SELLING YOUR HOME?
WILL IT BE A MAJOR FACELIFT OR A MINOR FIX-UP?
A good guide for homeowners illustrating how to load your home with value and reap the highest return. Quick fixes or “the sky’s the limit” approach is up to you depending on three key factors: time to market, your budget and what investment provides the highest return in value.
- Replace your old wooden or fiberglass front door with a steel one. It adds 98% return on investment, improves security, increases energy efficiency, enhances curb appeal and makes your home more appealing to buyers! Paint and stain can be added to get that “wooden-grain” door look and new metal door handle/lock set says to the buyer, “this home is solid.”
- Siding Replacement with improved insulation: ROI 79-84% or more for fiber-cement versus foam backed vinyl. New siding will offer a fresh and clean look for your home. When coupled with new spray foam insulation, also referred to as Lcynene, you will reap the benefits of 5-10 degree improvement in winter heating or summer cooling for many years to come.
- Kitchen & Bath remodels which include granite countertops and new cabinets continue to be the best investments. Topped only slightly by stainless steel appliances in the kitchen returning 100% of the cost in many cases. Large walk-in showers are replacing tub/shower combinations. In markets like Washington, D.C., Minneapolis, Chicago, Atlanta and San Francisco these types of improvements may provide triple-digit returns!
- Minor kitchen renovations can also be a good investment returning 81.8% of the cost. Kitchens are the heart of the home. Low cost improvements include resurfacing cabinets, replacing faucets, new hardware and updated lighting. Also doing a facelift on your appliances to make sure they are in a cohesive color grouping is more pleasing to buyers. A little known fact is that you can simply turn the dishwasher panel around to change the color from black to white and vice versa.
- Trendy items and those that add value though pricier, include home theatres, work-out space, wine cellars, outdoor living with kitchens, pendant lighting, chandeliers and hardwood floors. Open concept designs are also very popular and eco friendly features are appreciated.
- For the bath, a new toilet seat, pedestal sink or vanity are quick and easy to install. Prefabricated units for the tub and shower are also less costly than having custom baths and tile work. A mid-range remodel is reaping 77.1% return on investment.
- Add storage with quick easy wire and laminate closet systems. Closet-Maid allows you to measure and redesign closets online. All you’ll need is a weekend for this project. And there’s always The Container Store for everything organized.
And don’t forget the basics:
- Have an electrician and a plumber inspect your home and complete minor upgrades and repairs to ensure your home will pass inspection.
- Ideally replace carpeting, especially in a house with pets. Professionally super clean the carpet at the very least. Old carpet…just has to go!
- Light your home up with new light bulbs, all matching in multi-lit fixtures. Replace fan blades for ceiling fixtures.
- First impressions matter…and it starts on the street. A mowed lawn, attractive landscaping with fresh mulch and flowers is sure to please.
- Clean, clean, clean, declutter, neutralize and freshen!
Most importantly – whether you are thinking of selling now or later, consult with an experienced Realtor who knows the local market. This is the best way to ensure you will make the right decisions about updating and improving your house before spending your money.