Looking to sell your home but unsure of how to get the best price? Worried that the COVID-19 pandemic might have brought property prices down in India? Then there’s good news for you. Real estate prices have, in fact, risen during the second quarter of 2021. According to a quarterly report by PropTiger, Real Insight: Q2CY21, Hyderabad and Ahmedabad recorded the highest growth in property price of 5% during the quarter, on a year-on-year basis. Other Tier I and Tier II cities have seen 2%-4% growth in real estate prices.
So, this might be a good time to consider a sale. Here’s a look at five useful tips on improving the resale value of your property to get the best possible price.
Look for a Market Appraisal Before Selling
The first step is to check out the going rate of houses similar to yours not just in your city but in your specific locality. Property prices differ within a city too, based on the amenities and popularity of the areas. You can also consider partnering with a local real-estate agent and get them to help you get the best resale value.
Make Cosmetic Changes
Every buyer will want to see the property before they make an offer to buy. So, make sure you spruce up every room and make the house look inviting. You could consider applying a fresh coat of paint, which will immediately brighten up the entire home. In case you are on a tight budget, you could apply for a home loan. These loans are also available for home renovation and remodeling.
Add Some Flora
Greenery always makes a place look more inviting. So, if you have a garden, plant flowering plants or even a tree or two. In case it’s a flat, make sure the balconies have some plants. You could even consider some indoor plants in the living room or foyer. You could fund all this with the property loan too but make sure to check the interest rates before applying for one.
Add Some Space
If you have taken a home loan, you could consider some basic remodelling. You could increase the size of a room or add extra space. This will immediately raise the resale value of your house. But make sure that these changes add value to the house too, and are not just cosmetic.
Upgrade the Kitchen and Bathrooms
You can also apply for a home loan to give your kitchen and bathrooms a makeover. These are two of the most important spaces in the house. Both should look spacious, clean and uncluttered. Therefore, giving your kitchen and bathrooms a revamp could get you a good hike in resale value.
While the home sale could help you pay off the loan you’ve taken to raise the resale value, check out aspects such as home loan balance transfer and home loan insurance before applying for the loan. Both these aspects could be very helpful in case you are short on cash during the repayment tenure.