Homeowners enjoy many advantages over renters, with one of the major differences being the ability to profit off of the property you live on. Most buyers take out home loans to purchase a house, and the longer they live in that home, the more equity they build. When the time comes for them to sell the house, they can earn greater profits.
While residential properties naturally appreciate over time, and each principal payment increases your equity, time is not the only factor in getting the best price when selling your home. Lancaster, PA, homeowners should understand the various strategies to increase the resale value of their properties so that they can make more money when it is time to move out.
Here are a few tips to help you maximize the sale price of your home in Lancaster, PA.
Money is often tight for potential buyers, especially since they will have to make a significant investment to acquire a home. That means buyers want to look at properties that will not cost them even more money over time because of aging utility systems. An efficient home is an appealing home, and a buyer will be more likely to increase their offer if they see savings opportunities for future water, electric, gas, and other utility bills. Your home may need a few minor upgrades, like new fixtures and added insulation. However, an aging roof that results in high utility costs or water damage potential may be a good reason to contact a roofing company that can upgrade your home and make it more efficient.
2- Curb Appeal
The real estate market is heavily dependent on visuals. Since most people begin their search for a new home online, making sure the house looks good in that first picture is key to attracting more buyers. Additionally, when people see your house from the street, you want to leave a good impression that draws them inside. These aesthetics are referred to as curb appeal.
If the outside of the home or property looks run down or messy, you might draw in fewer buyers, decreasing the possibility of a bidding war. Investing in curb appeal improvements like fresh paint, new shutters, landscape maintenance, and entryway features can lead to more interested buyers and better offers.
When do you plan to sell your home in Lancaster? This is a very important question to answer. Timing is an important factor in the real estate market for both buyers and sellers. The different phases of the real estate market, both nationally and locally, will impact your chances of attracting buyers to the home.
Some of these phases include recovery, expansion, and hyper supply. Additionally, real estate is often seasonal, and depending on if you list your home in the winter or the spring, you may get different types of offers. Talk with an experienced real estate agent about the best time to sell to maximize your profits.
Remember when we talked about the importance of visuals when selling a home? Curb appeal will only take you so far. The inside of the home is what will really convince someone to make a good offer. Whether people visit your home in person during a viewing or open house or they check out pictures online, your interior needs to look as clean as possible.
This will help buyers visualize what the home could look like with their own possessions, while clutter would be distracting and unappealing. Stage the home well for photos and make sure clutter is minimized if potential buyers are going to see the inside.
5- Kitchen Update
One of the main rooms in the home that buyers will look at is the kitchen. This space can often be a dealmaker or deal breaker. If you have taken care of your kitchen or made recent upgrades, buyers will be more likely to meet your asking price. Consider investing in new appliances, updating the cabinetry, or replacing the countertops with better materials. While these changes may be expensive, they can go a long way in convincing a buyer to make an offer. Some cheaper kitchen upgrades can help your home sell as well.
6- Selling a Home Requires Give and Take
When you start planning to sell your Lancaster home, know that there may be a lot of give and take involved. You may need to spend money first on upgrades to attract buyers that will pay for a higher list price. If negotiation takes place, you may need to make additional fixes or updates to keep the price where you want it, though the changes may cost money. Be prepared to invest in your home to sell it, or at least be willing to put in the work to make it more appealing to buyers.