10 Ideas To Boost The Resale Value Of Your Apartment

Getting your Trinity Audio player ready...

You bought a property for investment purposes, or you are shifting to another city. You must obtain the highest price for the apartment. To do that, you must increase the resale value of your apartment. The land price might go up as time passes, but the building price always keeps deducting. The real reason why homebuyers invest in real estate is because of the long-term benefits, including capital appreciation over a long-time frame.

The resale value of your apartment determines the price of your flat or house; you may wonder how you can increase the resale value of your apartment? There are various ways to boost an apartment’s value; you must point out the ones that would work well with your flat’s interior.

Ideas to boost the resale value of your apartment

The most worthwhile home improvements are those that increase the resale value of your apartment. The upgrades that might be most worth it for you personally are more complicated and subjective to quantify. A minor renovation can do a lot in terms of increasing the value of your investment in real estate. We have the following tips on how you can increase the resale value of your apartment. These suggestions may cost you some money, but in-turn, it will help you reap the maximum value in the real estate market. 

1. Paint and Clean

 Fresh paint brings life into a home, helping rooms appear cleaner and more updated. Go for the neutral colours, like white, beige, or gray, because they work with any appliances or furniture colour for new owners. Painting a home adds a sense of ‘newness’ to the interiors, making it look like a freshly built home. Believe it or not, buyers usually assess the property price based on its aesthetic beauty. Make sure that you deep clean the home before showing it to the potential buyers. You and your consumer will be amazed by the bright and fresh look.

2. Conduct organized inspections

If you are going to hold inspections while still living on the property, be sure to organize all the clutter. Remove all your personal belongings, for example, family photos, that will affect the buyer’s ability to put themselves in the house. Get storage boxes and consider getting short-term off-site storage for all the items that do not fit in the cupboards. Keep in mind that clients will be opening everything and looking everywhere; neatness suggests a house that is in good order.

3. Advertise 

To get a commendable resale value for your apartment, you should advertise and market your home properly. You can reduce costs by avoiding real estate brokers and putting your property for sale on online property portals, such as NoBroker.com, Housing.com, 99acres.com among others. It is advisable to invest in an excellent photographer to take pictures of the property for online advertising. A wise man once said a good photograph speaks a thousand words. A high-quality photo will attract a good number of customers and assist you in getting an excellent deal. It is essential to invest in a credible builder to get the best resale value for your apartment. Homebuyers prioritize an old and ready-to-occupy apartment from a reputed real estate brand rather than a new apartment from an unknown property developer.

4. Undertake leakage and repairs

Old properties and water leakage always go hand-in-hand. Damp patches and discoloured walls are not extremely attractive and can dramatically bring down your apartment’s resale value. Fix any water leakage problem in your apartment by replacing old and worn-out pipes with brand new lines. Ensure that you have checked the ceiling leakages. The money spent on renovating your apartment will help you get a better price while closing the deal.

5. Upgrade the bathroom.

Washrooms and restrooms are important areas of the house that must not be neglected. In recent years, people have started paying heed to all aspects of the bathroom area, be it lighting, flooring, plumbing, and even smart flushing! Renovating your bathroom and updating the fixtures can improve the resale value of your apartment and make it appear more appealing to a prospective buyer. Alternatively, if your bathroom has stylish appliances, make sure you highlight them subtly in conversation.

6. Makeover the kitchen

Kitchens are usually the focus for many buyers, so it may be the first thing they look to replace if they cannot imagine living in yours. While building an entirely new kitchen may not be feasible, there are many ways to improve what you already have.

For a small budget, painting units or replacing cupboard doors or handles are a cheaper way of refreshing kitchens. Good lighting and clutter-free, clean surfaces will make a significance to the feel of the house. You don’t have to give a lot of capital in the kitchen to get a significant return. The most valuable house improvements in a minor kitchen remodel are modernizing the countertops and cabinets, updating the sink and faucet, upgrading to a brand-new appliance, and updating the flooring.

It is a typical mistake for sellers to overdo kitchen upgrades with fancy granite or marble bench-tops and all-new stainless-steel appliances. Although this looks modern and sleek, some buyers will be turned off by these upgrades because they will assume that the house is more costly.

7. Updated appliances and systems

Easing a buyer’s mind about house maintenance issues is another way to show your home more valuable. To acquire the attention, you can service white-goods around the house that are in poor shape at the very least. Another useful fact to consider is that if you have movable furniture and fixtures that are broken or are displayed in a worn-out condition, it might be a good idea to get rid of them entirely pre-inspection. These items will leave a negative impression in the mind of the prospective buyer and reduce the notional resale value of your apartment in case you intend to sell it as is.

8. Pricing

Pricing your property right is an essential step to reselling an apartment. It is necessary to price it exactly right with a reasonable margin of benefit for both the seller and buyer. Do your analysis on market trends and look up other property prices in the neighbourhood that may get you a rough idea. You can check online property portals and leading publications to get a precise insight into the reasonable price in your area. If you wish to sell your apartment fast, go for an early-bird discount to attract potential customers. However, it is best to open to negotiation and rate the apartment as per the value it offers.

9. Think like a buyer.

While putting your property up for resale, it is good to see the property from the buyer’s point of view. Apart from the usual fresh layer of paint and essentials like the brand-new bathroom tiles, add more resale value to your apartment by revamping it. Get rid of all cracks in the walls and replace old mosaic flooring with sleek vitrified tiles. Upgrade the kitchen with the top kitchen design trends to make the apartment look more attractive and appealing. It is also an excellent choice to keep the property well ventilated and bring in as much natural lighting as possible. Give your main door a fresh new layer of varnish and ensure that you do not forget the house entrance, as buyers tend to decide if they like the property or not in the first five seconds of the tour. Ensure that you invest in reasonable pest control and have all the security systems checked before putting your apartment for sale.

How to pay for improvements that increase the resale value of your home?

When thinking about how to increase the resale value of your apartment, take stock of realistic expectations. Updates rarely recoup 100% of their cost, but they can make your family more comfortable as you plan the sale. If you can’t pay for house improvements in cash, make sure to choose the correct method of financing for you:

1. Personal loan: If you do not have enough equity for a home equity loan or HELOC, opt for a home loan. Mostly, the interest rate will be higher than home-equity-based financing but less than a credit card.
   
2. Credit card: Putting house renovations on a credit card may be okay if you will be able to pay off the entire balance in a short period.

3. Cash-out refinances: If you have built up equity but do not want a second mortgage, opt for a cash-out refinance. You will take out a new home loan for more than your current contract balance and, after closing, the incomes will be paid to you in cash. A cash-out will not make sense if your equity is limited or current mortgage rates are higher than your rate.

4. Home equity line or loan of credit: These second mortgages turn your home equity into easily attainable funds. House equity loans payout in a lump sum, while house equity lines of credit or HELOCs are a financing line you can borrow against over time. Both HELOCs and home equity loans have interest fees, rates, monthly payments, and tax advantages to consider.

Conclusion:

Apartments will and always be dear to the home owners as they hold a lot of memories and moments of togetherness, love, and laughter. So it’s always worth to upkeep your apartment for receiving a better resale value. You might want to read about 10 Smart Hacks to Cut Down on 4 BHK Apartment Interiors or Pros and cons of buying a property for children in India.