All home sellers are in a constant dilemma between spending money for home improvement versus the concern of getting good return on it in terms of an investment. One may think that probably revamping an old kitchen could be necessary in a dated home. However, many studies have showed that spending upwards of $50k.
Most listings have some unique set of characteristics that makes recommendations as to where spend those limited dollars for improvement of your home prior to a sale. Remodelling Magazine comes up with Cost vs. Value report annually. This can prove as a general guide for which kind of projects have the ability to get a return on their investment.
Any good real estate agent could tell you how important curb appeal is to get the buyers’ attention as well as influence their opinions of a property. For the same reason, Remodelling Magazine’s report for Cost vs. Value features the properties with maximum investment return, and all of them typically include these:
1. Front Door: Painting or replacing your front door gives a quick revamp to your home. One can also change the look of the house by decorating the entrance with potted plants, trellis, or a seat. The whole look of the house becomes more appealing with these tweaks.
2. Garage Door: Even though it is quite a simple project, it went high up on the return of investment list.
3. Stone Veneer (manufactured): This project got one the best returns of investment in the report.
4. Deck: Increasing the usable space outdoors by putting up a deck might seem like a good idea, but your sellers might have plans of bigger projects that may not eventually bring back the return of investment on the closing table. Make sure they first do their research.
5. Landscaping: All buyers are on a lookout for attractive outdoors. One can go for enhancing their spaces by cleaning up the yard and putting up a few plants.
An expertise about staging could come really handy for increasing the attractiveness of the indoors of any house. Sellers can handle de-cluttering project, which is free, without any professional help. However, some home improvement projects for the interiors can definitely add value to the home, especially if you are keeping a track of comparable homes in your neighbourhood for avoiding overspending. According to Remodelling Magazine’s Cost vs. Value report, remodelling a mid-ranged kitchen at an average price of $68k would get an ROI of 59%. Hence, something more practical and less expensive with indoors projects could do the job. For example:
1. Painting or Replacing the Kitchen Cabinets: Any dated kitchen can use a quick fix by replacing or painting the cabinet doors.
2. Paint: If you do a fresh paint with a better colour scheme, it could completely change the look of the kitchen. It can pretty cheap if you do it yourself as it’s not that difficult.
3. Bathroom Remodel (minor): A complete makeover of the bathroom could be pretty expensive and won’t get any return of investment. That said, if the seller are able to keep the cost below $10k, replace the tile surround and the tub, redo the flooring, and change the vanity top, they can get a good ROI and a better sale price.
4. Lighting: An old home can look newer with getting some light fixtures. They are available at a range of prices, so budget should not be a problem.
5. Kitchen Remodel (minor): Certain cosmetic changes to the kitchen like replacing the counters or appliances without changing much of the configuration would not cost more than $25k and yet considerably increase the offers you get for the house.