There is a big difference between price and value. Price is the amount of money being asked by the seller in exchange for the property to be sold. Value is the perceived worth of the house. This can be the perception of the buyer or even the seller. Since this is based on perception, there are lots of factors that may influence the value. These are comparables, location, features and other conditions.

Attending to details and improving the house for sale can have a positive effect on the value of the house while spending less than the value added. Those add-ons can significantly increase the attractiveness and the chances of attracting qualified buyers willing to pay the asking price if the perceived value is high.

Some tips to achieve a positive impact on value are:

Size is important. Perceived size affects value. People usually value the house by square foot. This can be actual increase in size or just an impression to the prospect that the house is very spacious or larger than house’s actual square footage. Open spaces may make the visitor or viewer feel that the room is bigger. This can make a room feel bigger than larger spaces with smaller rooms. Some sellers remove furniture or reduce clutter to help make the space look or feel bigger.

The property is easier to sell if it is vacant. It can be considered ready for occupancy once sold. It is more saleable. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or uncooperative tenants who won’t allow buyer tours negatively affects value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal ornaments and family pictures as well as being conveniently absent during a buyer tour.

Cosmetics are important.

Fresh paint will always add more value than it costs. The place will look cleaner and fresher. Clean or new carpet/flooring adds more value than it costs.

Landscaping adds more value than it costs. The curb appeal can make an impact on the buyer. Remove clutters and make way for an open space to make the yard look bigger. Make the entrance area attractive. Colorful plants and flowers can do the trick.

Take care of the obvious! Water marks and spots on the ceiling from the roof leak may take thousands of dollars from the offer price. The perceived condition of the house will be affected. Buyers will ask for a bigger discount to cover the repairs. Discounts may be bigger than the repair expense.

Strategic renovations greatly affect the value and the bottom line. Just evaluate the trade-offs. Don't spend too much money on the renovation of the place if the increase in price can not cover the renovation expenses.

The rule is that we should create greater value at a lower price…