When getting ready to sell your home, it can be hard to know what renovations will get your property sold the fastest and for the most amount of money. Should you replace your furnace or redo your kitchen? Should you gut your bathroom or add another one? Should you get your roof done or buy new appliances?
Or you might wonder what the small inexpensive things you can do that will make a substantial difference to upgrading your home.
And of course, most importantly, how much money are you going to recoup on the listing price if you do make the investment?
Below is a list of your most worthwhile renovations when it comes to getting your home ready for the market.
A Fresh Coat of Paint
ROI: Over 100%
A fresh coat of paint can significantly enhance your home’s appeal. It’s a cost-effective way to give your home a facelift, making it more attractive to a wide range of potential buyers. Opting for modern, neutral shades can make your home look cleaner and more updated, allowing potential buyers to more easily envision themselves living in the space. Using low-VOC or no-VOC paints can appeal to eco-conscious buyers, and doing the painting yourself can save on labor costs, allowing you to recoup even more of your investment. Be sure to check out this new blog about DIY home painting tips.
Garage Door Replacement
ROI: 98%
Replacing your garage door can drastically improve your home’s curb appeal. A new garage door can also improve your home’s energy efficiency if it’s better insulated than the old one, which can be a selling point for buyers concerned about energy costs. Upgrading to a smart garage door opener can add a modern touch that appeals to tech-savvy buyers.
Entry Door Upgrade
ROI: 91%
Your front door is one of the first things potential buyers see, so make it count. A small change like replacing the front door can have a big impact on your home’s first impression. Choose a door that complements the style of your home and adds a touch of personality. A sturdy, secure front door can also be a selling point. Consider options like steel or fiberglass doors that offer durability, security, and energy efficiency.
Expanding Living Space
ROI: 70%-80%
Adding extra square footage, whether it’s an additional room or an extension, can significantly increase your home’s value and appeal. This could be an extra bedroom, a home office, or a sunroom. Consider your target market and what types of rooms would be most appealing to those potential buyers. For instance, in today’s remote work culture, a home office could be a major selling point. Remember, the value of added living space goes beyond the initial sale price – it can also lead to increased property tax savings.
Extra Bathroom
ROI: 60%
If your home has fewer bathrooms than other properties in your neighborhood, consider adding an extra one. It’s a worthwhile investment that can enhance your home’s functionality and value. Think about the features that buyers in your area want in a bathroom, such as a walk-in shower or a double vanity, and include those in your design. Even a half-bathroom can add significant value, especially in a home where there’s only one full bathroom.
Minor Kitchen Makeover
ROI: 81%
The kitchen is often considered the heart of the home, and small updates can make a big difference. New countertops, cabinets, flooring, and fixtures can breathe new life into your home and attract more buyers. Consider popular trends like open shelving or a farmhouse sink, but also think about timeless features that will stand the test of time. Remember, a functional kitchen layout is just as important as its aesthetics, so consider consulting with a professional to maximize the space.
Bathroom Renovation
ROI: 70%
Bathrooms are another key selling point for homes. If your home already has a sufficient number of bathrooms, consider updating the existing ones. A modern, well-designed bathroom can be a major selling point. This could include updating the fixtures, adding a new vanity, or even installing a new tile floor. Consider adding luxury features like a rainfall showerhead or heated floors for an extra touch of elegance.
New Roof
ROI: 68%
While it’s a significant investment, a new roof not only adds value to your home but also reassures buyers that they won’t have to deal with roof issues anytime soon. This can be especially important in areas where severe weather is common. Plus, new roofing materials are more energy-efficient and durable than ever, offering long-term savings on energy bills and maintenance costs.
Deck Addition
ROI: 70%
Outdoor living spaces have become increasingly desirable, and a deck can extend your living space outdoors, making your home more appealing and versatile. This is especially valuable in areas with nice weather. Consider adding features like built-in seating or a fire pit to make the deck more appealing. A well-designed deck can serve as an additional “room” for entertaining, significantly enhancing your home’s appeal.
Basement Finishing
ROI: 70%
A finished basement can provide additional living space, increasing your home’s value and functionality. This could be a game room, a home theater, or even an additional bedroom. Make sure the space is well-lit and inviting to show off its potential. Also, consider adding a bathroom or wet bar to the basement for added convenience and appeal.
In conclusion, when preparing your home for sale, it’s crucial to adopt a buyer’s perspective and prioritize functionality over aesthetics. The ROI for each project can vary based on several factors, including your home’s price, the average price in your neighborhood, your city’s real estate market, and the current market conditions. For more information on home improvements and their ROI, check out this article from Remodeling Magazine.
Remember, before embarking on any major renovations, it’s always a good idea to consult with a real estate professional to understand what improvements will yield the best return in your specific market.
For more tips on preparing your home for sale, check out our other articles here and here.
Sources
The Paint Colors that can Boost Your Homes Value
These 15 Home Renovations Have The Highest Return on Investment
Which Home Improvements Pay Off?
Deck Building: What Will Be Your Return On Investment?
Finished Basements Add Space and Home Value