You know the old saying: “you get what you pay for”?
You’ll find that logic holds up about most things in life. But what if you could get more than what you paid for? We’ve been in the real estate business for over 76 years. We know that getting more value is music to your ears, and that song starts with simply simply making the right home improvements.
Not every home improvement project has to turn into a several thousand-dollar pit from which you never recover when it comes time to sell your house. By going into your home renovations with the right mindset and prioritizing the right projects, you’ll not only save money, but you’ll also make more of it when you sell your house. Got your attention? Good! Let’s make a few simple improvements and increase the value of your home.
Before you get started making improvements to your house, figure out what your timeframe is for selling. If you’re looking to continue living in your house for a few more years, you may feel comfortable spending more money on larger projects that improve your overall quality of life and care less about how much you make back on them. This might include a massive overhaul of your walls or roof to allow in more natural light or a luxurious revamp of your kitchen.
If this is the case, then fortunately, time is on your side. Large projects are no doubt expensive, but you’ll find them easier to afford by spacing them out over time and using online banking services to save more money each month. If, on the other hand, you’re flipping a house or simply looking to put it on the market soon, then you’ll only want to take on projects through which you can quickly turn a profit.
When thinking about which home improvement projects to take on, it’s only natural to think in terms of return on your investment (ROI). And you should—that is, for the most part. In order to make a profit on your home improvement projects, you’ll want to seek out ones where your return on your investment will likely be over 100 percent. But there’s more to it than that. For one, you’re not guaranteed to recoup 100 percent of your money for each individual project you decide to take on.
Secondly, certain projects may not grant you the highest return, but are deemed essential qualities for people looking to buy a new home. Therefore, in order to know which projects to take on, pay attention to trends in home buyer preferences (this survey from NAHB is a great source)! The more your home meets these preferences, the more you’ll be able to sell it for.
According to the NAHB survey, 77 percent of home buyers listed a central kitchen island as an “essential” or “desirable” item for a kitchen. If you have the time, consider ways in which you reconfigure your kitchen layout to accommodate an island and make whatever measures necessary to provide one. Fortunately, you don’t always have to build one from the ground up. In fact, there are multiple pre-assembled and portable kitchen islands you can find that will fit into just about any space. The best part? You’ll find many for less than $500.
Another easy addition that 81 percent of homebuyers desire is a double sink. Consumer Reports suggests that home buyers want a deeper sink that reduces slash zone and is large enough to hold most pots and pans. Double sinks are also on the affordable side, typically ranging in cost from $100 – $500.
Nothing says “dated” quite like rusty pipes and peeling paint. The good news? These problems are easily solvable, and you can do so without breaking the bank. Make your kitchen and bathrooms shine with new fixtures to make the overall condition of your home feel new. Choosing what styles and materials to purchase is mostly a matter of personal preference, but if you’re looking for a sleek and clean look that fits just about any setting, go with a versatile finish, like brushed nickel, for example.
To complement your new fixtures, create a new look for your walls. When touring new properties, home buyers frequently complain about the darkness and spaciousness of certain rooms. To tackle two problems at once, give your home a fresh paint job, utilizing bright neutral colors like white and light gray that brighten up the area, create the illusion of space, and can go with any furniture you or new residents have. If neutrals aren’t your thing and you’re looking to add a little personality to your home, then consult a color guide online that can help match the color of your walls to the intended purpose of that room.
It’s what’s on the outside that counts, right? Well, in this case, anyway. The exterior of your house will be a home buyer’s first impression, and this sets the stage for the rest of their experience viewing the property. It’s no surprise, then, that sellers recover an estimated 267 percent of lawn care costs and 100 percent of landscaping costs. Especially down here where we spend a lot of time outdoors, maintaining the pristine quality of your home’s exterior will end up paying off in the end.
Just like your house’s interior, the outside of it might be in need of a touch up. A fresh paint job is a great way to hide any potential marks or damages that may have resulted from the elements and help give home buyers the impression that the interior of your home will be just as fresh. Sellers usually see a return of 90 percent for an exterior paint job, but it might be exactly what you need to make your home stand out in the market.
Let us help you create the life you love. Contact a LOCAL expert today!