Looking for ways to maximise the resale value of your house? Here are the strategies for you to consider...
5 November 2019| Last updated on 8 January 2020
If you're planning to try and increase the resell value of your property regardless of what is happening to Dubai's real estate market, read on
At first, the list of things to consider may be overwhelming - should you renovate, where do you not have to improve your home, which agent to choose, your asking price, and more - all in order to attract prospective property buyers to make the offer you're looking for, or at least close to what you want.
It's important to note that the actual cost and payback for each home improvement project can vary, depending on the condition of your home and the current real estate market values.
Whether you want to build for a break-even for snatch top dirham when you sell, use these tips below on how to raise the value of your house in Dubai
1. Keep your house low-maintenance
One of the main worries of buyers is whether the property will require constant maintenance and other emergency repairs. Calming these fears by replacing or fixing common parts such as the sink, air-conditioner, or even the furnace will help you receive a higher offer.
Other improvements include replacing the carpeted floor with hardwood or tiled floors.
Always make sure that any improvement work carried out in your home is of a professional standard. Upping the resell value of your home is not the time and place to test out first-time DIY skills. It's recommended you keep all receipts and other relevant paperwork to show prospective buyers and real estate agents.
2. Make your home look attractive
Another way to increase your property's value in Dubai is to make sure your home makes a good impression on any prospective buyer at first glance. Ideally, people want a welcoming, structurally sound, and attractive property to invest in, thus Curb appeal matters.
You can make your home look more appealing by maintaining the exterior. If you have a garden and it looks quite dull, consider low-maintenance landscaping by placing some flower pots and shrubs, or add lanterns and other backyard decors to brighten up space. The kitchen and bathroom are the easiest places to lose buyer interest in, especially if it's not well-maintained and mold, wear, and stains can be seen.
Ways to beautify your bathroom or kitchen:
- Change the paint and add appealing finishes, such as a matte finish to your cabinets.
- Non-moldy or new tiles are appealing.
- A rolling kitchen island will catch any buyer's eye.
- For presentation, hang a pot rack in the kitchen with fresh new pans, pots, and perhaps even a hanging wine bottle holder.
You can find inspiration through design-oriented magazines, shows, websites, books, or even your local Ikea catalog.
Try to avoid spending more than you should if you're remodeling space, and opt for midrange remodel - such as updating fixtures and placing new flooring - rather than an upscale remodel - such as stone countertops and custom cabinets. If remodeling on a tight budget, just K.I.S.S (Keep It Simple, Silly!).
3. Keep your house efficient
While they don't always increase the value of your home, energy conservation upgrades can significantly boost the appeal of your property as well as smart technologies. Energy-saving features can include eco-friendly air-conditioners and smart techs such as security cameras, smart lighting, and door locks.
4. Hire an inspector for hidden problems
Improving your home's resale value isn't entirely based on the cosmetic. If you are selling your house in Dubai, it's good to hire an inspector before you put your property in the real estate market.
An inspector can check for any outdated electrical systems, pest infestation, hidden water leak, dry rots, or deteriorating ceilings. The longer you put off repairs, the more it may cost you as they will turn into expensive problems.
A home inspection can be a valuable thing, especially if you want to improve your home's resale value.
5. Virtually increase your property's space
The size of your home may affect its value, but you can make each room in your house feel larger. You can do so by:
- Letting more light in by removing heavy drapes - a sunny, naturally-lit room feels more open-spaced.
- Clearing away clutter, and organising furniture and other items will lessen how cramped it might feel.
- Try placing a large mirror to a room, as it can visually double the space.
- Underused spaces are your friends - try adding an appealing shelving unit to organise items.
- Pack away personal belongings such as photos and other knickknacks when showcasing your property - you are selling your house, not your belongings.
6. Balance style with sense
Try not to focus too much on upgrading home features (electric plugs, replacing old faucets) or upgrading its visual appeal (new artwork, stylish curtains). It's best to do a little of both and make these changes over time rather than making all of the upgrades in a month.
7. Avoid major projects
Don’t even contemplate adding a swimming pool or tennis court – there’s no money in them, at all.
Unless you are renovating an affordable piece of property from scratch, homeowners avoid big, costly projects such as adding a tennis court, major garden landscaping, or building a swimming pool.