There’s a very simple way to work out how much a property is worth. It’s worth exactly what someone will pay for it. Not a penny more, not a penny less.
Forget comparing to the neighbours or what your estate agent thinks, the only thing that matters is what price potential buyers are willing to pay.
Yet, that doesn’t mean there is nothing you can do influence and increase the maximum value of your home. In fact, there are many tips and tricks you can use to gradually inch up the amount your property can sell for.
So, let’s take a look at some of the best approaches…
Get your property up to scratch
If you want to sell your home for the maximum possible value, you’ll need to ensure it’s looking its best. That means fixing any minor maintenance issues, repainting scruffy walls, changing worn carpets and anything else you spot that could put buyers off.
Beyond the simple aesthetics, there are also several other projects you could carry out such as converting your garage, adding a conservatory, or revamping the garden. Each of these can add value to your home and make it more likely to sell quickly, and for a higher price.
Be careful though as there is always a ceiling price for properties in an area. If you overdo the improvement works, you may find the uplift in property value is less than the amount you have spent on it.
Find the best estate agent
Your estate agent is a vital cog in the machine when it comes to selling your property. They will usually be the ones who set the asking price of your home, negotiate with buyers, and ensure the sale progresses right through to completion.
Therefore, it’s important that you choose the best agent for you. This may end up being a local high street agent, or you may opt for one of the new breeds of internet-based agents.
The latter does have the potential to save you money but it is worth checking online estate agent reviews as the standards can vary between the brands fairly significantly.
Don’t turn down viewing requests
One common mistake of those trying to sell their home for the best possible price is that they turn down viewing requests. Given the invasive nature of viewings, it’s perhaps not surprising that people are sometimes reluctant to accept inconvenient viewing requests.
However, every viewing is a potential future buyer. And, the more viewings and interest you can generate in your property, the more likely you are to start a bidding war and bump your sales price up.
Therefore, try and accept all viewing requests where possible. This may mean you having to change your plans or conduct your own viewings on evenings and at weekends, but that could be a small price to pay if it leads to even a slightly better offer.
Host an open house
An open house viewing is when, rather than give each interested house hunter a specific appointment time to view a property, the estate agent will open the doors for several hours at a time to get as many viewings as possible happening all at once.
The great thing about open houses is that they create competition. Viewers see other people looking around the property and automatically raise their offers to try and beat the rest.
Open house viewings are so effective that it’s been reported that they can lead to offers around 10-15% high than the asking price!
Of course, you’ll need to have several interested parties for it to be effective and so they usually work best when a property first hits the market in a well sought-after area.
Learn to negotiate
Finally, if you want to get the best possible price and make more money, you’ll need to learn how to negotiate a better sales price for your home.
Sure, your estate agent is likely to take care of most of this for you, but you’ll still benefit from the little tricks you can use to bump up offer amounts. Techniques like offering to include furniture or take the property off the market if the buyer ups their offer slightly can work a treat in getting you maximum value for your property.