If you don't plan on staying in your home, you might be thinking about completing some home remodeling projects now so that its ready to go when the time comes to sell. Of course you want to focus on home improvement projects that will pay off when you sell so here's 3 good ways to invest money in your home before you sell and a few ways to avoid:
Enhancing the exterior of your home will provide the best bang for your buck. According to the Remodeling 2023 Cost vs. Value Report (www.costvsvalue.com), if you add a Manufactured Stone Veneer to your homes exterior in the Cleveland area for example, you get $113.60% back on your investment or about $1.14 for each dollar spent. Other exterior projects have a high return on value as well - by enhancing your entrance you can expect an 86.3% return on your investment and by adding new vinyl siding will likely get you an 84.8% return. I've noticed when working with buyers that 1) the better your exterior/street view picture is the more attention your home gets and 2) having a positive experience when pulling up to a home sets the tone for the showing and helps take the spotlight off interior flaws.
Additions are the worst projects to undertake as in general they return less than $0.35 for each dollar spent. Kitchen and bath remodels provide a decent return as long as they're done in moderation- for example, the Cost vs Value Report shows a 75.7% return on investment for a midrange kitchen remodel, but only a 29.5% return for an upscale remodel. This makes sense based on my experience because in most cases upscale kitchen and bath remodels are pretty specific and buyers aren't willing to pay top dollar for something that's not exactly to their taste.
Everyone knows that it's expensive to do any kind of work to your home so it's important to weigh the pros and cons of any home improvement project before you make a decision. Consider the cost of the project, the potential return on investment, as well as what will have appeal to the largest group of people.
You don't necessarily need to spend tons of money getting your home ready to sell. Here are some quick low cost ways of dressing up your home right before you put it on the market:
- Repainting walls, ceilings, and trim can create a clean and well-maintained appearance that buyers are more likely to appreciate. Pay special attention to the details, for example putting a fresh coat of white on all the window trim and baseboard molding will by itself make a huge difference (even without painting the walls).
- While doing an entire kitchen or bathroom renovation may be out of the question, small improvements like replacing cabinet hardware, updating faucets or installing a new backsplash can still make a big difference.
- Address as many maintenance or repairs in your home as you can before putting it on the market. Leaky faucets, damaged roofs, or electrical issues can deter buyers and lead to lower offers. A well-maintained home gives the impression that it has been cared for, which can increase its perceived value.
- Finally take the time to declutter and depersonalize the space. Remove personal items, excess furniture, and clutter to make rooms appear more spacious. A well-organized and clutter-free home allows potential buyers to envision their own belongings in the space.
By following these tips, you can choose home improvement projects that are right for your home and assure that when it comes time to sell your home will be seen in the best light possible!
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