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As mortgage rates remain high, many markets are slowing as buyers become more picky amid expensive borrowing costs. In this type of market, buyers have more leverage, and they may be looking to get more bang for their buck.
It’s no wonder sellers are getting anxious. Eighty-eight percent of homeowners have significant fears about selling their home, but 73 percent believe an agent can deliver market value or higher for their property, according to a recent survey from our team.
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Agents can help sellers get the most value for their property by presenting a sleek, appealing home that’s optimized every single square foot of space. A 2023 report found that 25 percent of recent buyers bought a smaller house than they’d planned, so the market for smaller homes is likely bigger than many sellers realize.
Here are the best ways to help clients maximize their home’s square footage before hitting the market.
1. Stage for flow
Building an addition is the most obvious way to increase a home’s square footage, but it’s also the most expensive. It’s much more practical to work with the square footage that’s already there. Effective staging can make a space seem larger and more open just by removing distractions.
If your client has bulky furniture that makes the space feel smaller, explore the possibility of replacing it with pieces that have slimmer silhouettes. If they don’t want to purchase new furniture, most professional staging services have furniture to rent.
Also think about how the furniture is arranged. Create lanes for convenient, natural movement, and use furniture to create focal areas. For example, cluster two chairs and an end table together to create a conversation spot.
Finally, avoid pushing furniture against the walls. While this will leave the center of a room open, it can often make a space feel smaller and more cramped.
2. Feature the right size of appliance
A modestly sized kitchen can feel even smaller if your client has a lot of bulky appliances. Appliances that aren’t used enough to justify the counter space they take up should be removed, especially if they’re old. Taking out an old appliance can make a kitchen seem visually larger and add some much-needed counter space.
For vital appliances, such as stoves and refrigerators, there are slimline or apartment-sized models that are much more appropriate for small spaces. If your client can shrink their appliance footprint by half, the kitchen will feel twice as big.
3. Maximize natural light
If your client can’t expand the square footage of the home, help them present what they already have in the best possible light — literally. The more natural light in a space, the better. Remove heavy or obstructive window coverings, such as drapes or blinds, and trim exterior bushes, hedges or trees that might block the windows.
If your client has a budget for renovations, tell them to consider installing skylights or more windows. Even smaller pillbox windows can dramatically improve a space’s brightness, especially if it’s dark to begin with.
4. Encourage multipurpose rooms
Since the pandemic, buyers have been especially interested in multipurpose spaces that could serve as an office, workout room or guest bedroom. If your client has a spare bedroom, they could consider adding furniture to make it multifunctional. For example, a convertible sofa or Murphy bed could make a spare bedroom much easier to convert into a home office in a pinch.
Other rooms could also be candidates for conversion, especially rooms that may feel superfluous to today’s buyers. Formal dining rooms have fallen out of fashion in this more relaxed era of open floor plans. This room might have more appeal as a home office or gym. The same principle applies to formal living rooms or sitting rooms. If you have both, one is probably unnecessary.
5. Explore enclosing outdoor space
Another easy way for your client to add some usable square footage to their home is to enclose outdoor space. Screening in a porch or patio can provide a breezy, appealing space at a relatively low cost, compared to building a whole new addition.
6. Suggest pocket doors
In a small space, interior doors can contribute to a perception of visual clutter. They can also render the space behind them useless, shrinking an already modest space. Sliding pocket doors can have an outsized effect on a house, freeing up space and contributing to a cleaner, more minimalistic look.
7. Remind homeowners to declutter
One of the easiest ways to make a home look larger is to get rid of clutter. Before a home opens for showings, a general rule of thumb is to get rid of half of everything. Encourage them to put half their furniture into storage or more if they have a lot.
They should also remove excess bottles on bathroom counters, clothes in the closets and dishes in kitchen cupboards. Buyers almost always look into storage spaces, and if they’re cluttered, they’ll likely assume that the house doesn’t have enough storage.
8. Advise your client to update unfinished rooms
Most homes are priced by the square foot, so an unfinished basement, attic or garage apartment that could function as livable space can be an easy way to boost a home’s usable footage and its value. If a basement or attic can be easily and inexpensively converted into a living space, it’s a no-brainer to do so.
Even smaller spaces, such as nooks under a staircase, can add real value and appeal once they’re converted into a closet or office space. On the other hand, if your client’s space requires serious renovations, there’s a cost-benefit calculation that you’ll want to advise them on.
Carefully go over relevant comps to determine how much value they might be able to add to their home through a conversion, and make sure they get several estimates from contractors so they get the best price.
Luke Babich is the CEO of Clever Real Estate in St. Louis. Connect with him on Facebook or Twitter.
