Is there a difference between price and value of a home? YES. Price is the amount you are asking for your property, where as value is buyer perceived. The perception of value is influenced by many factors including location, condition, features, etc. By paying attention to things that will increase the value of a home, sellers can increase their chance of attracting qualified buyers who are willing to pay your asking price.
Here are some tips, provided by Zillow.com, to achieve a positive impact on value:
- Strategic renovations will impact value and your bottom line. Don’t spend more money on renovating than you can recapture in value on the sales price.
- Condition will affect value. Do your own seller’s home inspection to identify and fix the problem before closing. A failed buyer’s inspection could cost you a sale. Buyers will often bargain down your asking price to accommodate for property condition and repairs, so fixing any problems before you close will only increase your return.
- The kitchen and master bedroom are the two areas that have a big impact on home buying decisions. Remodel or make minor updates to enhance your sale.
- Cosmetics are important. Fresh paint will always add more value than it costs, lean or new carpet/flooring adds more value than it costs, landscaping adds more value than it costs and if you can, add some colorful flowers and new sod to your lawn.
- Perceived size impacts value. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing a home with less furniture will help to make the space feel bigger.
- Vacancy increases sale-ability. Property is easier to show, sell, and quicker to take possession of when it is vacant at the time it is offered for sale.
For more tips, visit Yahoo Real Estate – How-To Guides.
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