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 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 small, inexpensive things you can do that will make a substantial difference in 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 the most worthwhile renovations when it comes to getting your home ready for the market.
Painting
Return: 100% +
Painting is one of the easiest, fastest, and cheapest ways to get your home ready for the market. And the best part is that you might actually make money by doing it! Most painting jobs add more than 100% back of what it costs to the list price, so it is well worth your time to push your furniture to the center of the room and add a fresh coat of paint to your walls.
And remember when it comes to getting your home ready to sell, it is best to keep colors neutral, clean, and modern. Painting a living room or a bedroom a bright or unusual color may suit your tastes, but won’t necessarily suit those of your prospective buyers.
Garage Doors
Return: 98%
Curb appeal is huge when it comes to buying and selling real estate. So getting the outside of your home in tip-top shape can lure in potential buyers.
Simple things like landscaping or new potted plants can add to the appeal of your home but one of the biggest things you can do with almost 100% return is replace your garage doors.
As they make up a large percentage of the outside of your home, and are one of the main points of view when driving up to your house, having them in perfect condition will do wonders for the perceived state of your property. Make sure you are checking with your HOA for guidance and approval before changing the style of doors.
And the best part is you will likely get very close to if not all of your money back on it! It’s a win-win for both buyer and seller.
Entry Door
Return: 91%
It seems like a minor upgrade but can make a huge difference when getting your home ready for the market. Again, as with painting, you will want to look for neutral colors that blend well with the outside facade of your home. You want clean lines and a fresh feel to your front porch, as prospective buyers’ first impressions are crucial.
Additional Square Footage
Return: 70%-80%
Most homeowners want more space. And adding an additional room or two will make your home a lot more appealing on the market. Plus you get a large percentage of the investment back. So if your home is on the smaller side, especially when it comes to comparables, then it might make sense to add additional space.
And, a 2005 study for the National Association of Realtors found that every 1,000 square feet, upped a home’s sale price by 30% or more.
Be sure to reach out before starting an add-on project. There are many considerations to go through before committing to a construction project!
Minor Kitchen Remodel
Return: 81%
There is a big difference between a minor and a major kitchen remodel. Most minor kitchen remodeling with run you around twenty to twenty-five thousand and a major one could be double that. Doing the lower end of the remodeling can still leave you with a really nice kitchen.
Minor remodeling includes new countertops, cupboards, flooring, and fixtures. Larger ones would mean replacing appliances, light fixtures, sinks, and refacing cabinets. Let us know your thoughts and we can help guide you with the trends that buyers are looking for in the kitchen!
Bathroom Remodel
Return: 70%
Everyone loves beautiful kitchens and bathrooms and a good remodel is money well spent.
Most articles will tell you to forgo the tub and get a walk-in shower, this adds space to the bathroom and as long as there is at least one tub in the home, most people do use them unless they have young kids.
Replacement Roof
Return: 68%
If your roof has been through a lot in the Texas spring hail storms, it might be smart to go ahead and replace it before you list. This will be a part of the home inspection and most mortgage companies will not issue a loan when the property has a bad roof.
The function of your home is going to be a buyer’s top priority, so it won’t matter that you just replaced the cabinets, if the roof is not in good condition. Let us know if you need a good roofer to come out and give your roof a once over.
Adding an Outdoor Living Area
Return: 70%
Your home may already have a patio but if you have the ability to create a covered outdoor living space, it will attract buyers to your home. Most Texans love to cook out and having a covered space in the summer heat to gather is always welcome.
And any additional space that has been added to your home is going to increase its value.
Conclusion
When selling your home, you have to think like a buyer. And as you are likely going to be purchasing a home after you sell the one you currently live in, you know what is most important to you.
A beautiful kitchen is not going to make up for a broken furnace or a leaking roof. One beautiful bathroom will not make up for the overall lack of upgrades throughout the home.
Make a real assessment of your property and what actually needs to be done. Make sure you are not overlooking simple things like curb appeal and that you’re balancing improvements to function as well as aesthetics.
The percentage you get back is based on a number of factors including the price of your home, the average price of the neighborhood, the city you live in, and how hot the market is. Assess what needs to be done in your home and opt for the projects that you are going to make the most amount of money back on.
We will be happy to come through and give you advice on upgrades and renovations that will be impactful in the sale of your property. We make sure to highlight the most cost-effective ways to make sure that your home will sell as quickly as possible for the highest price possible.
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?