Upgrading Your Family Home: 8 Tips to Get the Most Out of Your Property

Posted in Real Estate on November 6th, 2020

A home can be one of the most important investments for any family, couple, or individual. Aside from the financial aspects involved with buying a house, there are also emotional aspects.

After all, your family home is the place where you will see your family expand, be with your little ones as they grow up, and make beautiful memories with your loved ones. Nonetheless, at some point, you might need to upgrade your property for a larger, more spacious house where every member of your family can have their own private area. In this case, you will want to make the most out of your current property. Start with the tips below!

Rent Your First Property Out

If you don’t wish to sell your first property away, you might decide to rent it out. This option is ideal if you are looking at keeping a second prop[erty with you. Indeed, renting out your property’s rooms or the whole home to another family can guarantee you to have a steady income.

Alternatively, if your property is in a desirable area, you might also decide to advertise it on websites such as Airbnb and offer the chance to stay for a reduced price. In any case, you should know that selling is not necessarily the only option available to you!

Understand Your Mortgage Terms

If your mortgage has not ended yet, you might need to pay a fee if you wish to buy another property. So, understanding the terms of your mortgage and what are the fees you will need to face in this eventuality might be essential. Depending on your contract, these fees might even be too high for you even to consider a second property!

It might be recommendable to check with an expert broker who will be able to explain to you what options are available for you and your family. These experts might recommend you to modify your current contract or even radically change it.

Ultimately, if your mortgage is still outstanding, it is always recommendable to speak to a broker.

Increase Your Property’s Exterior

Increasing the current curb appeal of your home or property is a sure way to get a higher return on investment on your property. This is a concept based on first impressions, which, even in this field, count. Indeed, potential buyers have been seen to be more ready to place better offers for properties with an attractive exterior area.

Speaking to an expert estate agent is one of the best ways to understand how you can increase the property’s curb appeal. They can point out the aspects that you could invest in to attract potential buyers’ eyes and hearts.

Generally, these include the gutters, garden, front door, driveway, backyard, and wall. Essentially, you will just need to make sure that your home looks loved and cared for!

Improve the Garden

If you have always wanted to test your green fingers, this is the best time to do it! The garden, backyard, or outside area of your home can make or break the ambiance. Indeed, a garden that is looked after and well-designed can say a lot about how the house is run.

Naturally, after winter, it is normal that your garden looks a little run down. However, before starting the process of selling your property, you should always ensure that your home’s outside area is neat and tidy. Even if the budget does not really allow for a grand landscaping project, you should be considering clearing the area of brushes, branches, and debris.

Get up to Date With All Maintenance Tasks

Maintenance is important because it can say a lot about the way you are running the house. Additionally, it can show any potential buyers that the property, even if older, is still efficient, functioning, and safe. As part of your maintenance list, make sure you are looking after the windows, gutters, walls, and roof.

These might all be expensive repairs that a new buyer might need to face. So, if you can prove that you have taken care of all these aspects, you can also charge a little more.

Find the Right Estate Agent

Finding the right estate agent is crucial for a successful sale. Indeed, some agents might be more suitable for local sales, while others specialize in selling abroad or online. Ensure that the state agent you have picked is suitable for your own goals and objectives.

Some might focus on completing a sale quickly, independently on how much you can get from it. While others will be able to find the best offers for it, you should not expect a sale that is that quick.

… or Sell Directly

Selling directly to a private buyer might be tricky and is not recommended if you have never sold a property before. Indeed, this might allow you to have full control over who is acquiring the home. However, often, if this is the first property you are selling, this process can be extremely time-consuming, making it easy for you to feel overwhelmed. Make sure you always have the help you need to make an advantageous, streamlined sale.

Find the Right Help for a Fast Sale

If you have just found the property of your dreams and you need the funds to put down a deposit and secure it, you might need to think about selling your current property in the fastest way possible. In this case, selling by yourself or through estate agents might both be time- and effort-consuming processes. In this case, you will need to look for those buyers who mention “we buy houses.” They will be able to make an offer for your property as it is today, so you won’t need to spend more on refurbishing it or increasing its curb appeal.

Bottom Line

Selling a property when buying a new one is one of the most delicate processes for homebuyers. Indeed, you will need to time your sale and purchase right so as to always have a house but never pay double mortgage rates or rent. In this case, finding the right professional help from a buyer, broker, or estate agent is essential to make the most out of your old family home.

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