High ROI Repairs and Updates That Every Home Seller Should Consider
Are you planning to sell your home but can’t stop worrying about today’s crazy market with its unreasonable and demanding buyers? Don’t worry, there are ways to wow buyers without spending all your savings. Some home improvements and repairs will bring you a high return on investment and encourage buyers to pay a good price. So, if you want to be one of those lucky home sellers that end up with a great price, here are all the repairs and updates that definitely pay off and will have buyers knocking on your door.
Wall and ceiling repainting
This is definitely the winner among home improvements, especially when it comes to the return Heyon investment. When you’re trying to make a sale, expect your buyers to be on the lookout for stains, paint chips and other imperfections that can lower the price. These wall and ceiling blemishes will also make your property look cheap and dirty even when it’s spotless. So, make sure to give your space a new coat of color, preferably something trendy yet neutral, so that it appeals to a large audience. Break the monotony with a few bold color touches and your interior will definitely leave a lasting impression.
Hardwood flooring re-finish
Hardwood floors are the new hot topic in real estate and everyone seems to want to live in a house with some elegant hardwood floors (and they are willing to pay for it). So, make sure to pull up carpeting from your flooring and invest some money into refinishing the hardwood. It’s truly a small investment when you compare it to the returns you can expect. You can even get away with not re-finishing the floors—just let your buyers know that you have hardwood to offer. The price will be lower, but it will definitely put your property on the radar and turn a few heads.
The kitchen is the heart of every modern home and it’s the most important room for many families. So, make sure your new, improved, and upgraded space leaves your potential buyers hungry for more. And there’s no need to go big and invest in lux appliances. Replacing your cheap countertops with granite and giving your cabinets a makeover usually pays off very well. Things like faucets, hoods, sinks, and kitchen lighting are also inexpensive improvements that can boost the usability and atmosphere in the space.
Another room that can benefit from updates is definitely your bathroom. If you have outdated fixtures and shabby tiles, your buyers won’t be able to picture themselves relaxing in your bathroom after a long day at work—it just doesn’t happen. However, if you nail bathroom upgrades, you’ll be one step closer to making a sale with over 100% return on investment. Plus, you don’t have to break your bank. Re-grouting tiles, replacing some fixtures for more modern and efficient ones, and boosting comfort is all you need to do in order to achieve big results.
Furniture repairs and upgrade
If you decided to sell your house completely furnished, it will definitely attract more buyers, but only if your furniture is in a presentable state. No one wants your squeaky armchair and your ancient kitchen cabinets. So, make sure to invest some money into your furniture repair to ensure it fits your house. However, if your furniture is beyond repair, you can always look for affordable furniture online and equip your space with visually appealing yet cost-effective and new pieces. Everything from chairs and sofas to beds and hardwood furniture can be quickly delivered to your house and be ready to impress your buyers.
Since you only have one chance to make a good first impression, make sure to use it wisely. One of the biggest bangs for your money comes from exterior repairs and improvements—buyers love to be left speechless by the exterior. Curb appeal can be boosted using a few easy tricks, you don’t have to break your bank. Rent a power washer and use it on the home’s exterior, decks and driveway or grab some paint and repaint the front door. These investments will cost you less than $200 but will do wonders for your first impressions.
The value of your home is directly connected to the square footage of the space you have to offer. So, if you don’t have an enviable size of the living space, try to improve it with an addition. For instance, you can recoup more than 80% on a two-story addition, around 80% on adding a second bathroom, around 75% on a family room, and about 73% on adding a bedroom to your attic. If you don’t want to invest in addition, you can boost your square footage by finishing your basement or converting your deck into a sunroom.
Most homeowners only consider aesthetic improvements when preparing to make a sale, but these are not the only ones that will pay off. Improving your home’s energy efficiency can make the same or even a bigger impact on buyers, especially younger, eco-conscious ones. For example, in some instances, attic insulation can bring you more than 100% return on investment. Other similar improvements like sealing your house, replacing windows and installing a smart thermostat can also impress your buyers with their long-term savings and lower environmental impact.
Even though replacing the roof isn’t super costly and takes only one or two days, not many people are ready to invest in a house that needs to be re-roofed. It’s true that a new roof might not bring you any increase in your sales price, but it will definitely put your property out there where it can reach a bigger pool of buyers. One thing that will scare buyers off quicker than anything else is having roof damage that has not been repaired. Talk to your local expert and see if your roof needs to be completely changed or if it can benefit from some smaller repairs.
These high ROI home improvements will get your property ready to impress every type of buyer. Some investment is always needed, but if you nail these upgrades, your efforts will be rewarded and you’ll leave with a hefty check in your pocket.