home you should focus on to increase its value.
The Great Outdoors
After almost a year of being cooped up, there has been an increase in demand for outdoor spaces in every property. This is currently the most appealing feature of any home within the context of a global pandemic. It doesn’t have to be expansive as long as it’s functional and pleasing to the eye.
Regardless of property size, consider investing resources in improving the outdoor living area of the home. You could simply repair railings and lighting fixtures. For much grander projects, consider installing a deck or patio along with an outdoor fire pit. This will surely drive prices higher.
Invest in Hardwood
Having the appropriate flooring installed within a property is what ties it all together. This is often the most overlooked aspect when it comes to selling. Giving it the attention it deserves will surely prove to have significant benefits.
Simply installing new hardwood flooring can easily regain 106% of the money spent to increase a home’s value. If a property already has hardwood floors, consider refinishing them before selling. Vinyl and laminate floors are also viable economic alternatives if wood installations prove to be too costly.
Heart of the Home
A complete kitchen renovation is one of the more pricey projects when it comes to increasing property value. This is also the most common area of the home that’s improved before selling. At least 20% of real estate agents would agree that upgrading the kitchen can play a major role in closing a deal.
This particular project doesn’t have to be too costly to pay off. There are ways to make significant changes within a limited budget. Aside from buying new appliances, repainting cabinets and walls will go a long way. Don’t forget the small details like lighting and the finishing on the cabinets as well.
Minor Adjustments
Taking into consideration the little things will also serve to make big differences when selling a property. You don’t necessarily have to overhaul an entire home just to boost its price range within the market. Sometimes, homebuyers can hone in on the smallest details that could turn them away from closing.
Minimal Footprint
At least 81% of potential buyers consider the energy efficiency of a home as an essential part of the property. This currently an emerging trend within the real estate market, especially in light of the ongoing climate crisis.
Switching to more energy-efficient products wouldn’t be too costly. It will also become a great selling point for future homebuyers, especially against newly constructed homes around the area. It’s been observed that a more efficient household can save up to 30% on their utility bills in the long-run.
Proper Maintenance
Before selling a property, always aim to address the most minor inconveniences. From small cracks on the wall to leaks in the bathroom. Nothing will ever be too small. Even the tiniest repairs can help contribute to a property’s value.
Potential buyers will want to move into a home that’s been properly maintained throughout the years. The smallest issues that the previous owner might
At the end of the day, being able to close a deal will all fall down to personal taste. Regardless of the renovations a home may go through, always stay up-to-date with the latest homebuyer trends. In the real estate industry, knowledge truly is power. Keeping up with current design innovations and a buyer’s inclination will definitely help to sell a property in no time.
