What Home Renovations Give You The Best ROI When Selling
Real Estate Company
Let's face it. You want the most bang for your buck when looking to sell your home. However, not every spot in your home is created equal. Some renovations can dramatically increase the value of your home over others. Some repairs can be a major expense and others can be done for a fraction of the cost but still leave a major impact. You want to get the most bang for your buck. If you are in the market of selling a house, this is very important to know. If you are looking at buying a home, consider this as well. It could be a great opportunity to increase the value of the home instantly.
Painting | +55% ROI
Painting a room with fresh, neutral paint is the cheapest way to make a major impact. Don't forget the trim and baseboards which often get dingy if they haven't been maintained. Choosing a soft neutral color is wise as it will appeal to most people and makes the rooms look bigger. It's something relatively easy you can do yourself too if you're trying to save money. A fresh coat of exterior paint has the highest ROI of all.
Landscaping | +40% ROI
Projects that improve curb appeal are always big winners. Once you get a prospective home buyer in the door they can then envision how they would use the space. Getting them to want to step inside your home is job one and fresh landscaping is one of the best ways to appeal to buyers.
Kitchen | -13% ROI to +34%ROI
Out of your whole house renovation, your kitchen is the riskiest place to invest. Buyer's design preferences may not match your own and this type of renovation is expensive. Done properly, a kitchen reno has the potential to net a solid ROI but the high costs leave little room for error. In the kitchen, focus on getting new appliances first if they are outdated. Next, update the lighting, knobs and drawer pulls. If new granite or quartz is out of your budget, consider butcher block counters - they have mass appeal and aren't terribly expensive. Your wood cabinets can be painted to give you an updated look for a low investment.
Bathrooms | +38% ROI
Replacing the toilet or vanity if they're outdated will make a big difference. If your tub is stained, consider hiring a professional to refinish it. A dirty tub will make the whole room seem old. Small things like buying a new shower curtain, hanging fresh towels and adding a new bath rug will refresh the room with a small out of pocket expense. Add a scented candle during showings too!
Flooring | +40% ROI
Redoing your flooring is one of the messier and time-consuming home remodeling projects that you can do. If your home has old laminate flooring or damaged hardwood, it might be an expense worth considering. Hardwood is still king but there are vinyl or tile options that mimic the look on a budget. Pick a flooring product that makes sense for the room's everyday traffic. Replacing old carpet is another good option to freshen up your space!
When you are ready to list, turn to Effective Agents. We can help you find the perfect Realtor® in your area to assist you in weighing your options on renovations before selling. Our proprietary matching algorithm sorts through millions of real estate transactions to suggest the right Realtor® for you.