Before you embark on the task of home improvement especially if you are doing it for the purpose of improving the resale value of your home, you must be aware of the factors that influence home purchase. This is important because it will help guide you on how to prioritize in terms of the improvements you will make on your home.
Let’s take a look at the top 4 factors that influence home purchase.
#1 The buyer’s lifestyle
Home buyers make purchase decisions based on their lifestyles. For instance there are those who will prefer well-manicured lawns whereas others will prefer urban cityscapes, some will prefer family-friendly suburban areas, a garden and many more. Home owners’ preferences will always vary. It’s therefore important for you to have in mind the kind of buyer you are targeting so that the home improvements you are making can specifically target them. Ideally, target the kind of buyer who’s just like you.
#2 The cost of owning the home
When home owners are considering purchasing a home, it’s never just about what it will cost them in terms of the cash or the monthly mortgage payment they also have to consider the day to day expenses that the home will come with. This could include things likeutilities, repairs, property taxes, lawn maintenance and others. As part of your home improvement activities, you must therefore include cost cutting measures that will demonstrate to the potential home owner that their maintenance costs for the home will be significantly reduced.
#3 The choice of whether to build or buy
Most homeowners who opt to build their own homes do so because they want a home that is customized to their needs and this is difficult to find in the homes market. Those who buy mostly do so because they have managed to find a house that satisfies their requirements. This therefore means that before making any home improvements, it’s important for you to have your ideal buyer in mind so that your home is as close to what they are looking for as possible. As we mentioned earlier, your ideal buyer should be someone who’s just like you.
#4 The realtor the home owner works with
Many home buyers prefer working with realtors to help them identify homes that best suit their needs. Because the buyer doesn’t have time to scout the market, they’ll contract realtors to do this work for them. Before making any home improvements, it’s advisable to visit realtors in your locality and find out whether there are any home buyers available and what they may be looking for in a home, and ensure your home improvements are in line with the buyer’s needs. This will help you sell your home much faster.
We trust that these have been really helpful insights.
We would love to hear your own home improvement tips.