No matter what the square footage is of your home, there is always potential to make it appear larger and more appealing to potential buyers. An offer can depend on whether your property is interpreted as a cozy bungalow or cramped old cottage. The difference between these two descriptions often depends on staging and utilizing the space effectively. Here are some tips on how to make the most of a small space.
Crisp and clean. First and foremost, your home should be clean and free of any fingerprints, stuff marks and dust. Dirt and grime can detract from even the most spacious of rooms.
Let in the light. Natural light is a major selling point. Open curtains and blinds to illuminate every room and make sure those windows are streak-free.
Eliminate clutter. Clutter on counter tops can make a space feel cramped. Even if you ordinarily store the blender, knife set and toaster oven on the kitchen counter, store these items away when potential buyers are viewing the property. The same goes for bathroom counters.
Invest in built-ins. Built in shelves, bookcases and wall units provide both a showcase and storage without seeming clunky. Built-ins often add interest to a small space with architectural detail.
Think neutral. Bold paint color can make a room seem smaller, consider white or neutral tones to enlarge the space.
Minimize for maximum results. An oversize couch or extra wing chair can overwhelm a room. Don't cramp an averaged-sized room with unnecessary furniture.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.