We asked Claire about the top return-on-investment home improvements sellers can make to sell their home quickly for top dollar. This is what she had to say:
1. Minor Bathroom Remodel
Rather than just renovating the master bathroom, as many homeowners tend to do, spend a moderate amount of money giving a facelift to all the bathrooms in the house.
Buyers don’t like feeling that they’re using someone else’s old used bathrooms – they like the idea of fresh, clean surfaces. If you spend roughly $7,500-10,000 to replace the toilet, sink and counter, hardware (faucets, rain showerhead, cabinet handles, towel racks), mirror, lighting, new shower glass enclosure, and fresh paint, the bathroom will shine!
You might also consider replacing your built-in vanity (sink, counter, cabinet) with a freestanding vanity unit on legs which looks like a beautiful piece of furniture and is quite popular today. Your total ROI (return on investment) is expected to be about 100% if these updates are made.
The first thing a buyer sees when pulling up to a seller’s home is the exterior. Appealing landscaping can attract a buyer or turn a buyer off. This is often about psychology.
When a buyer sees attractive landscaping that is well groomed, a buyer feels enticed to go inside, expecting the interior to be as lovingly cared for (as well as the internal systems). But if the landscaping has been neglected and looks slovenly, a buyer immediately thinks the interior must be the same or worse, and expects that the sellers are neglectful of the entire property, inside and out, including the internal systems.
Buyers also begin to make assumptions about the sellers themselves when the landscaping looks rough and often decide they don’t want to do business with them!
Needless to say, making a good first impression is well worth spending $5,000-$10,000 in update the front and back yards to attract buyers. (Remember, often the first place buyers see the home is in photos online, so having a pretty yard will make your property photographs eye-catching.)
Unless you have a green thumb and a sense of design, hire a professional landscaper to update the landscaping in an appealing design with a variety of trees, shrubs, bushes, flowers, mulch, rocks, stones, and decorative flowerpots of mixed flowers on the porch and patio. Make sure your grass is lush and green and everything looks easy to maintain.
Your return on investment is expected to be approximately 100%.
3. Minor Kitchen Remodel
People spend more time in the kitchen than any other room of the house, whether it’s every day or when having friends and family over.
Investing $15,000-$20,000 in upgrades is well worth your investment when you sell as you’re bound to yield a 98.5% return.
What elements of the kitchen should be replaced?
Here is a list of items buyers want:
Undermount single-bowl sink
Quartz or granite countertop
Fresh paint throughout kitchen
Refaced cabinets with hidden hinges
New hardware: faucet and cabinet handles
4. Importance of Curb Appeal
As mentioned earlier regarding landscaping, curb appeal is vital to attract a buyer. Curb appeal is more than the yard however. It’s also the façade of the house, the garage door, and the roof. Investing in fiber-cement or vinyl siding, manufactured stone veneer siding, a new garage door, or a new roof (when needed), will all yield a high ROI upon resale.
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