Do you want to know how to sell property in Dubai for maximum value? Get ready for some amazing tips for maximizing the value of a property so you can sell it for a premium.
There are a lot of considerations to make when choosing ways to maximize the value of a property. Just keep in mind that the actual return on investment will vary, depending on the property. The key is to squeeze all of its potential value. How you go about doing that is dependent on the specific property.
When you sell property in Dubai, keen investors should get the most value from the property without risking over-investing. This means that you should not take large capital risks. But even a low-risk investment in home improvements can potentially lead to thousands in extra profit. Adding value also has the bonus of making the property easier to sell, leading to less time on the market.
Here are some of the best ways to improve the value of property in Dubai without taking huge financial risks.
Improve the Kitchen and Bathroom
These should be the first rooms you look at in a home. They are the most used areas so buyers give them a lot of attention and will pay more for homes with a kitchen and bathrooms that are attractive and more functional than average. If these areas are not up to their perceived standards, then they will pay less.
Start by checking the quality of the cupboards and the overall layout of the kitchen. Rearrange appliances to highlight the workflow and functionality of the space. You don’t necessarily have to invest in brand new appliances, but you should take steps to add perceived value to the kitchen. Remove clutter and unnecessary utensils that don’t add to the value. If the colors have faded on the cupboard, then consider painting them to add that extra shine to the kitchen.
Once you have the kitchen organized in an orderly fashion, it’s time to move onto the bathrooms. Homeowners want their bathrooms to be light and have plenty of space. Start by removing anything that’s not necessary. Make sure there is plenty of light and that the surfaces all shine. Polish or replace them if necessary.
Investing in kitchen and bathroom upgrades is always the first step to adding value to the property. If you’re on a tight budget, then give these rooms priority.
Use Materials That Are Friendly to Your Budget
When making improvements to the home, try finding a budget-friendly alternatives that doesn’t diminish the value of the home. For instance, sometimes carpet works in a room and is a much cheaper alternative than hardwood. However, depending on the market and area, carpets might not be appealing to buyers.
Another example is to add fresh paint rather than replacing cupboards. Paint is a much more affordable option and sometimes adds just as much perceived value as completely new cupboards.
Focus on Maximizing Available Space
Maximizing the available space in a home gives you a ton of perceived value at basically no cost. Homes should be free of clutter and only include accessories and furniture than highlight key features. Minimize furniture to make the room spacious. Just don’t leave the room empty.
Another really amazing trick is to place mirrors in the home. It’s an optical trick that makes rooms appear more spacious. Try positioning them so that they are opposite of windows. This has the added bonus of casting more light into the room.
If you have to repaint a room, try using neutral colors since they tend to add perceived depth to a room.
Remember that home buyers make purchase decisions with their eyes so if your home looks more spacious than another that’s of comparable cost, then they will likely choose yours.
Invest in Furniture
This one is a bit tricky because having too much furniture in a home makes it appear smaller. With that said, furniture that highlights the room’s key selling point will increase the value. For instance, adding a couch to the living room will showcase the purpose of the room. But if you add in chairs, a television stand, bookshelves, and too many surfaces, then it quickly makes the room appear cluttered. Only add the essentials.
Furniture is an affordable way to boost the value of a home. You don’t have to spend a fortune either. You’re just giving the buyer a way to see the purpose of the room and envision themselves living in the home.
Add Energy-Efficient Appliances
Change light bulbs to LED counterparts. Showcase appliances with the energy saver label. Buyers pay close attention to these things in today’s world. Another idea is to only show the home during the day so the potential buyer can see how much natural light a room receives.
Most importantly, find conversational ways to point out these energy-saving items to buyers as they tour the home. If you install them months in advance, then you can show the energy bill as proof of the money they will save on energy.
Hire an Inspector to Find Hidden Problems
If you’re looking to sell property in Dubai, then you should hire an inspector to do a thorough walkthrough of the home. Buyers will do this so you should too. An inspector will find issues like faulty electrical systems, pests, hidden leaks, and dry rot. These underlying issues can cause the value of a home to plummet and make it unsellable.
Go ahead and invest the money now so a buyer’s inspector doesn’t find them first. You don’t want to be caught off-guard.
Improve Curb Appeal
First impressions are lasting. Perceived value starts the moment a potential buyer lays eyes on the home so you should look at it from this perspective. Stand on the curb and ask yourself three questions:
- Does the home look attractive?
- Does the home look welcoming?
- Does the home look structurally sound?
If the answer to any of those questions is no, then figure out why and make a list of ways to improve on those negatives and transform them into positives.
Look, it doesn’t matter how wonderful and spacious the inside of the home is when a potential buyer tours it. If the curb appeal is bad, they’ll go in with a negative impression.
Don’t Get Carried Away
Don’t get carried away with upgrades. Stick to ones that have the highest return on investment. For instance, repainting is a cheap investment that can increase the home’s value by thousands. But adding a swimming pool is an expensive investment that would not increase the value by a lot.
It’s best to avoid the latter and stick to cheaper upgrades that offer substantial gains. Focus on usability and stay away from superficial, expensive renovations. Using the example above, a swimming pool isn’t a necessary part of a home’s usability. But repainting adds aesthetic appeal to each room.
Also, avoid upgrading features like replacing pipes and electric plugs unless they are actually broken.
Consider Factors that Drive Prices and Use Them To Your Advantage
Learning how to sell property in Dubai requires that you understand how to time the market. There are several factors that affect prices so selling at the right time can land you a ton of extra profits.
There are ultimately two major components that affect the value of a property. The first component is condition, location, and status. These are all things you can control. The other category is factors that are outside of your control. Some examples are new government policies and unexpected events (like Covid-19).
The point is that by identifying unexpected events in the second category, you can time the selling of the property to get the most value from it. Keep these factors in mind when selling, or even buying property in Dubai.
Economic conditions have a heavy influence on the value of the property. Areas with a booming economy see the value of property soar. Of course, you can’t influence the economy but you can still gain value from this knowledge. If you see the writing on the wall that the economy of the area is about to take off, then you might consider holding the property a month or two longer to capitalize on that growth.
When unemployment rates go up, the value of property plummets. The reason is that people lose their confidence and are uncertain of what the future holds. Plus they just don’t have the capital to pay a premium for property. Just like in the previous section, you can capitalize on this by understanding when to identify the signs ahead of time. For instance, if you are looking to sell a villa in Dubai UAE and think a wave of unemployment is imminent, then sell it as quickly as possible.
The bottom line is that increasing the value of the property is an important skill to have when learning how to sell a home in Dubai. Keep renovations as simple as possible to avoid overspending. Only upgrade items that improve the function or aesthetic appeal of the home.