Before deciding to set foot inside your property, a potential buyer will judge your home’s exterior appearance first. ‘Curb appeal’ is what creates a lasting first impression on your guests whether you’re hosting a party or selling your asset.
Real estate experts stress the importance of regular maintenance and minor repairs for your home. But your house’s frontage and siding matter just as much when it comes to increasing its value.
From landscaping to retrofitting and patio repairs, there are many ways to increase your home’s curb appeal. Sure, they may cost you a few thousand dollars, but you’ll reap the rewards later as your property will command a higher buyer price.
A property valuation report is given to the property owner to indicate the condition of the house and how much it is worth in the market.
How Is A Property’s Market Value Determined?
An asset’s selling price is impacted by many factors. It can be determined by the market’s current performance, the prices of homes nearby, and the overall condition of the property itself. It’s also affected by the price that buyers are willing to pay in order to relocate in the community.
It not uncommon for properties within the same locale to have similar price tags, give or take a few thousand dollars. Unfortunately, if you’ve got a well-manicured lawn but your house is sitting next to an unkempt property, your home’s value may be negatively impacted.
What Difference Does Curb Appeal Make In Your Property’s Selling Price?
There’s no industry measurement that can be cited for this. But a joint study conducted by the University of Texas and the University of Alabama showed that properties with better curb appeal are likely to sell 7% higher than their counterparts with unattractive frontage. The study, which was published in the Journal of Real Estate Finance and Economics, also found that the difference could hit up to 14% in places with poor real estate market performance and higher housing inventory.
Reasons High Curb Appeal Impacts Your Property’s Value
There are highly doable ways to increase the curb appeal of your home. Some may require more out-of-pocket costs and professional help, depending on the look you want to achieve. Spending a few thousands for these improvements is a smart move considering the following facts:
1. High Preference For Properties With Excellent Curb Appeal
Responsible for stirring buyers’ interests, an excellent and well-maintained frontage is always in demand no matter the current market performance. About 99% of realtors believe that curb appeal is crucial in enticing potential buyers, according to the National Association of Realtors (NAR).
Industry estimates reveal that doing something as simple as repainting your exterior walls and tidying up your walkways and driveways can significantly boost your property’s value. Hiring professionals to upgrade your siding is another recommended way to improve your property’s exterior appearance.
To give you an idea on how these enhancements can help, repainting walls, which costs an average of USD$1,500, may increase your property’s selling price by up to USD$10,000 in some cases.
2. Negotiating A Lower Price May Be Out Of The Question
NAR has also cited that about 94% of their members actively suggest some curb appeal improvements to property sellers if they want their homes to sell faster and at higher prices.
When planning to acquire a home they’ve set their sights on, buyers start by conducting an actual visit. With the help of a home inspector, they’ll check the property’s exterior and interior sections, jotting down the areas that need repair or improvement. Once they’re done, they’ll use this list to try and negotiate a lower price, making sure to mention the cost of repairs needed.
If you have a well-maintained property with high curb appeal, buyers will have no reason to seek a lower price for it. That’s why it’s best to fix your front porch and other exterior structures before selling your home.
3. Willingness To Pay Higher Prices For Professionally Landscaped Lawns
A neat and aesthetically pleasing yard greatly contributes to curb appeal. But more than its visual impact, a house with a professionally maintained lawn can be sold at around five to 12% higher than similar properties without a landscaped yard.
Seasoned landscape design companies can help you achieve the look you’ve always wanted with your property frontage. Various sources suggest that impeccable landscaping can add around USD$5,000 or anywhere from five to 25% to your property’s value compared to its less attractive counterparts. All landscaping components—shrubs, trees, flower beds, and other features of your garden—have attached value to them.
To attract more buyers, complement landscaping with other activities that will make your front yard neater and more welcoming. These include power washing the walkways, installing more lights, and expanding your flower garden.
Wrapping Up
Working to increase your property’s curb appeal means investing money and effort so you can sell your home at a higher price later on. Depending on your property’s actual condition, some enhancements may cost more than others, but they’ll allow you to get more revenue for your property.
