Home Upgrades That Provide the Most ROI On a Sale
Ready to put your house on the market? To ensure you get the highest possible sale price for your home, consider completing some upgrades and employing strategic staging methods. With these tips and a solid real estate agent on your side, you will have buyers lined up and get the best price for your home.
When considering which projects will boost your home’s sale value, remember that the remodeling projects you undertake to help market your house are different from the ones you would complete if you were remodeling the home for yourself.
Spending time and money on a remodeling project makes sense when you plan to stay in your home because you will get years of use and enjoyment from the upgrades. However, upgrades performed before you list your home for sale require careful consideration. Your goal is to improve the home’s appeal and increase the asking price that your house can demand. The critical calculation is to ensure that the upgrade increases your asking price by a greater margin than the amount you invest in the improvement.
Minor Bathroom Remodel
While remodeling a bathroom may sound extreme, you don’t have to overhaul your entire bathroom to increase your home’s value. Making a bathroom appear new and “unused” can significantly affect how buyers view your home. While major remodels can be expensive, some less costly upgrades can make a good impression. Some enhancements can be as simple as:
- Update the lighting
- Install new mirrors
- Put in new shower heads with features like a waterfall shower
- Install new sink hardware and knobs on vanities
- Put in new, clean shower doors
- Repaint the walls and regrout the tiles
In making these upgrades, choose a particular style and stick with it in every feature. These simple upgrades, if done well, will instantly make buyers feel you’ve spent more money on upgrades than you have.
Fresh Paint
One of the simplest ways to make your home look like a million bucks is by giving the interior a new coat of paint. Not only does a new paint job hide any scuffs or marks on the walls, but it can also eliminate any lingering odors from pets, food, and anything else. However, don’t throw any old colors up on your walls, and don’t just opt for dull, neutral white.
An analysis performed by Zillow found that homes using warm-neutral yellow on their kitchen walls sold for approximately $1,360 more than houses with differently colored kitchens, and homes with light green or khaki-colored bedrooms also had a higher selling price by an average of $1,332.
At any one time, there are color trends in home interiors. Using those colors strategically can make a home more appealing. For ideas, look at some home magazines to see what colors are “hot” right now, and you can make a dingy, dated room bright and modern. A few gallons of paint and some elbow grease can transform the look of your home, enabling you to command a higher price.
Hardware Update
Trading out your current hardware for something more contemporary is an inexpensive upgrade that can make your whole house look nicer. Unstylish hardware dates your home, and mismatched hardware leaves a poor impression. Today, various hardware styles and finishes – including door handles, drawer pulls, switch plates, outlet plates, and cabinet knobs – can be easily found at home improvement stores or online.
You would be surprised at the different impression it can make when a home has hardware throughout that is of good quality and is consistent in style. Details like nice hardware leave the impression that the house is cared for and that the owner spared no expense.
Attic or Basement Completion
Unlike other upgrades, finishing an attic or basement can be time and money intensive. However, the potential for a significant return on your investment is high. Turning wasted space into a bedroom, office, or bonus room makes your house look better and increases the usable living space, allowing you to list your home for a higher price.
If you cannot afford to redo the whole thing, at least make an effort to make the space look livable and finished: finish drywalling, prime and paint walls and ceiling, put down a floor, and finish it with window sills, baseboards, and other touches. Even these minor steps help you create a space that lets a buyer see the possibilities.
Strategic Staging
Staging is a priority if you want to increase your sale price but don’t have the time or funds for a remodeling project. But staging is difficult if you plan to stay in the house while it is on the market, so be prepared for some inconvenience. The first step is always deep-cleaning, decluttering, and de-personalizing your home. You want buyers to feel like they are entering a “new” home, not one that belongs to someone else.
At the same time, you don’t want the house empty, which can feel cold and unwelcoming. Your real estate agent can add accents and furniture that fit the home and each particular space, whether a bedroom, home office, or mudroom. Staging is intended to help buyers see the space’s possibilities and envision themselves living there.
Find a Real Estate Agent in Spokane, Washington
When you work with agents who are familiar with your area, they will be able to provide you with valuable insight on how to increase the value of your home. Since they know what buyers are looking for in a new home, they can advise you about which changes will provide the greatest return on investment and which you should skip.
Working with a skilled agent increases your chances of getting top dollar for your home. Our Legacy Group Real Estate team has the knowledge and experience to help you navigate the real estate market in Spokane, Coeur d’Alene, and other communities throughout eastern Washington, northern Idaho, and Montana. Please don’t sell your house for less than it’s worth: contact Legacy Group Real Estate today.