When you invest in any property, whether it be a home or a business, the ideal outcome is for it to be worth more than what you originally paid for it. If you are planning to sell and want to increase the property’s appraisal value, there are steps you can take that are affordable and do not require you to commit to a long-term building project. Let’s take a look at four of them.
1. Give the walls a fresh coat of paint
Yes, it’s true. Painting the walls of your home or business will make it look and feel brand new. Buyers are also more willing to put in a good offer for property that looks ready to move into immediately.
When you’re shopping for paint, select neutral colours to maximize the property’s resale potential. Lighter shades like white, off-white, and beige reflect light and make rooms appear more spacious.
2. Improve the property’s energy-efficiency
Buyers will pay more for an energy-efficient property because they know it will save them money over the long term. Steps that you can easily take include replacing old windows with new ones that have durable sealing and installing new appliances with a positive energy use rating. You can also have the property audited to pinpoint areas for improvement and follow the auditor’s recommendations before the property is listed.
3. Update the bathroom and kitchen
When buyers view a residential property, the kitchen and bathroom are the spaces that receive the most scrutiny. It’s even been said that the state of the kitchen can make or break a deal. If you have a remodeling budget, allocate a substantial portion of it to updating these two spaces. Replace the cabinets, update the countertops, and put in new sinks. Cost-effective improvements include that you can even do yourself include:
- Buying new doors or giving the current ones a fresh coat of paint
- Replacing any burnt-out light bulbs
- Replacing any worn-looking faucets
4. Enhance curb appeal
Curb appeal refers to how attractive your property appears when viewed from the street. Does it look gloomy and abandoned, or ready to greet its new owner? To give the building the greatest degree of appeal, make cosmetic improvements such as:
- Mowing the lawn and applying grass seed to any bare areas
- Trimming overgrown bushes
- Planting shrubs, flowers, and other greenery
If you’re short on time, hire a landscaper to keep the grounds in good shape until the property is sold.
Increasing the value of your property does not have to cost a lot. When you focus your time and money on areas that matter most to buyers, you will find someone willing to pay more for the home or business, and that is the ultimate goal of any property sale.
If you’re looking to sell a residential or commercial property in the Chicago area and need advice on how to maximize its value, contact the Auricchio Law Offices. We understand what buyers are looking for in today’s property market, and will use that knowledge to get you the best possible results. To schedule a consultation, call 312-263-0010 or contact us.
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