Every economic sector worldwide is now bracing for a significant slowdown due to the adverse impact of the Covid-19 pandemic. Residential property owners though can take some comfort in the intrinsic value of their holdings, as even during a downturn, demand from house buyers could still be expected.
Owners of residences in the U.S. planning to sell can also pin their hopes on finding buyers on the mortgage interest rates currently trending at historically low levels. A confidence-builder for buyers, the rock-bottom rates follow the recent moves of the Federal Reserve to mitigate the adverse economic effects of the Covid-19 pandemic.
Prospective residential property sellers can weather the current economic stress more successfully if they take purposive efforts to preserve or even add value to their houses. Here are some of the ways on how you can do this.
Improve energy efficiency
Your choices are plenty to improve the energy efficiency of your residence, and these options can start from the least expensive picks. For as low as $200, for example, you can install a smart thermostat in your house. This installation is a great come-on for buyers, as it is estimated that with this device, up to 23 percent reduction in heating and cooling costs could be achieved with a smart thermostat in place.
Replacing your old home appliances with new, energy-efficient models can likewise make your residential sales listing more appealing on the market. More buyers’ attention could also be generated by adding wall insulation and replacing old, leaky windows.
Investing in upgrades, particularly in the bathrooms of your house, can further help bring buyer interest on it. Better results could be achieved from bathroom updates by creating more functional space and upgrading worn-out fixtures.
On average, you can expect to get back after the sale of your house between 50 percent and 65 percent of the money spent in a bathroom renovation. The market value of your residence can also get a boost from the replacement of old countertops and cabinets in your kitchen. Typically, money spent on kitchen improvements can add 5 percent to 15 percent to the value of your residence.
Decluttering and deep cleaning
Spring cleaning and decluttering is an inexpensive but effective approach to impress prospective buyers touring your residence for sale and justify the price tag on it. One industry survey claimed that over $4,000 could be added to the value of a sales listing that went through decluttering and deep cleaning.
There’s a side benefit too if you want to skip spending money and only allot time and effort to cleaning and decluttering. You can gather a donation pile for charities as you clean out the things you don’t want or need in your cabinets, closets, and drawers.
There are also a lot of other ways to enhance the value of your property if you own a condo residence. Amidst these trying times, you can consult our Judy Kepecz-Hays team for the best approaches whether you’re selling a single family house or a condominium property. In our over 40 years of experience in the real estate market, we have succeeded in handling its ups and downs. Our team is just a call or e-mail away to help you with a property sale or purchase.