Increase your home value for sale? So many questions will pop into your head when you mentally prepare yourself to sell your home.
However, there are key factors that you need to consider when you tackle the topic of your home value and how to maximize that value before you sell. The most common questions that arise once you put the “For Sale” sign up sound familiar to most of us. Is it the right time? What is my place worth? Should I sell on my own or hire professional help? It is not easy to assess whether you’re ready to sell or not, but there are ways to establish if this is a good decision for you and your family or a good opportunity for your next investment. Therefore, having a detailed plan is crucial.
Below, we offer a few guidelines and insights into the process of selling your home and what is involved along the way.
Increase your home value for sale
How do I know if is the right time to sell?
Firstly, there is no such thing as a good or bad time to sell your home. The decision is very personal and what motivates the seller are various personal circumstances. However, it is important to understand how to market tendencies can work in your favor or vice versa. Is it a buyer’s market or a seller’s market? Are homes selling quickly in your area? What price are the homes selling for and what are some of the local trends? These questions followed by a bit of research will help you determine if it is a good time to sell or wait further.
Judging by the current Dubai real estate statistics, the property market is as hot as ever. Therefore, it is an ideal time to sell. 2021 is so far proving to be a hot sellers’ market, despite Covid 19 impact and repercussions on everyone’s life. Furthermore, many tenants are converting into buyers due to very attractive payment plans and low interest rates. The market is showing signs of tremendous improvement and real demand which is an attractive factor for investors.
Because of the high demand, sellers have a real window to obtain a high, effective selling price for their home, at least for the near future. We surely hope the dynamic market trend will follow through in 2022, but one can never predict how soon we cycle back into a buyer’s market.
Increase your home value for sale
What’s my place worth?
Many say it is wise to get a market appraisal before you decide to sell. Getting a real professional insight into the value of your asset will help you make the right decision and positively impact your future financial wellbeing. It also offers an opportunity to fix any issues with the house before the sale.
While is important to know how much your place is worth, you also need to understand the difference between an appraisal and property valuation. For instance, the property valuation is conducted by a Certified Valuer and it involves a fee. On the other hand, an appraisal is conducted by a specialized real estate agent, who will have in-depth knowledge of your area and current market trends. An agent specialized in your area will be able to give you an accurate indication and understanding of your home’s true value. They will use educated judgment based on local market expertise since they live and breathe real estate figures and practices. And, since the real estate game changes constantly, a knowledgeable agent is quite versed in assessing your home value.
Moreso, many of the agents will be happy to oblige the task as a courtesy, without charging. The real estate agent will consider several aspects in evaluating your home, from location to property size and more.
Location, location, location!
The slogan “location, location, location” is still as authentic as ever in today’s market. Thus, it can greatly determine added value to your home. It is a highly important factor, as it looks at proximity to local attractions, amenities in the community, transport links for the area, and access to the public.
Furthermore, the agent will also consider the density of educational and healthcare facilities in the area near your home. Also, property size and structure quality, finishes, and fittings will be on the list, as part of the appraisal. Above all, if you avail of an agent’s authentic appraisal, it will also add credibility with potential buyers. They will see it as a genuine effort and transparency behind your decision to sell. Moreso, it will save buyers time and energy, before they decide to put a higher offer on the table. Last but not least, you need to realize that is not the appraisal that will fix the sale price. It is the market itself.
What is the market like, right now?
Dubai’s real estate market is bouncing back with a steady uptrend. Statistics show prices recovery of up to seven percent in 2021, comparing to November 2020. There is also a strong indication that overseas investors are top buyers of Dubai property. According to reports published by Zawya.com, we are witnessing a staggering 170% increase in transactions from European buyers in Q1 and Q2 of 2021.
Realty Force Real Estate Brokers CEO, Mr. Riyaz Merchant, told Zawaya Projects that the Dubai property market has been steady and sustainable compared to previous cycles:
“This time, we are seeing a new transition with people coming from every part of Europe to settle here. When money is coming from Europe, it far exceeds the deployment that is coming from Southeast Asia, the Sub-continent, and the Middle East,” he said.
“Earlier, tourists and visitors saw Dubai as a shopping destination, but now it is seen as a residential destination, which shows the confidence that people have in the city.”
Mr. Riyaz Merchant also notes that the establishment of diplomatic relations between the UAE and Israel attracted buyers from Israel showing interest in high-end apartments in Downtown Dubai. Increased buyer activity for properties over $ 2.7 million has been registered, investors originating from Italy, Spain, Switzerland, France, and the UK. Luxury beachfront living is a crucial driving factor in attracting investors from Europe and Russia.
Furthermore, Dubai is currently one of the few places in the world to offer:
✔Safety and security
✔Tax-free, stable economy
✔Capital appreciation and strong yields
✔High-quality lifestyle for all nationalities
Therefore, the Real Estate industry in Dubai is making a strong market rebound across all segments – off-plan, residential and rental. Firstly, new launches from major developers are selling fast at Emaar Beachfront, Dubai Hills Estate, or Arabian Ranches 3. Secondly, apartments and villas purchases come with attractive payment plans for first-time buyers and investors. Thirdly, an impressive inventory of excellent properties takes center stage on the market. Modern beach apartments and sophisticated villas next to a championship golf course are great sellers,
Is it worth renovating to increase my property’s value?
They say there is always room for improvements, and the same applies to your home. Home improvements are necessary to enhance the look and ambiance of your home before it goes on sale. If the budget allows, you can hire the services of a good interior designer. They can assist greatly and suggest a fresh new look with furniture replacement or redecorating. For sure, any upgrades will stir up more buyers’ interest and fetch a better price.
However, if you feel you are up to the task and wish to do it yourself, you can find inspiration in many magazines and websites. Draw a plan, make a budget and keep it simple. Start with a fresh coat of paint, and use neutral clean colors. It will totally transform the feel of your home. Furthermore, upgrading fittings and finishes for the kitchen and bathroom will boost the appearance with a fresh, inviting look.
Most importantly, you only get one chance to make a first good impression. So make sure your home is spotless and shines inside out. This is the time to hire a cleaning service who can do the job for you and have your home sparkle. Clean homes sell faster. Furthermore, consider a thorough declutter, to make sure your home appears brighter and larger. It will be more valuable and attractive to buyers.