The US economy is grappling with the effects of COVID-19. Various sectors of the economy have been affected, and the housing market has not been spared. There is a decline in house prices that may not bounce back until mid-2021. What can homeowners do to increase the value of their homes during this time? Well, here are 5 ways to increase your home value during COVID-19.
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1. Improve Your Curb Appeal
First impression matters and the first thing a buyer will see during viewing is the exterior of your property. If your prospective buyer doesn’t like your exterior, they may not even proceed to view the interior. You should make your curb appeal welcoming and beautiful than your neighbors’ to add more value to your home.
Improving your curb appeal is a simple, cheap, and best way to increase the value of your home during COIVD-19. A tactical curb appeal improvement should give you a return rate of up to 160%.
Good thing, you can do most of the work on your own. You’ll need to paint your front door, clean your gutters, and power-wash the sidings. You should also trim the hedges, clear any weeds, and plant some flowers. The idea is to make the exterior look clean and appealing.
2. Deep Clean
Cleaning your home thoroughly before a showing is one step to improve its value. Do a deep clean by thoroughly cleaning the carpets, wiping the surfaces, scrubbing the bathrooms, mopping floors, and cleaning cabinet doors. Ensure there are no foul smells or dirty surfaces that can be a turn off to buyers.
For best results, hire a cleaning company to carry out deep cleaning. While this comes at a cost, the benefits are worth it. Cleaning professionals will leave no stone unturned. The result is a sparkling home with increased selling value.
3. Home Investments
On average, a completely renovated kitchen will give you an ROI of 75%. This, however, is a venture for homeowners with a huge budget. If you’re faced with a tough financialsituation due to the COVID-19, you can renovate only a few parts of your kitchen. Give priority to projects with the most damages, while projects with the highest return on investment should come next. This includes replacing worn-out kitchen appliances and adding backsplashes instead of replacing the countertops.
Other cheap home repairs with a high return rate to concentrate on include a minor bathroom remodel, replacing windows, deck addition, among others. Just concentrate on the improvements you can afford.
4. Minor Repairs
Repairs as minor as removing dents, scratches, and squeaks can boost the value of your home immensely. Small noticeable repairsb like refinishing hardwood floors, changing locks, and touching up door frames also attract buyers.
5. Research on the Best Way to Sell
Distressed property always attracts low value. It is desirable to look at your financial situation, especially with the current hit on the economy due to COVID-19. If you have a problem paying a mortgage and you want to sell your property, you must find the best market.
Do thorough research before listing. You don’t want to list your home for months without selling. You are better off selling the property to an investor for fast closing. This will fetch you more money for your property instead of waiting to sell it later below the market value.
Get More Value for your Home
The COVID-19 pandemic has affected real estate just as the other sectors. The economic situation has left the price for houses looking bleak, by implementing the 5 inexpensive ways above, you’ll be able to increase the value of your home.
We can also cushion you from the economic effects of COVID-19. Sell your home to us today, and we will give you the best rate for your home.