Married To Real Estate Hosts Egypt Sherrod And Mike Jackson's Tips For Boosting Property Value
If you're planning to sell your home, chances are you've started thinking about how to boost your home's property value. Property value is important to both buyers and sellers because it helps homeowners get an idea of how much money they can get for their home, and buyers can figure out if the property is within the financial limits, Better states. Property value is also crucial to buyers who are looking to refinance their mortgage or home equity loan. If you're unsure of the value of your home, you can hire an appraiser to assess the property and determine how much it's worth, Rocket Mortgage explains.
The question is, how do you boost your property value? There are several ways to do so, but which are the most important (and the ones that will make you the most money)? Egypt Sherrod and Mike Jackson from HGTV's "Married to Real Estate" share their tips for boosting property value.
Add more square footage
Sherrod and Jackson agree that increasing the square footage can exponentially raise the resale value of your home, according to Ebony. This doesn't necessarily mean adding to the foundation; you can work with what you have. For example, have a basement or attic you've been meaning to finish? Turn it into an extra bedroom or entertainment space. Got a storage room you don't use? Transform it into a playroom or a place for guests to stay. The key is to make the most out of every square inch of your home.
An extra bedroom can increase your property value by $30,000 to $50,000, says NewSilver. If you have a space in your home that's lying around untouched, now is the time to start some renovations. Remember, when it comes to square footage, the more you have, the more money you can ask for when you list your home.
Livable outdoor spaces are crucial
Many sellers focus on the interior of their home when they want to increase their property value; however, according to Ebony, Sherrod and Jackson say the outdoor space is just as important. They suggest adding an enclosed porch, which will increase the value of your home by 4% to 6%, MetroScreenworks explains. If you have a deck you plan to extend, Sherrod and Jackson say it's best to work with high-quality composite material, which has the appearance of real wood and requires less maintenance. Pressure-treated wood and cedar decking are other great options if you want something more authentic, says Decks.
By having a livable outdoor space, you're giving buyers an extra entertainment space. This way, they don't have to do any renovations themselves, which is a key selling point (and another reason to up your asking price). If you already have an outdoor space, it might be time for a few touch-ups.
Focus on curb appeal
Speaking of exterior adjustments, Sherrod and Jackson say increasing your property's curb appeal will instantly drive up the value of your home by 7%, as seen in Ebony. Potential buyers make their first impression the moment they arrive, so it's crucial you captivate their attention. This means power washing, repainting your shutters, landscaping, filling in cracks in the driveway, and making any necessary repairs to your exterior walls. These changes may seem insignificant, but they make all the difference. In fact, boosting your curb appeal can sell your home faster.
Because of the value curb appeal brings to your property, make sure you're giving it as much attention as the interior of your home. You don't want to lose out on a sale because you neglected to make these simple but necessary fixes. When potential buyers are looking at two similar homes, the one with greater curb appeal is going to come out with a sale.