When preparing to list a home for sale, it is always best to consider your options for updates. With such a competitive market, it is important to make your listing shine and stand out to potential buyers. I always say “you wouldn’t show up to an interview wearing sweatpants.” So what are the projects that have a quick turnaround and the best return on investment (ROI)?
Minor bathroom remodels have been noted as a top 10 return of investment project to do before selling a home (FortuneBuilders). What is a “minor” remodel you might ask? Things like fresh paint, newer and modern tiling, updated lighting and a revamped vanity. For an average sized bathroom, the cost is about $10,000 and can get you a full return on investment or even turn a profit.
Minor kitchen remodels join the list of projects with great returns, things like; flooring, adding interest with a tile backsplash, and repainting the cabinets. With a minor remodel the scope of work is done within the same footprint of the kitchen without moving major walls or plumbing. However, with fresh paint, fixtures and a tile backsplash averaging between $10,000-$20,000 with a return on investment of over 90%, it can keep your home from being outdated and also help the home appear maintained and well cared for. (Legal Eagle Contractors)
Landscaping is near the top of the charts when considering a project that will return all of your original investments. I’m sure you have heard the term “Curb Appeal”, this is the first impression to potential buyers and your chance to wow them. Some quick tree trimming to open visibility from the street, adding new plants bring color and life to a front yard, adding bark to your flower beds and pressure washing are all low cost and effective ways to really make the exterior looks A+.
Having the space to add another bedroom or bathroom, whether it be in the basement or even the attic space will have buyers willing to pay extra for more space. Turning a three bed into a four bed house will increase the value as it attracts those buyers interested in an extra room for guests or an office.
These updates are great ways to make improvements that can be done to a home before selling it. When considering an update sellers must consider the integrity of the neighborhood before making decisions, being mindful not to over improve the home. An example, if homes in your area have tile countertops and you want expensive marble, you may not find a buyer willing to pay for such premium materials in that area, thus lowering your ROI.
Lastly, one of the best investments that will help your home sell faster and for much more is… staging! Statistics show that staged homes sell 88% faster than unstaged, and for 5%-10% over asking price sometimes even higher! (Investopedia) With an average home staging cost of .5%-1.5% of the asking price, this seems like a no brainer ROI. Plus, with 93% of buyers viewing listings online before in-person, the photos need to be enticing and appealing to buyers in order to bring them out to view in-person. When putting together a home, stagers are both thinking of the potential buyers walking through the space as well as the photos. Check out some of our Feature Listings (April / March / February) to view the gorgeous photos.
So whether you’re considering one or all of these investments above, we hope you carefully research what is best for you and your home. Each situation is unique, so be sure to talk to your agent about what might be best for you.