When it comes to buying a home, first impressions are everything. From the moment potential buyers pull up outside you home, they’re critiquing every detail, and if they don’t love what they see, chances are they’ll move on. If you own an older home, a few minor upgrades can significantly increase your asking price by positively affecting potential buyers’ opinions of your property. At Home Avenue, we’re dedicated to putting more money back in your pocket with our flat-fee realty services, but we’re also dedicated to educating homeowners on selling best practices. If you’re curious about what you can do to add thousands to your bottom line, the following home upgrades offer the highest ROI:
Improving Your Curb Appeal
Since the exterior of your property is the first thing potential buyers’ eyes will see, curb appeal should be at the top of your home improvement list. So which curb appeal improvements have the highest proven ROI? Here are a few:
- New landscaping typically costs somewhere in the ballpark of $5,000-$6,000, but it almost always yields a 100% return. So if you invest $5,500 in new trees, flowers, sod, and design, you can add that $5,000 on top of your intended asking price. Your lawn is one of the first things potential buyers see, so making it look as welcoming and well-kept as possible can help drive interest in your property. Some experts believe a landscaping update can help your home sell up to six weeks faster!
- New Siding. If you own an older home and the siding has not been updated in decades, this is one area where you can definitely benefit from an upgrade. Depending on the type of siding chosen, homeowners recoup approximately 80-90% of their investment, which makes it a smart move. If outdated, deteriorating siding deters potential buyers from even considering your property, an 80-90% ROI is much better than no showings at all.
- New Doors. New front entry doors typically net homeowners a 90-100% ROI, while new garage doors return about 90% of their initial investment. With these investments, be sure to take stock of the properties in your immediate neighborhood. Homeowners who maintain a similar aesthetic to the properties in their area tend to generate the greatest return on their upgrades. Over-improving certain aspects of your home can make the property seem out-of-place for the area, which can negatively affect the buyer offers you’ll receive.
Who doesn’t love a nice bathroom? The bathroom is one area of the house that sees heavy traffic, so it must appear well-designed, functional, and well cared for. When potential buyers imagine entertaining guests, they won’t enjoy the idea of sending those guests to an outdated restroom. Nor will they enjoy the idea of using an outdated bathroom for daily grooming.
If your vanity, toilet, tub, or shower have never been upgraded, a minor bathroom remodel can make a substantial difference. On average, minor remodels cost between $10,000 and $11,000, but they recoup approximately 102% of your initial investment.
Ask homeowners where the heart of the home lies, and the majority of them will tell you: in the kitchen. A household kitchen wears many hats, and as such, it must appear functional, well cared for, and well-designed. Today’s homebuyers prefer more of an open floor plan for the kitchen, so if your current kitchen is cramped and cluttered, a minor remodel can make a major difference.
Updated appliances should come first, followed by cabinet refinishing or replacement. New finish and a few hardware updates can really make your kitchen shine, and these improvements aren’t ridiculously expensive, either. The average minor kitchen remodel will run you approximately $15,000, but you’ll recoup 99% of that investment.
Selling Your Home? Keep More Money in Your Pocket With Home Avenue
When you’re ready to sell your home, you want the highest return possible, and at Home Avenue, we’re here to help you get it. Our flat-fee realty services can save you thousands in realtor commissions on top of your high-yielding home improvements. When you work with us, you keep more of your hard-earned money in the bank. For more information on our flat-fee realty services or to schedule your meeting, feel free to call us at 952-929-7355, or if you prefer, send us a message on our contact page.