The coronavirus pandemic led to a somewhat paradoxical boom in the real estate industry, with thousands of sellers and buyers flooding the market for historic low rates. However, this pendulum is starting to swing back, so if you want to get the maximum value for your home, you’d best list it quickly.
Before you put your house up for sale, you should do what you can to increase appraisal value for it as high as possible. What can you do to max out your home selling price? Here are three things you need to know.
1. Make Impactful Renovations and Track Them
One surefire way to increase appraisal value for any home is to make what the industry calls “high impact” renovations. This means making renovations to high-traffic areas like kitchens and master bedrooms, updating outdated fixtures, and making repairs that could crop up within the first ten years of ownership. Trust us, your home selling price will skyrocket once you’ve taken care of those major issues.
However, if you started this process after the real estate agent began appraising your home, make sure you track each of these renovations. They won’t automatically get added to the new cost of the house.
2. Energy Efficiency Is a Must to Increase Appraisal Value
An energy-efficient home is a home that sells for maximum dollar. You need to make sure your windows keep the inside air in and the outside air out. Any appliances you intend to leave behind must be energy-efficient as well. And, while you’re at it, it might be a good idea to invest in some solar panels for the place.
Not sure if installing solar can help your property values? You can read more about it from this article:
3. Understand Your Home Sales Market
Last but not least, if you want to increase appraisal value for your home, you need to understand the market. This means picking a local real estate agent and providing them with comparable property prices. It also means highlighting the neighborhood you live in and knowing what fixtures and features people in the area appreciate the most.
After all, there’s no point in investing thousands in a renovation for a feature that no one in the area will use.
As part of your research into the home sales market, you should also make use of tools like Zillow to see what the houses that sold above standard market rates had in common. That can then inspire your own renovations to increase property value.
Looking for More Tips to Increase Property Value?
So, if you want to increase appraisal value before you sell your home, you need to understand your market, invest in energy efficiency, and make high-impact renovations. If you need more tips and tricks to max out your property values before you settle on a listing price, check out our blog. We update our blog each day with more handy and informative articles with a focus on energy efficiency, family, and above all, sustainability.