These three projects offer the best return on investment for sellers.
Today I’m sharing three projects guaranteed to get the most bang for your buck when preparing your home for sale, and two that you should reconsider:
1. Kitchen. If you’re thinking about doing a kitchen remodel before selling, I’m here to tell you that you absolutely should. You don’t need to do a full kitchen renovation, but some minor enhancements and upgrades can have a real impact on your house’s overall value.
2. Energy efficiency. Any updates that result in energy savings for the new buyer are always a great idea. Make your property stand out against others they’ve seen. Replacing insulation and upgrading windows and appliances will add value and help you get more money out of your home when you sell.
3. Curb appeal. Curb appeal is huge for many buyers. Faded siding, dead plants, or a fence that’s falling apart can be turn-offs for buyers. Putting some money into the front yard is always a smart way to attract a good buyer.
Some minor enhancements can have a real impact on your home’s overall value.
So what are the renovations you should skip if you’re concerned about ROI?
1. Master suite. This renovation can cost up to $100,000, but you’ll only see about a 64% return. Let the new buyer refurbish this room if they want.
2. Bathrooms. Adding a fresh coat of paint and a new vanity are simple, quick upgrades that can keep bathrooms looking modern. However, adding an additional bathroom or doing a whole overhaul is not the best idea; we only see about a 56% ROI for bathroom upgrades.
In conclusion, give the buyer what they want, but don’t waste time and money on the things they don’t care about as much.
If you have questions about this or any other real estate topic, reach out to us via phone or email. We would love to help you.