Top 3 Home Improvement Projects that Will Pay Off When You Sell
Increasing your home’s value is a great way to get a higher price when it’s time to sell.
Unfortunately, not every home improvement project is worth the time and money. In fact, many overzealous homeowners, inspired by HGTV, spend a ton of money on upgrades that don’t get a good return.
Don’t be one of these homeowners staring at a disappointing ROI. Read on to learn about the top three home improvement projects that will actually pay off when you sell your home.
Small Kitchen Remodels
Everybody loves fancy, designer kitchens, right? Probably. But everybody also has their own definition of the perfect designer kitchen. Not to mention this type of home improvement project is expensive. It isn’t worth spending $60,000 to increase your home’s value by only about $30,000.
But that doesn’t mean you should stay away from upgrading the kitchen altogether. This is one of the primary places that will interest buyers when they tour your home.
Stick to small remodels instead and you could see a healthy 80%-85% ROI for your efforts.
For example, consider installing shiny new energy-efficient appliances if yours are a bit old. Buyers love the fact that these appliances will save them money on their energy bills as well as being better for the environment. For the best ROI, go for the mid-range models over extravagant, luxury models.
Cosmetic updates like replacing or adding a backsplash or updating old flooring help spruce up the room without spending a ton of money.
If the cabinets have seen years of love, consider having them refinished rather than replaced. Chances are that the doors show the most wear and the interiors are just fine. Your cabinets will look like new and you’ll save thousands of dollars going this route.
Like the kitchen, doing a fancy, upscale bathroom remodel won’t get a huge ROI. But a modest remodel can boost your home’s value and appeal. A dated bathroom can easily drag down the rest of your home.
To that end, update the light fixtures and the faucets. That flowered wallpaper from a couple of decades ago should come down. Replace it with a couple fresh coats of paint in a neutral color.
Replace the old laminate flooring with something a little more modern. You may want to update the shower tile, or simply regrout it for a clean look if it is still in nice shape.
For these types of improvements, you can expect a solid 70% or more return for your efforts.
Upgrades That Reduce Maintenance
Buyers also love home features that will save them time and money. To that end, focus on upgrades that reduce maintenance.
For example, the exterior siding. Old, damaged siding has a horrible effect on your home’s curb appeal and beautiful curb appeal is vitally important for making a good first impression on buyers.
Vinyl siding is inexpensive, looks great, requires no painting and very little maintenance. Boost your home’s curb appeal, give it a more modern appearance, and lower the home’s maintenance requirements all in one fell swoop. For this upgrade, you can expect a solid 75% or more return.
When you’re done with the siding, look up. We’ve saved the best for last. Nobody wants to deal with replacing the roof as evidenced by the fact that a new roof can get a whopping 105% ROI! Few improvements add more value than they cost so you should take note.
You might not like the idea of replacing your roof either, but an old roof will take a big bite out of your home’s value. At least you can take solace in the fact that your efforts will be well rewarded.
Ready, Set, Sell!
Selling your home is a stressful undertaking. If you can, plan to make upgrades and improvements a couple of years before you plan to sell. This will make the process easier on yourself as well as you can enjoy the fruits of your labor for a while.
Remember, don’t go overboard with fancy updates that won’t get a good ROI. Instead, focus on small improvements that will have a big impact. These are the types of home improvement projects that will pay off when you sell.