If you’re looking to sell your home, I have five renovation ideas that can earn you a high return on investment.
What are the renovation projects that will yield you a high return? I’m often asked this question by clients, so today I’d like to discuss some common projects that have a high ROI (return on investment).
You can increase your return by updating your kitchen, replacing carpet with hard surface flooring, and installing smart technology.
- Updating your kitchen. Updating an outdated kitchen is a great opportunity to increase your overall return. By taking time for such tasks as replacing old appliances with more functional and efficient models, adding attractive, hard surface countertops, and repainting certain items such as cabinetry, you can change the aesthetic of the home and ensure that you’ll get back what you paid for the project, perhaps even more.
- Flooring. If your carpet is threadbare or dirty, replace it. Wood floors, laminates, tiles, and other hard surface floors are a popular trend in modern homes and will likely appeal to buyers. Carpet in rooms like bedrooms is acceptable, so long as it’s clean. At any rate, even if they don’t necessarily like the color of the new carpet in the bedroom, it shouldn’t prevent a buyer from moving forward with the transaction and paying top dollar.
- Smart home features. Nest thermostats, automated control systems, mechanized window treatments, and other such smart technologies are popular with younger generational buyers looking for homes.
- Bathrooms. Projects as simple as updating the vanity, towel bar, flooring, and resurfacing the bathtub can create an environment that’s more attractive to potential buyers and entice them to pay a little more for having those features ready by the time they move in.
- Landscaping. Realtors will often talk about curb appeal in their assessment of your home because it is a key factor in a buyer’s decision to purchase. To improve your property’s saleability and ROI, plant flower beds and attractive shrubbery, cut the grass, and remove dying and unnattractive plants from your lawn.
We have excellent resources and referral partners that can help you accomplish these renovations prior to selling, and we can manage the process as well.