When thinking about selling or listing a home for sale, upgrades can be a first step many people take. Knowing which upgrades are necessary in order to sell the home for top dollar, and which ones will just waste your money is a big challenge.
We at PA Creative Homebuyers are in the business of buying, renovating, and selling homes that are in need of repair, and would like to offer our the list of best ROI projects based on that experience. I am always available to offer guidance based on our experience, feel free to call or text me (Jeremy) at 267-459-3025 and I’ll be happy to provide some guidance.
3 Upgrades To Invest In:
Do: Paint
A fresh coat of paint can easily brighten up and revive a room. Stick with neutral grey and beige tones. I know, I know, it’s boring and not at all what you saw in the latest Magnolia Journal. You’re trying to appeal to the broadest range of buyers, and that means staying neutral. Painting is a relatively low-cost upgrade that can have a big impact.
Many people choose to go the DIY route when painting to save a few bucks. Here are some tips: first, take the time to repair small nail holes, scratches, and holes in the wall. There are plenty of Youtube tutorials out there that will show you exactly what to do. Also, and this is key: don’t skimp on the paint quality! A high-quality paint such as Duration from Sherwin-Williams makes a huge difference over a low-quality, off the shelf option from Lowe’s or Home Depot. High quality materials and tools will save you a lot of time and aggravation, especially since you are saving money on the labor!
Do: A Kitchen & Bath Facelift
You might have heard that an upgraded kitchen and bathroom are two of the best areas to focus on when upgrading your home. However, you can do some smaller upgrades that will make a big impact without costing a fortune.
New faucets, drawer pulls and resurfacing your cabinets are affordable ways to revitalize the space. Some appliance manufacturers sell new and alternate colored faceplates.
For example, swapping out the front of your dishwasher to match the other appliances is a great way to save money and tie things together.
You can take the same principles to give your bathroom a quick makeover. Vinyl tiles can go on the floor, right over what you currently have. Do a deep cleaning of the grout, and re-grout if needed.
Fix any cracked tiles or broken hardware. (Wobbly towel racks, etc.) Another option to a complete shower renovation is to install a pre-fab cover. This is much cheaper than doing a whole shower overhaul.
Kitchen cabinets are one of the most expensive items, and often times an alternative to replacing them is to either paint or reface them. Throw in some new countertops, and you can get a remarkably upgraded look for much less than replacing everything. From personal experience, I do recommend hiring a pro to do this.
Do: Landscaping
Another DIY opportunity to for high ROI. Planting some flowers out front or covering dirt with a pretty, fast spreading ground cover will give your home instant curb appeal. If needed, have trees and bushes trimmed and keep the lawn mowed nicely.
Depending on your climate, you can plant succulents or lay down pretty rocks to keep the space well maintained, but low-maintenance.
Maybe throw a fresh coat of paint on the mailbox or hang up a bird feeder and some hanging plants. Small touches and a well-groomed yard will draw anyone in.
You’ll get a great ROI out of spending a few bucks and a couple weekends fixing up the landscaping around your house.
3 To Forget About:
Don’t: Finish The Basement
This can turn into a major project that can be both expensive and time-consuming. The numbers show you won’t end up getting back anywhere close to what you put into it.
Overall, most homebuyers will want to fix up the space to their taste anyhow. Maybe they want an open game room, or to add a couple of extra bedrooms.
When pricing the home, account for the unfinished space and let buyers know that is reflected in your pricing.
Don’t: Add a Patio, Deck or Pool
Again, this can be very pricey, without much return. If you have an open area, use plants or pavers to tidy up and beautify the space. If the new homeowners want to build a deck, they can do so, but with their tastes and specifications in mind.
Adding a pool can cost a fortune, without providing a huge increase in what you will be able to ask for the home. In addition, a pool may actually deter buyers.
Prospective buyers with small children may worry about safety and many people may not want to worry about the hassle and upkeep of maintaining their own pool.
Don’t: Do A Major Renovation to The Kitchen or Bathrooms
Don’t waste your money with a complete overhaul unless it is absolutely necessary due to water or fire damage. The cost does not make sense, especially when homebuyers will have their own tastes. Many homeowners would prefer a credit to the home price allowing them to upgrade on their terms.
As stated above, sometimes small improvements can go a long way! Updating a kitchen can usually be done for just a couple thousand dollars, while a full remodel can quickly stretch over $50k depending on the size and quality. And while it may look beautiful, you simply won’t see the return on that investment.
In summary: Don’t over-improve… keep it simple!