If you are thinking about listing your home there are items that you should address in order to maximize the potential for offers as well as the dollar figure of those offers.
While you certainly can go out and spend 100K on renovations and hope for a massive return, the best plan of action is to spend a moderate amount of money for the biggest return.
Here are the best ways to spend a little to get a lot and the most important areas to concentrate on:
Ask any real estate expert what the No. 1 upgrade with the greatest return is, and the answer will be the kitchen.
Here are some great mini-ways to boost sales
- Add a splash of color with a new backsplash. New tile is attractive.
- Paint! Find out what colors are trending right now and add a coat.
- Go stainless steel. The cold feel of steel is a hot ticket item for buyers. Transition your appliances as they wear out and go with a similar metallic look in your light switches.
- If you don’t have an island, get a rolling one. It shows that you know how to function in the kitchen and the buyer get’s the warm fuzzies.
- Hang a pot rack with fresh new pots, pans and a hanging wine bottle holder. With the rolling island, your kitchen will catch every buyer’s eye.
The bathroom not only has to show functionality but probably shows the most wear of function from over the years.
- Focus on your faucet. Bathrooms are not utilitarian anymore. People like to feel relaxed, like they are in a spa.
- Go granite or marble with your countertops. If you are toying with the granite idea, your bathroom counter is most likely smaller than your kitchen counter and less expensive. This is a great place to start your first granite project.
- Nix the overhead lighting in favor of wall mounts to add warmth and value to your bathroom. Make sure that around your mirror you have even lighting with no side shadows.
- Heated floors attract buyers like crazy!
- Upgrade your bath area. With an 85 percent return, install a shower with body sprays and stone surround tile. If you are not selling right away, you will feel like you are in a Zen garden every time you step into your bathroom.
- Keep it clean. Dirt and grime can become embedded in bathroom surfaces very quickly. Freshen it up with new grout.
This might be where you get the most bang for your buck in the sense of dollars invested versus the boost to final listing prices. Some experts have assessed that the average ROI on landscaping is 150%!
“In terms of dollar amount, the standard suggested is to invest 10 percent of the value of your home in landscaping. That is a general guideline,” said Erik Shorb, co-owner of American Plant.
On a low and quick budget here are some things to do right now:
- Consult with a professional to choose color patterns for plants and placements
- Hire a Gardner for regular upkeep until the house is sold.
- If water costs are a concern, explore draught resistant landscaping ideas.
- Line your walkway with visually appealing plants.
- Get outdoor lighting. Your potential buyers will drive by at night to see what they home looks like.
- Keep the yard weed free – preferably without the use of chemicals. That means getting your hands dirty.
- Mulch and edge the lawn for a clean and tidy appearance.
Depending on the type and quality of its materials, a roof can be expected to last anywhere from 10 to more than 50 years. According to the National Organization of Realtors, the return on investment in a new roof when you sell your home is one of the best home upgrades you can make, returning 71.6% of your investment. A roof that has been recently replaced will also enhance your home’s curb appeal and make a great first impression on potential homebuyers, which can help you sell your home quickly in a tight market and get the best offer or can give you an advantage over comparable properties in a sluggish market.
Every 1,000 square feet added to a home boosts the sale price by more than 30 percent, according to the National Association of Realtors.
Bathroom additions return the most, according to Remodeling Magazine’s report at an average of 86.4 percent. The addition of attic bedrooms, family rooms and sunrooms return anywhere from 70 to more than 80 percent and more and more people want dedicated rooms for hobbies and crafts, whether it’s an exercise room, knitting room or home office. Just don’t overshoot your work and add too much. Nobody wants a 6 bedroom 1200 square foot home.
You don’t have to take a second out just to sell the home but you should make an effort to make sure you get the most you can. A little now can go a long way later.