4 Home Upgrades with High ROI
Are you stalking Pinterest or binge watching HGTV looking for home reno inspiration? Before you go swiping that credit card with reckless abandonment…here are 4 home improvement projects guaranteed to get your money back should you sell down the road:
Kitchen – 98.5%
We all know that kitchens and bathrooms will often make or break a buyer's opinion of a home. While they can be one of the most expensive renovation projects, they also can gain you 98.5% of your investment back. The trick is to be strategic with both budget and design instead of making it insanely unique and costly. If you are planning to sell your home in the next five years...design a kitchen that will appeal to the largest pool of buyers, current with solid trends and in line with the style and price point of the home itself.
At the very least, if you have outdated appliances, consider upgrading them to stainless steel. That, alone, has proven 50% more effective in getting a buyer to put an offer on your home.
Flooring – 106%
According to NAR, this one upgrade could MAKE you more money than you initially invest. Hardwood flooring or engineered wood adds a huge appeal to a home’s value. We, as Realtors®, are seeing that buyers are wanting a consistent floor on the main level with the exception of tile in the wet areas (bath and laundry room). Yes, it can be a pain and expense to redo…furniture will need to be moved, old flooring pulled up…but it is 100% worth it. To be precise…106% worth it.
Do you already have hardwood floors in some of the main areas? Consider matching the neighboring rooms with like-sized planks and refinish all in the same stain. This has a proven ROI of 100%.
Bathroom – 102%
So many of my clients want to go hog wild on upgrading their bathrooms. STOP! Unless your bath has shag carpeting and green tile…some of the easiest updates make the BIGGEST impact in these small spaces.
Paint and/or easy wainscoting, shiplap or wallpaper for drama (yep, wallpaper is back!)
Replace the vanity for a more custom look or consider having it repainted and change out the countertop.
Switch out the light fixtures, mirrors, and shower head.
Exterior – 82% to 100%
This is one of my favorite projects. The amount of curb appeal, or lack of, will set the tone of a potential buyer’s impression of your home. Huge improvements can be made with a few inexpensive purchases and lots of elbow grease. Some of the easiest fixes my clients do before putting their property on the market include:
Clean!! Wash your windows, get rid of the cobwebs on the porch, power wash the siding and sidewalks, wipe down the furniture and remove any personal landscaping ornaments. (I once had a buyer pass on a home altogether because an opposing football team flag was in the landscaping. It happens.)
Faded shutters? So easy…remove, paint and rehang or switch out for updated look altogether.
Update your welcome mat. Make sure the size is appropriate and the message is simple.
Mulch and Prune. I have no clue who invented mulch but they were a damn genius*. Mulch will transform old and tired landscaping to a manicured miracle! It instantly tells a buyer that the home is well maintained and tidy. Before you mulch, cut back those shrubs or whatever else may be overgrown.
Install some pretty flowers or shrubs if your landscaping looks sad or empty. We are lucky to have so many inexpensive nurseries in our immediate area…take advantage!
Need some advice on your updates and décor? Call or text me at 615-519-1637.
*Some sources actually cite that it started with the Clean Air Act of 1970. Air pollution was getting out of hand from the sawmills burning the saw dust and wood chips from the mill. So, the National Forest Service did a study and came up with a plan...we'll have homeowners pay for the byproduct of the mills and put it on their yards…and we’ll call it…Mulch.
Statistical data is from NAR and Fortune Builders.