If you want to increase the sale price of your home this spring, you will no doubt focus on the interior. But how does the home’s exterior look? You’d be surprised about the amount of necessary cleaning, decluttering and repairing around the exterior of your home. But don’t skimp on the exterior home preparations before your sale – research conclusively shows that improving your home’s curb appeal can increase the sale price by as much as 8 percent!
An empirical study conducted by Chen, Evans-Cowley, Rutherford, and Stanley (An Empirical Analysis of Effect of Housing Curb Appeal on Sales Price of Newer Houses. International Research Journal of Applied Finance. 2013, Vol. 4 No 11, p1407-1419) was the first to demonstrate the relationship between a home’s sale price and curb appeal. The authors also discussed how home buyers’ preferences in a home’s exterior influence the home’s sale price. Besides curb appeal, they suggest that the home’s architectural elements could also be important in the final sale price. The idea that today’s modern designs are more desirable, and likewise costs more money, is only transitory; such that today’s designs could become trite and tired in twenty years.
The study used a seven-point “attractiveness” scale to determine how respondents viewed the attractiveness of a home’s exterior. They concluded that there is a relationship between a home’s exterior attractiveness and the home’s sale price. In fact, they reported that a one-point increase in their scale corresponded to an 8 percent increase in the home’s value!
Home buyers make assumptions about your home’s interior based on the appearance of the exterior. An unattractive exterior can repel home buyers before they even see the beautiful and updated interior. Attract home buyers and boost your home sale price by focusing on cleaning, repairing, and “finishing” your home’s exterior.
Basic landscaping can make a huge difference in your home’s attractiveness. Having too many plants, or letting them grow too much can make the home’s exterior appear crowded and unkempt. Make sure your lawn is full but manicured throughout your listing. Properly trimmed trees not only look tidy, but allow home buyers to see your home from the street. Appropriately placed and trimmed shrubs and flower beds can accent the home’s architectural design.
Check your home’s siding. Replace and repair any missing or broken siding pieces. Freshen up siding by power cleaning, or painting. Even if your home has artificial materials as siding, inspect window frames and fascia boards; these areas are often neglected and may need urgent repair.
How does the deck look? Unless you maintain the deck regularly, chances are it may seem dull and tired, and may need to be re-treated. Even if your deck is made of artificial decking, check the railings. Hire a licensed contractor to repair and secure the deck as necessary.
How about the sidewalks and patio? The sidewalk and patio can be easily cleaned by power washing. Cracks in the sidewalk and patio are not only unsightly, but can be a trip hazard. Cracks are typically caused by rain and water runoff, but can be repaired. Consider also sealing the sidewalk and patio to prevent further water damage.
Finally, consider finishing the exterior to make your home more appealing and cordial. Much like staging the home’s interior, you can use similar principles to increase the exterior’s attractiveness; such as placing appropriate chair(s) and potted plant(s) on the porch, deck or patio.
By Dan Krell
Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.