What Home Improvements Will Add Value to My Home?
As you get ready to put your home on the market, it’s natural to consider some major or minor renovations with the hopes of making more money on the sale. This is definitely an area to consult your realtor on because a lot of research has been done on what improvements can increase your return on investment and others that can actually do the opposite.
(Average ROI: 60.2% - 67.2%)
Bathroom renovations are one of the most popular of all home improvement areas. Whether you’re considering just updating the master bathroom or making changes to all the bathrooms, this is an area where both large and small changes can both improve your selling price. It all depends on your budget.
Small changes can include new plumbing fixtures (make sure they go with the overall style of your home) and a fresh coat of paint (a neutral color is usually best).
Larger changes include changing out the entire vanity, including the cabinets and sinks. I always suggest opting for marble or granite. Flooring can be a dramatic change and because the size of the room isn’t typically that large, it’s not a huge expense, even though it may look like it.
Adding any sort of energy efficiency, such as optimizing your shower, sink and toilet for low flow, is also a popular trend right now. It’s not only good for the environment but it means less water usage and a lower water bill. A win/win/win!
(Average ROI: 76%-97%)
The first impression is the most lasting impression potential buyers are going to see. And the changes you make will again, all depend on your budget. Big changes include painting the exterior of your home, installing a new roof or hiring professional landscapers.
Smaller changes include making sure your grass is green and freshly mowed, planting some new plants and flowers, updating the door handle, the house numbers on your home or giving your porch a mini-makeover with some new pots and rocking chairs for the new owners to enjoy.
(Average ROI: 70%-80%)
While carpeting may have been popular at one point, now it could seriously deter a potential buyer from putting an offer in. Hardwood floors may be a large expense, but they’re the way to go for any flooring renovation projects. If you have the time and money, this is an investment to think about. If hardwood is out of your price range, consider laminate wood flooring, which gives you a very similar look at the fraction of the cost.
Average ROI: 79%-83%