Updating and upgrading your home is a great idea if you plan to sell any time soon. After all, you want to put your best foot forward and showcase your home in the best possible light in order to attract as many buyers as you can.
Your home’s condition and how it shows to buyers plays a central role in your ability to sell in a reasonable amount of time and for a high price. And if your home is in need of repairs and improvements, you may want to make them before listing your property on the market.
That said, there are certain improvements that can bring in a high ROI, while there are others that will end up costing you a lot more to make than you’ll recoup come sale time. Your best bet is to focus on improvements that are more likely to bring you a higher ROI so you can invest your dollars wisely and get back much of what you put into your home.
Here are some of the repairs and upgrades that typically bring in the highest ROI for sellers.
New Front Door
Curb appeal speaks volumes, and your front door plays a key role in what your home looks like from the outside. A tired, worn out door won’t exactly convince or encourage buyers to make their way across the threshold. On the other hand, a new, modern door in great condition will have the opposite effect.
You can effectively increase the value of your home by changing your front door. And if you really want to maximize your return, installing a steel door is your best bet. Steel front doors typically cost around $1,200 to $1,500, but you should easily be able to recoup that money spent when you sell.
New Garage Door
While we’re on the topic of changing doors, perhaps replacing your garage doors might be warranted as well, as they can have the same impact as a new entry door. A new and improved garage door can boost the selling price of your home, and you can expect to see a return of about 90% with this type of home improvement project.
Homeowners tend to spend a lot of their time outdoors thanks to the mild California climate, so having an outdoor space for buyers to enjoy is important. If you don’t already have one, consider installing a deck if you’re up for the task and the expense. When done right, you should be able to recoup about 85% of the cost of a newly installed wood deck.
New Kitchen Counters
Kitchen renovations can cost a pretty penny if you don’t know when to stop. But you don’t necessarily need a full gut job to make a lasting impression on buyers. For instance, kitchen counters might be all you need to spruce up this important space, especially if the current counter is made out of cheap material and is in rough shape.
Replacing your old counter with a new one made of granite or quartz can make a massive difference to the look of your kitchen space. In fact, you can realize as much as a 100% return on this type of investment.
Other Kitchen Updates
The counter isn’t the only improvement in the kitchen that can make a difference in this room’s appeal while still helping you realize a decent ROI. There are other little kitchen improvements that can be made, such as refacing cabinet doors, replacing hardware, and updating lighting.
Spending about $1,000 to $2,000 making these updates can help you realize an ROI of over 100%, though this return can diminish if you spend much more than that. As such, be wary of the updates you make, the effect they have on buyers, and the amount of money you spend to have them done.
Another important space in the home is the bathroom. But again, a complete overhaul isn’t always necessary to achieve your goals. You can take on projects as small as replacing the vanity counter, cabinet hardware, mirror, or lighting. Or you can choose to replace the toilet and tub or install a new glass-enclosed shower stall. When done right, you can realize an ROI of about 65% with a bathroom makeover.
These days, buyers have come to expect hardwood flooring in homes they plan to buy. Old-fashioned laminate or wall-to-wall carpeting isn’t the most attractive flooring types that buyers look forward to seeing in the homes they visit.
If your budget permits, consider replacing your flooring with hardwood. Not only does it look much sharper and more attractive but it’s also easier to maintain and keep clean. Depending on the exact type of hardwood flooring you choose, you could realize at least a 100% return on investment, if not more.
Fresh Coat of Paint
Perhaps the best improvement to make – and the cheapest – is a new coat of paint. It takes little time, effort, and upfront expenses to paint the interior of your home.
Not only can a new coat of paint freshen up the space, it can also make a dramatic improvement in style if you choose the right colors. Expect at least a 100% ROI if you take on a new paint job.
The exterior of your home is obviously an important factor in how easily your home will be able to attract willing buyers, so be sure that it’s in decent condition. If necessary, replacing your siding can be a great investment if it drastically improves the look of your home. You should be able to get nearly 80% back on the cost of such an endeavor when it comes time to sell.
While not exactly a fun task to complete, replacing the roof might be something you may end up having to do. If it’s obvious that the roof needs repair, the buyers will notice and will likely insist that either the roof be replaced by you or the price be lowered to accommodate for the cost of a replacement.
To save yourself that hassle, replace the roof before you even list your home. Not only will you get any of the back-and-forth bantering out of the way but you’ll also vastly improve the look and condition of your home. And buyers will appreciate the fact that the home’s got a new roof.
Depending on how large the roof is, you should be able to recoup about 70% of the cost.
The Bottom Line
If your home could use a little updating here and there, making the suggested upgrades is probably in your best interests to help make your home stand out. Staging homes appropriately work wonders to help sellers get the dollar figure they’re after and sell in a reasonable amount of time.
But sometimes going the extra mile and undertaking a project may be warranted to bring a home up to par. Just be sure to pick the right project to take on, as the right task can help ensure you recoup the money spent.