When you put your home on the market, selling your house quickly and at a price that’s comparable to other homes in your neighborhood is priority number one. But if you don’t renovate before trying to sell, you may be setting yourself up for a lower ROI on your home. Fortunately, there are several remodeling projects that will help you increase the overall value of your home and make it that much easier to sell fast for a great price.
Ready to find out which projects you should get started on? Let’s go.
Why is ROI important when listing your home?
ROI stands for return on investment, which comes down to how much you’ll make off the sale of your home. After you account for the original sale price, ROI is your takeaway. It’s important to think about ROI before you list your home because you’re likely to find that comps in the area may just offer better home upgrades.
But not just any remodeling projects will work. There are a few upgrades that homeowners will be looking for in 2019.
Although not every remodeling project needs to be flashy, buyers in 2019 will definitely be looking for the wow factor. Plus, a kitchen remodel is among the best ways to get the highest return on your house because homeowners want high-traffic areas of the house to be move-in ready.
Even if you can’t afford pricey marble countertops, materials like quartz can be a great, low-cost alternative to tile. Home experts also recommend changing cabinet hardware, taking down old wallpaper that won’t appeal to modern tastes, and adding another coat of paint to elevate the look of your kitchen.
The curb appeal of your home needs to be just right to attract interested buyers. The average homeowner may only spend $3,500 on landscaping, which you can DIY yourself. Most local garden centers and home supply stores offer free advice and inexpensive tools. Sod costs just a few cents per square foot, and you can easily buy shrubbery to replace overgrown plants and emphasize different parts of the home.
If your home has a front porch or deck, you’ll want to pick up some low-maintenance plants to hang from the rafters or place around the front steps. This will give your home a more suburban look, which could attract families ready to buy a move-in-ready home.
Simply cleaning your bathroom won’t be enough to give you a return. Along with kitchen remodels, updated bathrooms also offer homeowners a solid ROI. In this room, replace dated vanities, bright fluorescents, and old toilets. Be on the lookout for new faucets, and reconfigure the vanity to give the new owners more counter and sink space.
You may also consider re-painting the walls and getting new flooring that hides dirt and doesn’t have hard-to-clean grout.
These inexpensive fixes can elevate the look of a room even if you don’t change out the bathtub or shower unit. But it may be a good idea to add another bathroom to your house if more than two bedrooms are sharing one bathroom. It’s estimated that all these fixes will give homeowners an 85 percent return.
With a return rate of more than 95%, improving the exterior of your home can be as simple as repainting the house, updating the siding, and replacing old windows that let in too much drafty air. Make sure the outside of your home has a cohesive style, and remove outdated awnings if they look dated.
If your home doesn’t already have a deck, porch, or patio, you may also consider adding one. This is one of the easiest ways to help buyers imagine themselves in the home enjoying the outdoors. An addition might seem pricey, but it’s far less expensive than adding an enclosed room. For just $10,000, you could add a gate, lighting, and even outdoor furniture to the deck.
Other Ways To Increase ROI On Your House
A remodel project is often the only way to increase the ROI on your home when you resell, but cleaning your home top-to-bottom also helps. If you can hire a staging company to make your house look HGTV-fabulous, you may be able to sell quickly. But simply putting away the clutter and moving around your existing furniture to emphasize cleanliness and minimalism will also win over interested buyers.
About the author: Chris Milko is an avid real estate investor and a Content Associate at Clever Real Estate, a real estate startup offering flat fee commissions for home sellers. Visit the Clever Real Estate Blog to find all the latest information for home buyers and sellers.