Real estate is one of the biggest purchases people make in their life. And it is important to keep that asset maintained and updated. So when it’s time to sell, you will get the best return on your investment. As residential Realtors, we often get asked “What should I update in my home before I sell it?” or “What improvements should I make that have the best ROI?” These are great questions and the answers are typically the same for both questions. So, we thought we would answer both below for people to get an understanding of what home improvements boost the value of a property.
From our research and industry knowledge, there are quite a few improvements you can make to get a return on investment and help your property sell faster and for more money. So, we broke them down into 3 areas that we think you should focus on…
Curb Appeal – First impressions matter. So, adding a new front door or garage door is a great idea. They both have great ROI’s too. It is also important to make sure your landscaping is well-kept and the entryway is free from clutter. Your neighbors and HOA will be appreciative! AND potential buyers will want to see the inside if these things look great when they pull up.
Minor Remodel – Spending a little bit of money on updates to your kitchen will definitely boost the value of your home. Updated bathrooms are a great selling point for potential buyers as well. A fresh coat of paint goes a long way too!
Fixtures and Appliances – Make sure your A/C, water heater, plumbing fixtures, oven etc are all in working order. Some call these invisible improvements but are really important. This will save you money in the long run. It will also prevent negotiations on price during a sale.
According to Remodeling Magazine, the best home improvements that had the highest return in 2020 were…
- Manufactured stone veneer (which is typically on the front of your home). It “returned an average of 95.6%. The average cost was $9,357, and the average gain in home value was $8,943.”
- New garage door was second. It had an average “cost of $3,695 and an average increase in home value of $3,491, for a return of 94.5%.”
- Minor kitchen remodel had the best interior ROI. It returned about “77.6% after costing $23,452 and increasing value by $18,206.”
- Entry door replacement was on that main list as well. It will cost about $1,500 and have a resale value of about $1350. That makes the cost recouped over 91%
Want to know more? Feel free to reach out to any of us at Success Real Estate Group with any questions. We can be reached at firstname.lastname@example.org or 480-945-1111. Also, here are a few articles that we pulled the stats from above…