It's safe to assume that if you're in a position to buy a custom house, you have some experience with long-term financial planning. Your home is more than just a place to call your own; it's an investment whose worth might go up or down depending on the choices you make from the time you start planning it until the time you decide to sell. Therefore, to enhance your custom home's sale price, we'll be looking at four key areas.
Choose Approaches That Will Get the Interest of Many Customers
Features and decisions like tiling, windows, and lighting can make a big difference in home remodeling and how easy it is to sell. Install things in the house that would appeal to a wide range of buyers, whether working with a custom home builder or doing the project independently. High-end and luxury purchasers will likely make up most of your property's market.
Most of these purchasers can afford to be picky, and they are. Everything in the house, from the lighting to the appliances, will be of the highest quality. Most homebuyers today have come to expect high-tech features like CAT-5 cabling for super-fast internet, pre-wired audio, and several home automation features like control of the temperature, door locks, and lighting. Some of these amenities may be different to your taste, but including them during construction can save you time and money in the long run.
While making your selections, it's essential to remember that they should have a timeless quality. Some additions, such as whirlpool tubs, skylights, or home theaters, may be trendy now but turn off potential purchasers in the future. Choose the amenities you want, but do it with an eye towards the end since doing otherwise might lower the selling price or lead to costly repairs.
The Importance of Location
Even if you don't know much about the real estate market, you've probably heard the phrase "location, location, location." Unlike many other industry cliches and adages, this one is spot on. Everything about a property, from its initial investment to its operating costs to its future value to how quickly it sells, is determined by its location. For example, a bespoke house with identical amenities in the midst of the Kansas countryside is less likely to retain its value than the same home in a posh Denver neighborhood. More individuals will be looking to purchase homes in the luxury market since more people want to reside near extensive metro areas like Denver.
You should also consider the house's location about the length of time you want to spend there. If you move in a few years, there won't be a dramatic shift in the neighborhood, but a lot may happen in a region over a decade or more. When deciding where to build or buy property, commercial real estate investors and developers weigh factors, including population growth, school quality, tax bases, etc... As a homebuyer, you should think about these factors as well. You have some say over your home's maintenance, but you have little sway over the overall course of the market, so make your decision accordingly.
Give Serious Thought to Your Real Estate Agent
Realtors and real estate brokers advertise that they can get better house prices because of their expertise and familiarity with the market. Sadly, research by Freakonomics author and Chicago School of Economics professor Dr. Steven Levitt indicated that listing your house with a real estate agent may reduce the final selling price by 6-7%. Although not all real estate agents are created equal, and many provide exceptional value and convenience for their customers, there is still an opportunity to increase your home's selling price by as much as 7% if you're willing to put in the work.
Most homeowners should have no trouble marketing and selling their house using the online platform TJ projects, provided they devote sufficient time and research to the process. Realtors offer a shortcut to selling a home by shouldering the bulk of the work in return for a lower average sale price and fee. Avoiding the realtor's commission might help you get more money from the sale of your home. Of course, only some people are cut out to be real estate agents, and a house sale is a sizable financial transaction, so if you're feeling uneasy about the process, it's best to hire experts.
Adding a little value to your home before selling it by making some minor improvements
Although this advice most applies to homeowners who have been in their current houses for at least seven to ten years, it is also helpful for people who have just purchased a property. It's optional to completely renovate the kitchen or replace the roof, but you should make minor upgrades elsewhere in the property to increase its market value. You should ensure that your home's current landscaping is in good condition, with remarkably similar properties. Adding curb appeal with simple fixes like new paint or flower beds may be surprisingly effective.
Fix the noisy door and the water hose that won't operate, and so forth. Completing small projects in and around your home is highly recommended to stand out from other custom homes. However, taking on large projects before selling your home is unnecessary and may be counterproductive. High-end homebuyers are notoriously picky, so if you want to get top dollar when you sell, you'll need to ensure your house is in perfect condition.
In Conclusion
Even if you have yet to make plans to sell your property shortly, now is the time to make any improvements that may increase its resale value. A long-term strategy, from the day you acquire the house to when you deliver the keys to the new buyer or agent, is the ideal method to optimize value. Still, some of the actions on this list may help you navigate through the latter innings of a sale. Finding and producing value where you can is a fantastic method to save wealth for retirement or enjoy the life you want since your property is both a substantial investment and likely a not-insignificant amount of your assets. Along with maximizing your money, Thomas Sattler Homes offers resale advice throughout the design process of every custom house.
