Here are the most important home updates that will reap the biggest return on your home sale
When we meet with a seller and do a walk-through, we’re assessing which home updates will increase your value when you sell. We are also taking into consideration what updates attract buyers most. It really takes an analysis of the entire situation, BUT here’s our round up of the most important home updates to consider if you want to get the greatest return on selling your home:
1. Flooring Updates
Flooring is a big one! It makes a huge impact visually to have new flooring in the main areas. And the return is one of the biggest ones you can get:
- ROI for refinishing hardwood floors – 147%
- ROI for installing new flooring – 118%
A yard clean up before listing your home is essential. We recommend to mow, weed, and trim trees and shrubs. Also pressure wash decks, patios and driveway. Landscaping improvements tend to have a high ROI, close to 100%.
3. Kitchen Updates
The kitchen is an important area to buyers, so make it shine! Minor to mid-level updates can increase your return from 80-90%. We like to focus on updating the flooring, resurfacing the cabinetry, new fixtures/lighting and new appliances. Simple updates within the existing footprint of the kitchen are best.
4. Bathroom Updates
We follow the same formula here as we do with kitchens – usually a minor to mid-level update is what you want. A bathroom update can often provide an ROI of 70-80%, depending on the extent of the improvements.
5. Fresh Paint
A fresh paint job of the interior of the home is almost always a must! Focus in on the main living and dining area. If you repaint rooms consider a neutral color throughout the house. Repainting can offer a high ROI, often exceeding 100%.
This is another area we highly recommend to all our clients. Staging your home helps buyers visualize the space. It has really become the gold standard to have your home staged when putting it up for sale. Staging often exceeds 100% return on investment.
7. Replace Outdated Fixtures
We like to make sure the dining room light fixture, as well as bathroom and kitchen fixtures, are updated. These updates are relatively inexpensive and can offer a good ROI by giving your home a fresh and updated look.
8. Minor Repairs and Pre-inspection
Addressing issues before listing can prevent buyers from negotiating for price reductions, potentially saving you money in the long run. A pre-inspection will alert. you to any potential repairs that need to be fixed. A pre-inspection will help alleviate buyers’ concern of perceived maintenance issues. We also like to have the homeowner get their HVAC/furnace serviced before listing.
9. Basement Conversion to Living Area
This can vary widely based on location and the level of finishing but can offer a good ROI, especially if it adds a bedroom or additional living space. The ROI is typically 80-90%.
10. Curb Appeal
What buyers see when they first pull up is crucial to your sale. Let’s go back to our landscaping tips – be sure to do yard clean up and pressure wash the driveway and walkways. Paint your front door and add potted flowers and plants to the porch. Sometimes we suggest that a homeowner paint the exterior of their home and/or the deck.
Keep in mind that these ROI estimates are general guidelines and can vary based on the specifics of your property and your local real estate market conditions. If you would like a curated list of home updates that could increase the value of your home, contact us for a consultation.
Take a look at some of the before and after photos of our past listings HERE.