You’ve decided to sell your house, but wonder how it’s going to compete with the others in your neighborhood. You’re not desperate to sell fast, but would like to get top dollar. Maybe you need to do some updates, but you want to make the wisest decision about where you spend your money. Here’s are 6 recent average return on investment renovation statistics that can help you make that wise decision.
#1 Minor Bathroom Remodel – 102% average return at sale
What’s minor? New tub (or resurfacing) and tile surround, flooring, toilet, sink, vanity, and fixtures without changing the floorplan. Choose styles that are on trend such as shaker cabinets, brushed nickel or brass hardward,subway or marble tile, framed mirrors, and open shelving. Colors of the cabinets and walls matter too. Best choices for now are grays, whites, and blues. For flooring, wood-look luxury vinyl plank or tile is great for these high moisture areas. How do you know what’s popular? Pick up a home decor magazine, check out the most recent pictures on Pinterest, or simply ask for help at a home improvement store. Better yet…ask your stager or designer.
the creativity exchange
#2 Landscaping – 100% average return at sale
Green grass that is trimmed and free of weeds is a no-brainer here, but appropriately-sized shrubs, flower bed borders, and pops of color can make a huge difference. Also, trees should be trimmed to a height in which average sized adults can walk under them. When a buyer drives up, the curb appeal is critical to lure them inside to see the property.
#3 Minor Kitchen Remodel – 98.5% average return at sale
So define minor: Your kitchen needs a cosmetic change, but not a radically different floor plan. Maybe your cabinets need re-facing such as new doors or just new paint and hardware. Other new items may include a wall oven, cooktop, undermount sink with updated faucet, and a solid surface countertop. Recessed lights and pendant lights are popular. Also, under-cabinet lighting can make a huge difference in the “brightness” of your kitchen.
Demi and Dashton
#4 Exterior Improvements – 95.5% average return at sale
Possible improvements may include vinyl siding, paint for trim, brick, shutters and/or the front door, and creation or update of a front porch. Thin posts or iron metal posts can be exchanged for chunkier beams. Get inspiration for paint colors here or check with your local home improvement store. Look for the large brochures that have coordinating paint colors for the exterior of your house. Think about your neighborhood colors, because you want the property stand out, but not stand out in a bad way. New porch lights and address numbers are a quick update. Remember to grab a new door mat!
#5 Attic Bedroom Conversion – 93.5% average return at sale
An average attic conversion is around $40,000 which would include a bathroom and a 15×15 foot bedroom. Consider your HVAC system – is it powerful enough to handle this extra space? If not, that could be an extra expense. Also, talk with your real estate agent about the comparable homes in your neighborhood to weigh your options on this renovation.
#6 Deck, Patio, or Porch – 90.3% average return at sale
These spaces are increasingly popular as people use them as additional living areas. Comfortable outdoor seating, lighting, and shade are important. Durable finishes are key. Outdoor fireplaces, built-in grills, and landscaping take it up a notch.
Want to know even more about renovation return on investments? Click here to read more about this on HGTV.
So you may be thinking that if you don’t receive a 100% or better return, why should you do anything to get your house ready? Well… Your property should sell faster if it’s updated and priced right. A quicker sale saves you in holding costs – mortgage, tax, and insurance payments. Other updates that weren’t mentioned above, but that could have great impact are new paint on the interior living spaces and bedrooms and new flooring – especially new carpet to replace stained or smelly old carpet. Decluttering and staging also add great value to your home. I can help you with that when you’re ready. Be sure to talk to your agent about your plans before you begin spending big bucks. He or she can advise you according to the price-point and location of your house.
So you’ve decided to update your house in a few areas. Remember that you are picking products that will appeal to the masses. Just because you like yellow walls or green cabinets does not mean you should make investments like that. Think “NEUTRAL” and calming. If you need help, I’m here!
Happy renovating and selling!