When it comes to upgrading your home for sale, there are some projects that will bring you a much better return on investment than others. Many popular projects like adding a pool, transforming bedrooms into walk in closets and adding custom touches to your home may seem like a great investment, but the fact is, they won’t bring in any more money when it comes time to sell. In fact, sometimes they can even decrease the value of your home if the potential buyers see your upgrades as their downgrades. We’ve compiled a list of the top 5 ways to add value to your home, and just how much you’re looking at getting back from doing them.
No matter how amazing the layout and structure of your home are, potential buyers won’t give it a second look if it’s packed floor to ceiling with “stuff”. If there’s one essential step you must take when getting your home ready for sale, it’s to clean up and clean out all your living spaces (and yes, this includes your closets).
For some, this may be a piece of cake and there will have little to change, but for others it could be a long and arduous process that may even require the help of a professional organizer. Which ever type of homeowner you are you’re going to want to focus on decluttering and depersonalizing your home as much as possible to get it ready for sale. Potential buyers like to be able to picture themselves living in the home, so things like family photos, keepsakes and knick-knacks should be removed.
According to Realtor Mag, getting your house spick and span before opening it to potential buyers can bring you a 3-5% return on the cost. So whether you decide to do it yourself for free or hire someone (up to $2,500) it’s a safe bet that it will be adding much needed value to your home, and yield a pretty good return on investment.
2. Spruce Up the Kitchen
Many potential buyers see the kitchen as the number one most important room in a house. Since a lot of people spend a good portion of their time in the kitchen either preparing meals or socializing, it’s important to have it in tip-top shape before listing your home.
It goes without saying that functional problems, like leaky faucets, burnt out lightbulbs or any appliance repairs or upgrades should be done first. No one wants to move into a home with a broken fridge! After that, you can focus on the cosmetic side of things, whether it be dings and dents in the walls, cracked tiles on the floor or chips in the countertop. If you’re really wanting to give your kitchen a complete makeover, make sure you keep things neutral and traditional so it will appeal to the most amount of buyers.
3. Increase Your Curb Appeal
Curb appeal is one of the best things you can sink some money into when you’re looking to sell your home. While it isn’t necessarily right to judge a book by its cover, many people do when it comes to buying a new home. Since this is the case, you want the exterior of your home to beautiful, inviting and well-kept so more people will want to see the inside of your home.
Realtor Mag lists the top 4 projects for sprucing up your exterior as, 1) Front Door Replacement, 2) Adding Stone Veneer, 3) Replacing the Garage Door and 4) Siding replacement. A couple other less expensive options include planting flowers, painting the trim, making sure the lawn is well-kept and making sure any walkways are free of kids toys or debris.
Exterior touch ups can cost you anywhere from $150 up to $7,500 but will give you a 2-5% potential return. According to Remodeling Magazine, many of the biggest payback changes were centered around creating better curb appeal. So before you list your home, make sure the outside is just as beautiful and inviting as the inside.
4. Update the Bathroom
Possibly the second most important room when it comes to considering a home is the bathroom(s). Outdated and unkept bathrooms can be a major turn off to potential buyers and can also be hiding more important issues like leaks. Giving your bathroom a deep-clean is the best way to get started on the upgrading. You’ll be surprised how wonderful a truly clean bathroom can be!
If you want to go the extra mile and add some enhancements, it’s best to start with putting in new fixtures, as this is a lower cost upgrade that can make an instant difference. Re-grouting the floors and counter tops can be another low cost update to get your your bathroom looking brand new.
Don’t forget, just like the kitchen, it’s best to start with any functional problems that need upgrading and then go to cosmetic. Fresh and modern bathrooms can bring you anywhere from 2-3% return based on a $300-$1000 investment, so spending a couple hundred bucks to update those fixtures should be top of your list.
5. Add a Fresh Coat of Paint
Want to make your home look brand new in only a couple of days? Spend some money on a couple of gallons of paint an go to town! In fact, 16% of Real Estate agents say that a freshly painted interior is is one of the most important parts of selling a home.
Remember that when selling your home, you want to depersonalize as much as possible so stick to colours in the neutral family like beige, grey and off whites. Sticking to these colours will help prospective buyers see the “bones” of the house and picture how they could make it their own with a splash of colour on the walls or funky furniture.