The US housing market is currently a seller’s market as prices continue to rise steadily. However, the exact situation of the market can differ from state to state and city to city. In Orlando, Florida, for instance, housing inventory is extremely low at present, which is ultimately driving the competition up for buyers and, at the same time, enabling sellers to fetch favorable prices for their properties.
If you are a seller in Orlando and want to ensure you get the best price for the property you intend to sell, you need more than just favorable market conditions. Certain home improvements can increase the value of your property by a large chunk. The home improvement market is also one that is booming. In 2021, homeowners in America spent nearly $377 billion on renovation projects.
According to recent reports, enhancing the value of a home with the help of remodeling tasks ranks second on the list of goals for spending on a home. Moreover, the four leading renovations included:
- Refinishing the flooring inside the home, preferably with wood
- An upgrade to the insulation
- Transforming basements into living areas
- Renovating closets
In Orlando, the average time a house stays on the market is already 18 days which means that properties are selling fast, but if you want to get the best prices, you must undertake certain improvement projects. Moreover, you can enlist the services of a reliable Orlando property management firm to get guidance on this and make your house more marketable.
That being said, here is how you can maximize the value of your home before putting it on the market:
1. Organize, declutter, and clean
This one is pretty straightforward, the cleaner the house, the more value it is going to fetch on the market. Whether you are selling the home with its furniture or without, organizing, deep cleaning, and then removing clutter from the premises can make the place more attractive to prospective home buyers. It is natural for people to be drawn toward cleanliness.
Obviously, you can either hire professional cleaning services in the area or do the task yourself. If there is heavy furniture that needs to be moved before you can clean and there is no one around the house to help, hiring a cleaning company’s services is ideal. However, if you have help, you can do it alone.
2. Increase the square footage of the home
Home buyers prefer the home to use the land area it is built upon effectively. Of course, front and backyards are great additions, but covered patios, guest rooms, or additional bathrooms are some features that add more retail value to the home. Since most homes don’t have it, most realtors in Orlando suggest adding a separate mother-in-law suite to the property.
There are various options for how you can improve the usable square footage of the home. Different features can cost varyingly, with prices ranging from as little as $8,000 for a laundry room to over $100,000 for a modern bedroom with an attached bathroom. Talk to your property manager about the type of room that would be ideal to add to your particular property.
3. Add energy-efficient solutions to your home
The world is moving towards technology-backed solutions and environmental conservation is becoming a priority. This trend especially concerns residential properties where homeowners lean toward smart solutions and energy-efficient power sources like solar panels. A home with a simple addition like a smart thermostat can become more lucrative to buyers.
Since technology has come a long way, there are solar-panel integrated roof tiles available that have the ability to power your homes. These panels can cost a lot, but they are an investment that can last a long time. As a homeowner, you can also opt for normal solar panels that facilitate the home in becoming self-reliant in terms of energy production.
For more modest energy-efficient upgrades, smart home appliances are a readily available solution. These electronic equipment can adjust temperatures according to the requirements at any given time, thereby consuming less electricity and reducing bills. You can also add extra insulation to the home for enhanced energy efficiency.
4. Apply a fresh coat of paint
Painting or applying wallpapers may be one of the most common home renovation jobs, but it is definitely one that adds substantial value to the property. Even outdated exteriors and interiors may look new and modern with a fresh coat of paint, and it’s not that expensive. A simple paint job can easily raise the price of the home enough to cover the money spent on it.
While you are at it, here is a pro tip that might sound odd but, in fact, has a lot of potential in terms of adding more value to the listing price. Repaint any room first in a bold and vibrant color shade. For instance, 12 years ago, did you permit your daughter to decorate her bedroom in hot pink, or did you let your young boy make his room baby blue? If so, a decent place to start would be there.
5. Curb appeal is the most important
It goes without saying that a home with a great exterior immediately intrigues a potential home buyer. It is as the old proverb goes; first impressions are the last impression. If potential buyers arrive at a house with overgrown shrubbery that also shows cracks on the exterior, they wouldn’t even want to come in, no matter how well you’ve staged the place.
Therefore, irrespective of how little you do, invest in uplifting the home’s curb appeal. Even a fresh coat of paint which is relatively inexpensive, can help sway the opinion of buyers in your favor. You can also have the driveway pressure washed, the hedges trimmed, and potted plants or lighting fixtures added to the outside.
For more drastic changes, add larger windows or glass balconies. Contact your property manager and ask them to determine what buyers are looking for.
Conclusion
Maximizing the resale value of your home seems like a daunting task, but certain upgrades are not only affordable but extremely effective at the same time in making this happen. Although you can find all the relevant information online, talking to a professional like a realtor or property manager can help simplify the choices for you, allowing a better and more efficient decision to be made in this regard.
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