Prepping your house for sale can often require an investment to bring it up to current standards and help it compete in the hot real estate market. Especially if you’ve lived in the house for several decades, you may be blind to your home’s shortcomings. Here, we examine the top home renovations to ensure your return on investment.
- Painting is the most under- appreciated homes improvement. Nothing provides a higher ROI than quality, professionally painting. When putting your home on the market, consider a professional painter who can help select the light palette, skim the walls, seal trim and repair minor damage before applying top quality paint that’s appropriate for each surface (matte for living areas, egg shell or semi-gloss for trims and doors and proper ceilings paint.) It doesn’t seem liked the most glamorous of renovation, or promise the most dramatic before- and- after, but instills freshness and can flatter you home in ways you’ve never imagined. It’s like dressing for your body type, a color expert can help select the perfect shade to work with lighting in your home and ensure it puts its best face forward!
ROI: a fresh coat of paint typically garners a 60% return on your investment
By the numbers: Budget for a 2000ft home: approx 10,000-$15,000
- Strengthen your bones
When it comes to sprucing up our homes for selling, we immediately are thinking about improving our kitchens and bathrooms. However, when contemplating a profitable renovation, nothing “sinks” a sale price quicker than a house taking o water. Especially in this market, where strong sale prices are being paid for homes with “good bones,” ensuring that the roof and windows are in good shape, gutters and drains are functioning properly and the foundation is dry is crucial to realizing the potential value in a home. Consider items like vinyl windows, a new roof or even water proofing the foundation. Buyers are wise to structural issues, and learning that a homeowner has done their homework and made the proper investments to prevent flooding and leaks will go a long way in a buyer’s eyes (and offer!)
ROI: renovations that will save home owners money in the long run will draw a higher return, around 75% depending on the scale of the Reno.
By the number
- All new, good quality vinyl windows for a 200ft2 home approx $15,000
- Stripping and replacing the roof with quality asphalt shingles: approx $8,000 to $10,000
- Proper waterproofing of the exterior of a foundation: approx $60-$80/linear foot
- It’s All In The Details
Investing in new interior doors and hardware; replacing the front door and adding a quality lock-set, and adding baseboard, door trim, crown moulding and wainscoting are all examples of relatively inexpensive and non- invasive improvements that can immediately punch up the appeal of a home. It can really come down to the quality of the finish through. This is not a time skimp of materials or workmanship. Hire someone you know and trust, or ask for referrals from friends who you know share similar standards
ROI: smaller projects that have less of a wow factor and may even go unnoticed in an open house, draw a smaller return, around 50% of your intial investment
By the numbers
- Solid wood front doors with quality lock-set $2500
- Solid core interior with hardware $250/per door
- Counter Intuitive
Since kitchen renovations can easily snowball, consider a quick counter-top refresh and appliance-swap as options for a great return on investment. Instead of shelling out upwards of $25-50,000, expect to pay about $3,000 for a quality stone, like granite or quartz, and between 5-10,000 for quality slide-in or a standalone set of kitchen appliance with a pro-look like stainless steel.
ROI: Kitchen renovations have the best return on investment, typically garnering a 75-100% return.
- A Good Bath
Creating one luxury space in a home can have a great effect and return on investment. Focus you attention to items like a frameless glass shower enclosure, marble-topped vanity or a gorgeous tile back splash. Analyze your bathroom, pinpoint its strengths and weakness and ask yourself,”where is my eye drawn when I enter this room?” Is the bathtub the focal point? The vanity? A window? This where your renovation should begin/
ROI: Bathroom renovations where done well, have a return of 62% on average.
By the number: Budget vary but typically range between $5,000 to $15,000
- Invest In Flooring
Flooring is the hardest wearing element in any home and for many homeowners , replacing aging flooring is a must. However, The quality of installation is essential. Expensive hardwood floors can look terrible if they are lifting or there are gaps between planks. While inexpensive laminate from a big box store can look great when laid properly. Carpeting, however, is rarely a good idea, especially when your planning to sell. While some people love the warmth and feel of carpeting in a bedroom or basement,buyers will see carpet and think one thing: Carpet cleaners, STAT! Carpet tendto lovingly hold on to memories of previous homeowners, memories that buyers would sooner rather forget. Spare buyers the cleaning fee, or worse, all-out removal, and skip carpeting, or remove it yourself
ROI: Depending on the flooring you choose, the return is generally 100-150% of your investment
By number:
- Typical Hardwood floor: $4 to $6/per square foot, plus $2 installation fee per square foot
- Typical laminate floor $1 to $3/per square foot, plus $1.50 installation fee per square foot
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