Getting ready to sell your home can feel overwhelming. You might be wondering which renovations will not only help your property sell faster but also increase its selling price. Should you focus on a new furnace, a kitchen remodel, a bathroom overhaul, or maybe a roof replacement? And what about those small, budget-friendly updates that can make a big difference?
Most importantly, you want to know the return on investment (ROI) for each renovation. Well, you’re in the right place. Below, we’ve compiled a list of renovations that pack a punch when it comes to prepping your home for the market.
1. Painting – ROI: 100% +
Painting is a game-changer when it comes to prepping your home for sale. It’s not only quick and affordable but also offers an impressive return on investment. In fact, most painting projects can yield more than a 100% ROI. So roll up your sleeves, move the furniture to the center of the room, and give your home a fresh coat of paint. Keep it neutral, clean, and modern to appeal to prospective buyers.
2. Garage Doors – ROI: 98%
Curb appeal is a deal-maker, and your garage doors play a big part in that first impression. Replacing them can provide a nearly 100% ROI. Given that garage doors take up a significant portion of your home’s exterior, keeping them in top shape will work wonders for your property’s perceived value.
3. Entry Door – ROI: 91%
Don’t underestimate the impact of a well-maintained entry door. It might seem minor, but it can significantly enhance your home’s curb appeal and overall appeal to buyers. Choose neutral colors that complement your home’s facade, ensuring a fresh and inviting front porch.
4. Additional Square Footage – ROI: 70%-80%
Space is a hot commodity, and most buyers crave more of it. Adding an extra room or two can make your home more appealing on the market, with a return ranging from 70% to 80%. If your home’s size falls below the local average, this investment can pay off handsomely.
5. Bathroom Addition – ROI: 60%
Bathrooms matter, and sometimes it makes more sense to add one than to renovate an existing one. Research the number of bathrooms in comparable homes in your area. If you’re one bathroom short, consider adding one to make your property more appealing to potential buyers.
6. Minor Kitchen Remodel – ROI: 81%
Updating your kitchen doesn’t have to break the bank. A minor kitchen remodel, which includes new countertops, cupboards, flooring, and fixtures, can provide a solid ROI of around 81%. If budget is a concern, consider modern and cost-effective options like those offered by IKEA.
7. Bathroom Remodel – ROI: 70%
Kitchens and bathrooms are key selling points. If you already have sufficient bathrooms, consider remodeling the ones that need it most. Focus on functionality and aesthetics, and remember that walk-in showers can be a space-saving hit
8. Replacement Roof – ROI: 68%
A new roof can significantly boost your home’s appeal. While you might not recoup the full cost, having a reliable roof is crucial to buyers. Functionality ranks high on their priority list.
9. Adding a Deck – ROI: 70%
A deck can be a valuable addition to your home. If you already have one, consider refurbishing it. If not, installing a deck can provide a substantial return. Extra living space is always a selling point.
10. Finished Basement – ROI: 70%
A finished basement adds livable space, and it’s something buyers often appreciate. Keep renovation costs between 5% to 10% of your home’s value to maximize your ROI.
In Conclusion
When selling your home, put yourself in the buyer’s shoes. Think about what would matter most to you when making this significant purchase. Remember that aesthetics are important, but functionality and structural integrity should be a priority. Most buyers expect to make upgrades themselves, so balance how it looks with what truly matters.
Keep in mind that your ROI can vary based on factors like your home’s price, the local market, and city. Evaluate your home’s needs and prioritize projects that offer the best ROI. With the right renovations, you can increase your home’s appeal and, ultimately, its selling price.
Sources
The Paint Colors that can Boost Your Homes Value
These 15 Home Renovations Have The Highest Return on Investment
Which Home Improvements Pay Off?
Deck Building: What Will Be Your Return On Investment?
Finished Basements Add Space and Home Value