For many people, their homes are their greatest investments. And like other investments, you want to do what you can to protect its value. All homes require an investment in maintenance and eventually upgrades to keep them current. If you plan to sell your home in the near future, you should focus on upgrades that will improve your home’s value and its appeal to potential buyers. But you must also be aware that not all upgrades will reward you with a complete return on investment. Here are several upgrades that give you a great return on investment when selling a home.
Improve Curb Appeal if You Are Ready to Sell
If you are preparing to sell, your home’s curb appeal is what makes the first impression to potential buyers when they pull up to your home. This means investing in some exterior improvements.
Front Entry Door Replacement
Replacing your front entry door with a new steel door is an upgrade that provides one of the best returns on investment. You can expect a return of at least 91% on your investment when you sell your home.
Replacing Garage Door
Replacing your garage door is an instant curb-appeal enhancer that is high on the list of returns. You are likely to get back almost 95% of your investment when you sell your home.
Replacing Vinyl Siding
Faded, stained, or damaged vinyl siding will work against your home’s curb appeal. By replacing the siding, you can expect to have a 77% ROI.
Landscaping Improvements
The condition of your home’s landscape plays a big part in its curb appeal. Almost any landscape improvement will provide a ROI of almost 100%. A beautiful lawn, trimmed trees, or new fencing help add value by giving your property a fresh, clean look.
Home Improvements to Make When Selling Your Home
When getting ready to sell a home, you may be hesitant to invest in any major renovations. However, making some minor ones can improve your home’s salability and give you decent return on your investment.
Minor Bathroom Remodel
A minor bathroom remodel could provide you with a 102% ROI on your investment when you sell your home. Bathrooms sell homes, so it may make more sense to do minor upgrades to your bathroom(s) than in other rooms. It could be as simple as replacing bathroom plumbing fixtures like faucets and showerheads or replacing vanities.
Updated Flooring
If you have pets or outdated carpeting with stains, you should consider replacing it with hardwood floors instead of carpet. You could see a decent return on your investment when you sell your home.
Smart Thermostats
Today’s homebuyers are interested in homes with modern conveniences. Replacing your thermostat with smart thermostat offers an appeal for potential buyers.
Invisible Home Improvements
An invisible home improvement is one that is more maintenance-oriented and does not necessarily add tangible value to your home. Buyers have expectations that functional features in your home are in good working condition, but most are not willing to pay extra for them. However, if there is an issue, for example with your heating and cooling system, it could be a deal-breaker with selling a home. Your buyer may request a concession because they know they will need to repair or replace it soon.
Other invisible home improvements can include your hot water heater or a septic system. A roof replacement is often considered an invisible home improvement, too. However, unlike the others, it can increase the value of your home. You could expect to recoup almost 70% of your investment when selling your home. This is much better than having a buyer haggle for a reduced price because your roof needs to be replaced.
Home Upgrades to Avoid When Selling a Home
There are certain home upgrades you should avoid when selling a home because their ROI is very low. These upgrades include:
- Upscale major kitchen remodels that average a 54% ROI
- Upscale master suite additions that average 48% ROI
- Backyard patio additions that average 48% ROI
These upgrades are best left to those who plan to live in their homes for at least five or more years. They are considered upgrades that are more personal in taste. Basically, people make these improvements to improve their enjoyment in their homes. This is why they do not always have a good ROI when selling because these improvements may not appeal to all buyers.
If you are selling a home, your realtor can help you determine what upgrades can help make your home more attractive to buyers and improve its value. In the DeLand area, contact Palmetto Realty for more information.