Deciding on a specific asking price for your house when selling your home can be an extremely difficult process, even for a seasoned seller. While you will likely spend both time and effort attempting to come up with a reasonable price, there are usually many hidden factors which ultimately play a role in the value a buyer will give your home. One of the most important of these factors is home improvements and renovations. If you have had any general improvements made to your home, no matter how small, it is critically important you include this within your asking price. In order to help you with this, below are critical points to consider when evaluating your home’s improvements and renovations.
Think Back to When You Purchased the Home
When looking to include renovations and home improvements in your asking price, you must start by assessing all of the work you have had done to the place. The easiest way to do this is to think back to when you first purchased the home. While sellers can typically remember the large improvements, like new floors or a remodeled bathroom, they make neglect smaller things, such as new doors or cabinets. By imagining the house when you first moved in, you will have a much easier time making a complete inventory of your home’s improvements and renovations.
Evaluate How Much You Paid for Your Improvements
After making a complete inventory of your improvements, you must then consider exactly how much you paid for these improvements. While most sellers can typically remember how much they spent on a given project, it never hurts to pull out receipts or contact the person who performed the job. By understanding the exact amounts you spent on various improvements projects, you will have a much easier time including these figures in your potential asking price, and thus sell your home faster.
Consider the Value of Your Improvements in the Present Day
While improvements automatically boost the value of your home, you must be sure to consider the present day value of your past projects. While a renovated bedroom certainly seems like a plus, this means nothing if you had this improvement completed 10 years ago. Given that wear and tear always play a factor in the depreciation of improvements around you home, you must consider present value when attempting to incorporate these improvements into your asking price.
Set a Reasonable Price and Stick to It!
By taking these factors above into account, you should be able to come up with a reasonable asking price which includes your home’s improvements and renovations. If a buyer still believes your price is too high, you must be sure to explain your rationale by listing the improvements for them first hand. This will convince the buyer that you were proactive in taking care of the home and that it is actually worth the money after all!
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today by calling 813-908-7293 or visit https://josephlewkowicz.com/