Are you trying to figure out how to turn a profit in the real estate market and need to know how to make an old home appealing to new buyers? When you are pushing for an older home to sell or selling an inherited house in a tough real estate market, increasing the value of an investment property without breaking the bank is a must. To get a better idea of techniques that tend to work in the modern market that include kitchen remodeling services in Bethesda, MD, keep reading.
Updating does not mean major renovations, but technology features could matter
The idea of updating can be broad because it is the sole goal of many home improvement big box stores. To pare it down to potential ways that actually increase the value of your property without breaking your budget, consider updating the hardware on doors, first. This includes changing the knobs to disability accessible versions as well as re-sealing areas around the doors to be more energy efficiency.
Finally, instead of completely replacing the lighting fixtures, try to change the bulb covers with something updated. Other area that could use improvement are closet doors, drawer or cabinet handles, and changing the building numbers, outside light, or mailbox on the outside of the building. Installing smartphone compatible thermostats, remote-controlled air conditioners, heating units or fans are also modern options for potentially increasing the value your investment property. In some areas of the country, having smart locks installed is also crucial to guaranteeing a sale.
Curb appeal is cheaper than you think and helps you get the profit margin you want
It is easy to place so much focus on the inside of the property that you forget about the outside. Although landscaping may not be an option for the winter months of the year, the rest of the year should be a focus for keeping the green spaces outside of your property lush. For property owners on a budget, this can be as simple as planting a few evergreen trees or shrubs in barren spaces with added rock or masonry work that creates contrast. Knowing that there is an inviting look to the property can help promote its overall value or sale.
Replace outdated appliances and fixtures to improve property image in "as is" sales
Does your investment property look great except for the uninviting kitchen appliances from the 1970's? When you are offering a property to a potential buyer, small things like aging appliances can look like future hassles that they simply do not want to deal with. For example, if the buyer has an appliance that breaks down, they may not want to pay for repair, replacement or removal of the appliance. Seeing modern appliances that work may also give buyers confidence that you do not have old wiring that they will have to replace in the near future.
Outside appearances help sell properties above purchasing and most only need pressure washing
A property is difficult to push above the price you paid in the past three years when it is dirty and the grass is taking over the sidewalk because no one is living there. It may also have signs of disuse such as overgrown green algae on the siding or concrete. Fortunately, most properties are one power washing or pressure washing away from being restored to former glory. As a note of caution, however, some masonry and brick work may not endure heavy pressure washing due to excessive age. You may also not want to decrease the value of your property by pressure washing the windows and breaking them.
How to get buyers to use their imagination for a good outcome
Unfortunately, there are many potential buyers that will turn down your property because the flooring does not suit them. For this reason, they may be impressed that you have left this option open for them. In other words, when you have a property that is ready to sell, it means that you may have potential buyers that may want to do their own renovations before they move in. Instead of leaving stained or outdated carpets on the floor, have them removed to save the future tenants or property owners the effort (and money). In many cases, you can leave the option open that they can choose the next style of flooring that is installed, and this makes it more inviting for tenants or buyers. In the meantime, you can paint the bare wood surface with a bright color that also protects the flooring.
Do not forget to talk up the property
When someone is considering your property as a buyer, it helps if you add value to the house by talking about things of value nearby. For example, if the potential buyer wants to rent space to house a yoga studio, it makes sense to mention that there is a health foods store or natural medicine clinic nearby. Psychiatrists and therapists that work from home may find a nearby coffee shop is often helpful to their patients without a vehicle because it provides them a space to be picked up and dropped off. Buyers with children will be excited to know there are childcare facilities close by along with a park intended for small children.
Still need to make your old home attractive to buyers?
In the end, if your home still has not warmed the hearts of any buyers, you can up the ante by providing a good old-fashioned warranty along with an inspection report that says the bones of the home are intact. This guarantees any of their doubts, and it also gives them a timeline for their upcoming repairs. To find out more information about remodeling the kitchen or other areas of an older home you are trying to sell, call Smith, Thomas & Smith today.