Updates To Help Add Future Value
It takes money to make money, but is the cost really worth it? Yes—if you pick the right home repairs!
Even if you’re not planning to sell any time soon, you’ll want to think about the types of upgrades that home buyers want to when purchasing. When it does come time to sell, you’ll be glad when you see the increased value. Here is a list of the important projects that will bring you substantial rewards and help to increase the value of your home.
Never underestimate curb appeal.
It is the first impression anyone gets of your home. You could lose a buyer before they walk in the door if the exterior is not attractive. Painting the exterior of your home will bring an estimated 51 percent return when you sell and landscaping could help net an additional $2,000 (typically a 250 percent ROI).
The kitchen sells the house.
Upgrade to popular steel or energy efficient appliances. Replace the backsplash as well as outdated wallpaper or window treatments. Be sure to clean every nook and cranny and make sure it smells pleasant and inviting.
Replace or shampoo the carpet and repair any of the flooring that needs it.
A fresh coat of paint for the interiors will also yield you about a 51 percent return when selling. Be sure you to use neutral colors. If you are not looking to sell for a while, you’ll want to fit your taste—after all, you’re the one living there. Remember that most buyers will not have the same preferences as you and could be turned off by your love of hot pink or lime green.
Don’t forget the plumbing and electrical.
Energy efficient models for both heating/cooling, as well as toilets, are highly sought after and will save you money while you enjoy them. These can cut your utility costs, in some cases, by half! Replacing or repairing windows will help as well. Savvy buyers are looking for ways to save money as well so they will jump to the houses with these features before the others. You could be looking at a return of up to 181 percent when selling with these features.
Summer is considered home improvement season. Plan carefully before jumping into projects that will cost you time and money without the benefit of adding value to your home. It’s also a good idea to consult a real estate agent about your plans. Any good agent will be happy to offer free advice about how to plan for future buyers and save you money down the road.
Helen Oliveri is a 12-year real estate professional wh loves helping clients achieve their real estate goals. She is the managing broker of the newly opened Keller Williams Realty Partners in Hawthorn Woods, where she also resides. For more information visit HelenOliveri.com or call 847.967.0022.