How To Increase The Value of Your Underwater Property
Selling your home can be something of a challenge at the best of times. Quite often, you’ll end up waiting for your buyer’s home to sell so that they can buy your home. The chain causes so many problems and uncertainty.
But there are plenty of other problems that can occur when you’re selling your home. If your home’s value drops to below the amount that you paid for it, it is said to be underwater, or in negative equity.
But how can you sell your home when you are in negative equity? You might end up losing money on the sale and running into financial trouble with your mortgage lender.
Sometimes you have no choice but to move. Even if you’re in a bad situation financially.
Here’s how you can quickly add value so that you can sell your underwater property
Find The Right Estate Agent
You’re going to need a great estate agent to sell your home. They’ll understand your current financial situation, but you should still discuss with them what they plan on doing to get your sold for as much as possible.
Find an estate agent that will work hard to sell your home and that are willing to put effort into marketing it. Ultimately, selling your home will be in their best interest too, so find an estate agent that you believe will be an excellent salesperson.
Speak to Your Estate Agent
The first thing that you should do is to speak with your estate agent about the valuation of your property. While they will have given you an honest appraisal and priced your home fairly, it is likely that they may have some suggestions for the type of improvements that would add the most value.
Your estate agent may be aware of homes elsewhere in the area that are similar to your home but that have had upgrades. This will give them, and you, a point of comparison to base your home improvements on.
One of the main things that homebuyers will be looking for when they buy a home is space.
If you can make your home appear bigger than it actually is, then it will be more appealing to home buyers.
There are several ways that you can do this. Firstly, you can create the illusion of space by painting all of the walls in your home white. By doing this, you’ll give something for the natural light to bounce off making the home appear bigger.
Secondly, you can remove as many of your possessions from the home as possible. If there are any items of furniture that you won’t need until after you’ve moved out, then you should put these into storage for the time being.
Box up any possessions that you have lying around that you don’t need. Make your home look as uncluttered as possible.
Think about installing aluminium sliding doors to help create a sense of light through your home.
Change your curtains so that more light can come into your home. Use simple blinds that are subtle.
Remove Your Personality From Your Home
When someone is buying a home, they’re looking for their perfect place to live, not yous.
Create a blank canvas and they’ll be more likely to be able to imagine the home the way that they would like to live in it.
Make Home Improvements
There are bound to be a lot of nagging jobs that need to be done around your home. These may not be big or expensive jobs to do, however, cumulative, to a potential buyer, these could be offputting. They could add to more work that a buyer may be interested in doing.
Spend some time doing all of these smaller jobs. In the long run, they will benefit the sale.
Pay Attention To Your Exteriors
When a would-be buyer first arrives at your home, one of the first things that they will see will be the front of your home. This is an important part of your property as it is where they will get their first valuable impression.
Often, if someone has been put off in their first few minutes in a property, it can be hard to win them back around, even with the nicest interior in the world.
For that reason, you should make sure that you focus a great deal of attention on the exterior of your home.
Start with the front of your home. Make sure your front door is clean. If it is made of wood, give it a new coat of paint. Ensure the door frame is neat and clean. Again, paint it if needed.
Repeat this process for all of the windows. Give the windows a wash.
Does the house itself require painting? If so, give it a couple of coats of paint. Remember, paint the house in a colour like white. That way whoever buys the home can make it their own.
Turn your attention next to the roof. Check to see if there are any loose, broken, or missing tiles. If there are, replace them. You may need to hire a professional roofer to make sure this job is done well.
Finally, turn your attention to your garden. Make sure it looks as clean, neat, and inviting as possible. Consider getting a professional gardener in to make it look its best.
Hold Your Nerve
As time goes on, you may find that offers are few and far between. This can be very disconcerting and you may worry that it is never going to actually sell.
You may be tempted to lower your asking price or to accept offers that are not financially viable for you to accept.
If you cannot afford to accept an offer, don’t do it. Hold your nerve. It may be inconvenient having to wait to make the sale, however; selling your home lower than the price you paid for it will cost you dearly and it may affect your credit score.