It’s emotionally challenging and time-consuming — selling your home. Both are amplified if you’ve decided to put your property on the market amid a pandemic. You’ll have to opt for virtual touring to practice social distancing. You need to price it right because bidding wars in the current market are few. And your home has to have everything buyers want today.
The Secrets to a Fast Home Sale
It’s true that you need to nail the timing on selling your home. You have to place it at the right time on the market, and according to Zillow, that time is on a Saturday between May 1 to 15. Properties listed on those days sell six days faster for 0.7 percent more compared to the average home price every year.
But good timing and the help of a real estate agent might fail to make a sale if your home doesn’t have the necessary features. In learning what today’s buyers want, you achieve two things:
- A targeted way to sell your home to the right buyers, and
- The right investments that secure returns on home improvements
And yes, people are looking to buy a home as COVID-19 ravages the world. The housing market in the US offers fewer homes for sale, which can mean less competition. But buyers are still critical about their options.
Appeal to the right ones and get the offer your property deserves by improving it with the following features.
Energy Efficiencies
Homebuyers need to know that they’re not going to sink most of their budget into owning a home. And that includes the utility bills.
Most will likely expect a property to come with energy-efficient windows, which helps cut costs on heating and cooling by 12 percent at the least and 33 percent at the most. Another way to improve the energy efficiency in your home is to upgrade your HVAC system.
But if you want to go beyond those and edge out the competition, solar installation can be a feasible option. You can explore the idea with established solar power companies in your city. On average, you might spend $15,000 and $25,000 to install the panels. That may sting your budget, but you could still come out ahead. Why?
You can claim 26 percent of installation cost on federal tax credit. The value that it adds to your home and its role as a selling point make solar panels worth it.
Home Office
COVID-19 is changing everything, from travel and commerce to living and leisure. Since most businesses have been forced to run their operations remotely, many home buyers choose properties with an extra room that can serve as a home office.
A dedicated space for work or business gives your home an edge over others that don’t have this feature. If your home doesn’t have one, try converting a barely used room into a workspace. You’ll want to choose a room that is away from noise and one that has sufficient room for equipment, like a printer or a fax machine. Make sure the décor is neutral; no loud colors or patterns.
About 42 percent of America’s labor force is working from home, and will likely do so long after the coronavirus pandemic. Containment of the widespread virus is still improbable with multiple tests on a vaccine in their early stages and millions across the world infected.
Laundry Room
The National Association of Home Builders (NAHB) has found out 86 percent of millennials want a laundry room in a home they’re looking to buy. It’s considered a desirable or must-have feature out of 175 features listed in the NAHB report. The need for laundry is sensible when going out for errands could lead to a medical emergency.
If you’re remodeling and don’t have a laundry, now would be an excellent time to add one. You can improve the basement, which already has the utility lines. Fit it with a high-quality washer and dryer, with an area for folding and ironing clothes, and young homebuyers can put in an offer you can’t refuse.
Other features that attract buyers are a patio, garage storage space, and a spacious kitchen.
Before you start knocking down a wall and making grand plans about a remodel, take stock of your current home. Consider what it needs and what you can afford. And weigh your options against which addition or remodel will give you the most returns on your investment.
Home selling is rarely an easy time. But you can minimize the challenges by making sure your home has the right features to appeal to the right buyers.