How to Increase Property Value When Trying to Sell Your St. Louis Home
If you’re trying to sell your home in St. Louis— or anywhere in the U.S.— one thing you’re going to want to do is increase your property value to get the most you can from your home. In 2021, the average cost of a home in St. Louis was $324,061, but numbers will be different for everyone depending on the original price of their home and many other factors. Many things affect property value, some you can control and some you can’t. Here’s a look at a few of both.
Unfortunately, there are some things that can’t be controlled when it comes to the value of your home, and here are a few factors that influence that.
The economy of the entire country has an impact on the housing market, but the economy of St. Louis has a bigger impact on those buying and selling in this area. For example, if the city’s economy is experiencing growth and unemployment is low, then more people can afford to buy homes, and this is what can help boost property value.
If you ask any real estate agent what’s the most important factor when it comes to real estate, they’ll say location. The more desired the location of your home, the better chances you’ll have when trying to sell it— which increases the property value. Some of the best neighborhoods in the St. Louis area include Frontenac, Ballwin, Warson Woods, Maplewood, and Ellisville.
St. Louis is considered to be a relatively large city; it’s the 11th largest in the Midwest and the 2nd largest in Missouri. However, not as many people are looking to move to big cities as much as they did in the past. Instead, they’re looking to move to more suburban areas outside of the big cities. As for demographics, the areas that have more families and better school districts see homes with higher property values.
When there’s a high demand for residential real estate but not many properties available, the prices of homes will almost always increase, making available properties more valuable. Unfortunately, the opposite of this statement is true as well.
On the other hand, there are a lot of factors that you can control when it comes to increasing your property value.
The outside of your home (also known as curb appeal) is your home’s first impression, so it must look just as good as the inside of your home. Some things that you can do to increase your home’s curb appeal is to replace your roof, power wash your home, paint your home, keep your lawn neat, and add additional landscaping. Painting and landscaping are completely optional, unless your home is in dire need, but your main focus should be a neat-looking home that has been well-maintained throughout the years.
An energy-efficient home is highly desired by a lot of homebuyers in St. Louis, and all over the U.S. While you don’t have to install solar panels, you can look to other energy-efficient upgrades like double-glazed windows and a smart thermostat to help regulate the inside temperature. Smart toilets and low-flow showerheads are also great energy-efficient upgrades to consider.
Minor kitchen and bathroom renovations can go a long way when increasing your property value. Consider upgrading the vanity, toilet, and tub/shower in your bathroom, and the countertops in your kitchen. These small renovations usually have the highest return on investment compared to larger home renovations. However, when it comes to larger renovations, a new addition to your home can also increase property value.
Finally, to help boost your home’s value, pay attention to the small things in, around, and outside of your home. Update your lighting fixtures inside and outside, and also the hardware, such as doorknobs, cabinet knobs, and drawer handles. You should also inspect the siding on the outside of your home and call a St Louis siding contractor if it needs to be replaced. Another touch-up to consider would be touching up the paint in certain places (both inside and outside) if an entirely new paint job isn’t necessary.
So now that you’re aware of what factors affect your home’s value, you can make more informed decisions on what you can do. Most homeowners focus on cleaning and decluttering— which is also necessary— but there are ways to increase your home’s value even more.