Owning a million-dollar home is a dream come true for many people, but it’s an everyday occurrence for others. If you live in an area where the cost of living is high, a million-dollar home might be an average house. In other places, spending a million dollars on a home means buying a mansion in a dream home setting. It’s why location is so important. One thing is certain, however, and that’s selling a million-dollar home is a challenge for many people. It’s a price that leaves a lot of potential buyers out of the buyer pool, and it means your potential profit might be a little more difficult to acquire. Even people who have million-dollar homes want to make the most possible money out of it when they sell, which is why you’re looking for a way to increase your profit and make your million-dollar home more valuable. Here are a few ways you can make even more from your home than you already are.
Make Sure It’s A Million-Dollar House
As mentioned above, some homes are only priced in the million-dollar range because of location. A million-dollar home doesn’t always look like a million-dollar home. It’s time to get a contractor in the house and turn it into a million-dollar home. Putting money into a home that needs it is a great way to make more money. Say you have a million-dollar home in New York City that hasn’t been updated since the early 70s. Put money into the kitchen and baths, and maybe update your floors if they’re a problem. High-end cabinets, countertops, a great backsplash, and new floors make all the difference. You can put $100,000 into your home and very likely have the ability to ask a lot more than that when you sell. Updates are a big deal for buyers, and they sell homes for a lot more money.
Consider Skipping the Realtor
It’s not always the most advisable option, but many people are able to sell their home without issue when they do it themselves. Using a for sale by owner service instead of a realtor saves big bucks on commission. Most realtors take a 6% fee out of your profit, which is at least $60,000. Selling your million-dollar home yourself means you get to keep that money in your pocket.
Make Your Home Stand Out
When you’re selling in the million-dollar price range, it doesn’t matter where you’re located. You need to make your house stand out among the competition. Most people in this price range want perfection, and they want something no one else has. This might mean adding a killer outdoor living area, turning a few small bedrooms on one side of the home into a luxury guest suite, or redoing a small office or bedroom to expand the master bedroom closet into a designer’s dream closet. Your house has to stand out if you want to make the most possible profit in this market.
Get to Know Your Buyer
Where do you live? Do you live in New York City where it’s all about young professionals and hip socialites, or do you live in Miami Beach where it’s all about high-end living and outdoor entertainment? Know the buyer, and highlight what will sell your home. When you sell a million-dollar apartment in the city near the business district, you’re not selling to families. Highlighting how close you are to schools and showcasing the nursery won’t sell this home. It’s going to be proximity to work, bars, and the uninterrupted views of the city that require highlighting. When you cater your sale to the buyer, you make more money.
Selling a million-dollar home for the most possible profit isn’t difficult when you know how to do it. It’s all about making your home stand out from the rest. Make it better, make it more interesting, and make sure your buyer can see him or herself in your home from this point forward. When they can’t stop thinking about it, they put in an offer for the most money.
Courtesy TheTopTier Digital Media