Last, but not least, in the home improvements price tweaking category is to view your property the way your buyer’s home inspector will. Don’t wait until the home inspector gives your buyer the down and dirty of everything that needs to be repaired immediately. If your roof is about to go, own up to it and adjust your price. Similarly, if your Dutch Colonial’s foundation is beginning to crumble and the comp up the street is in mint or near-mint condition, own it now. It will look a lot better to your buyer to see you acknowledge what needs to be done and let them know the price has been adjusted accordingly, than to pray they don’t notice and have them feel betrayed when the building inspector spells it all out for them.

Other, less tangible factors that might differentiate your property price-wise abound. Look at the features that are the most attractive to potential buyers. Does your home feature tons of closet space? Offer all new, high-end kitchen appliances? Do you have central air, while the comps only have wall units? Is your home gas heated, while the comps are baseboard electric? Buyers will note all these costs of running and maintaining their next home as they look at your property so, again, learn to see your property with a buyer’s eyes. This may even be a time to make some quick, but cost-effective improvements, like removing dated wallpaper and replacing it with neutral paint, taking down heavy window treatments and replacing them with attractive blinds to open up the space, or converting an extra room to a home office, since home offices are much in demand. Even relatively minor tweaks to your property like these can increase the initial offers you receive. When you’ve spent a few hours or even weekend thinking like a buyer, you’ll be in a much better position to appraise the actual value of the improvements you’ve made with a cool head.

You’ve heard it forever and it’s true, “Location, location, location!” Be sure to factor the following location-related features into your prices. Are you on a higher floor, which is more desirable? Does the one block difference between your address and that of one of your comps put you in a better school district? (In some major cities, different sides of the same street can be in different school districts, so do your homework!) Do you have water views or over look the park? And, finally, is your property easily accessible? Are thruway entrances nearby if you commute? Are subway entrances nearby? All of these location-related features can up your price.

You may also want to consider taking the time for a boots on the ground approach to this process, by putting on your buyer’s shoes and going out to look at properties in your price range.  Pay attention to what your potential buyer can get for the price.  Be sure to note what the fine points of a property are—whether it’s a level, landscaped lot or a luxury bath and adjust your own home’s price accordingly.  If the neighbors broke the bank for granite countertops and you’re still wiping down Formica, adjust for it.  But if you have all energy-efficient appliances or a tank-less water heater, now’s the time for a price bump.  Just remember as you go that anything beyond that 10% differential from your list of true comps has really got to be justified!

Now, moving along to some factual fine-tuning of your price, you want to examine the worth of any upgrades you may have made to your property.  While not all home improvements can be recouped, expect to recover some of the cost of the improvements you’ve made now.  Understand though, that though you may have loved and enjoyed the $30K wine cellar you had installed, it will not have the same draw for buyers as a $30K luxury bath room. Along the way, however, you’ve no doubt made at least a few home improvements and now’s the time to sharpen your pencil and start adding up how much of the original cost of those projects you can now potentially recoup.  If you’ve been smart enough to keep a file folder with proof of the price of your upgrades, that will help, but if not, there are many means to reconstructing them.  You’ll want to get your arms around that number, because, depending on the upgrade you made, now’s the time to realize 60-80% of those costs.