Home improvement projects can help you get top dollar for your property when you sell. Whether you are putting your home on the market right away or planning to sell in the next couple of years, the right updates and changes can have a big impact on what buyers are willing to pay.
The key is to know which projects add value and which ones do little or could even hurt your home’s appeal for buyers. Once you know which projects are worth putting time and money into, you can plan your budget.
Make a Good First Impression
Buyers often drive by the property before they ever schedule an appointment to come inside. Curb appeal is what will inspire them to take the next step. If your view from the front needs a lot of work, it sets the tone for how buyers feel as they come through your front door. This project doesn’t have to be costly or time-consuming. Trimming overgrown bushes and removing dead or overpopulated plants, and spreading a fresh layer of mulch can do wonders. A fresh coat of paint to your front door and around windows and trim can make the place feel brand new. Replacing or painting old exterior light figures can have a bigger impact than you might think. Even just adding a wreath and flower pots to your front door can entice potential buyers to want to see more. Don’t forget about the exterior of the house as well. Repair any cracked concrete and edge any walkways making the potential buyers trip up to your door the best it can be
The Heart of the Home
It doesn’t matter how much the buyer likes to cook, they still want an updated kitchen. They want to see working appliances that don’t look like they need replaced. How much of a remodel you should do will depend on the market in your area and how outdated your kitchen is. Even a minor remodel where you prime and paint existing cabinetry, and replace hardware and lighting fixtures can have a big impact on what price your home brings. According to Remodeling Cost vs. Value study, a minor remodel in the kitchen will provide an 82 percent return on investment.
Don’t Forget the Bathroom
Much like the kitchen, buyers like to see a functional, updated bathroom. It doesn’t have to be fancy, but low-flow toilets and showerheads, updated faucets and bright lighting can have big impact. Since this is usually a small area, you can often find it affordable to replace flooring or add a new vanity. If you have a little extra cash on hand, consider adding a second bathroom in a one-bath house. You’ll see big returns on this remodeling project. The same study from Remodeling shows that adding a bathroom can give you a 60 percent ROI. On a smaller budget, try priming and painting an old wood vanity cabinet in a fresh color, and add simple new hardware. Spruce up a basic clip mirror by adding a wood frame around it (Pinterest is swarming with instructions on this update). Bathrooms take a lot of wear and tear from water, so be sure to clean and caulk around the tub, shower and countertops to freshen up the condition.
Save Your Energy
Budget-conscious buyers will appreciate renovations such as installing new windows or adding more insulation. If you have old exterior doors or windows that are original to the home, you could deter buyers who see projects in their future. However, it won’t cost you a lot to make those improvements before you list the house. A bonus is the fact that you’ll save money on heating and cooling until your home sells.
Move Outdoors
One of the easiest projects to take on to add value to your home is the addition of a deck or patio. Outdoor spaces have become an extension of the home, so adding or enhancing this area is like increasing the square footage. Expect to get about 87 percent return on your efforts with the right design.
Each of these projects has the potential to increase the price of your home and bring in more buyers. To maximize your results, work with a realtor or designer and a contractor who knows the neighborhood and can give you solid advice.
Remember, spend your time and money on the things that really matter, and ask for professional opinions before you get started. The professionals at Indiana Residential can help you review all your home improvement and repair needs and work to get you the biggest bang for your buck! Contact us today to schedule a time to look at your property.
