We’ve explained some of the best home improvements to help you boost your property’s value and attract more prime buyers.
As a home owner who’s recently decided to sell their house, there are many things that you can do to make your home appear more appealing and therefore increase the value of your property.
- You could spruce up your listing by hiring a professional photographer to take amazing shots that’ll really hype up your property when posted.
- You can take the time to properly stage your home before a showing, which will add an extra hit of decorative appeal and go a long way in making your home look a whole lot more valuable in the eyes of the buyer.
- Or you could simply raise your asking price, then cross your fingers and hope for the best.
However, the one sure way to increase the value of your property (the tried and tested method) is to make all the needed repairs and invest in a few profitable upgrades before listing your home for sale.
In this blog, we are going to focus on the latter and show you how home improvements readily translate into added value at the negotiating table just before a deal closes. In addition, we’ll also list our top 4 most profitable home improvements that have been proven to provide home sellers with the highest ROI (return on investment possible).
So, let’s get started…
Why are Home Improvements Important in the First Place?
Before we can get into our top 4 list of home improvements that increase property values, you may be wondering why it is that these investments are essential in the first place. Typically, they’ll cost you thousands of dollars to implement and, even with the best contractor possible, will require you to add months to your home sale timeline while you wait for the improvements to be completed before listing. So why even bother?
Well, the simple answer to this question is that, there is no requirement to make home improvements. If you cannot afford to plunge any more money into your property, or you simply don’t want to, then you won’t have to. However, this will come at the expense of your sale price. People want to buy things that are appealing, and the greater the value, the more money that the seller can charge. This is business 101, and it’s especially important when put it in the context of the real estate market.
So if you’re comfortable making below market value for your property, which could be a potential loss from the price that you initially purchased your home for, then selling your house without making any improvements at all will be okay. This may make it harder for you to draw attention to your listing and find buyers. However, if you play your cards right, you could carry your deal right to the finish line by reducing your asking price.
However, if you’re looking to make the most money possible from your home sale, making the right improvements is imperative.
Top 4 Home Improvements with the highest ROI
Now that you know why investing in home improvements is important before a sale, you should also know that not all improvements are made equal. Some upgrades appeal to buyers better. And, because of this, you should prioritize these upgrades from any other improvements. Sure, you can dump all of your money into building a new basement; however, this home improvement isn’t going to bring the types of returns than a kitchen or bathroom remodel would.
In the list of home improvements below, we’ve focused on upgrades that have the highest possible ROI (return on investment). There is nothing worse than dumping lots of money into an investment that doesn’t yield any returns. And from a home sale stand point, this is the equivalent to paying for upgrades that most buyers won’t like. As such, we’ve narrowed down 4 home improvements that commonly increase the value of a property, and that have been proven to yield maximum returns from the lowest initial monetary investments possible.
So without further ague, here is our list…
1) Kitchen Remodel
If you’re looking for a home upgrade that has been proven time and time again to provide the highest possible value for money, remodeling your kitchen is an excellent choice. This is because kitchens tend to represent the central hub of activity within any living environment.
Kitchen improvements come in all shapes and sizes. They can range from a complete large scale renovation to simply updating your appliances with newer, higher quality options. Whatever you decide to do, this type of upgrade is almost always worth it.
Here is why:
- Minor kitchen remodels have the ability to recoup 98.5% of the costs spent on them, giving them one of the most supreme ROI’s in the real estate game. So not only will you get great value for money, you also won’t have to pay for a large full scale kitchen remodel for your investment to be profitable. Great right!
2) Bathroom Remodels
Next up, we have a true ROI monster when it comes to maximizing on returns. At 102% investment recuperation, bathroom remodels are some of the best home improvements that you can invest in if you’d like to increase the value of your property. And it’s not difficult to see why. Fresh and clean bathrooms are usually one of the first things that buyer’s look for when they browse through a house during a showing. Because of this, even minor bathroom remodels would make for incredibly profitable use of funds.
3) Entry Door Replacement
This upgrade my not initially appear that profitable. However, with a 90.7 percentage return, it’s clear to see that you’ll be investing in an excellent home improvement that will be sure to increase your home’s value exponentially.
This is because beautiful front doors are actually quite a stunning aesthetical element. They are one of the first things that your buyer will see when he or she walks up to your home. As such, creating a good impression from the get-go has been proven to be a sure way to increase buyer appeal, and subsequently increase property’s value.
Some say the key to a buyer’s heart is a low price. However, if you’re looking to increase the said price and receive the maximum profits possible from the sales proceeds, one of the best ways to do this would be to improve your property’s curb appeal.
Jay Schultz of FastPath, a professional home buyer in Minneapolis states – ”From the moment a buyer sees your home, they should marvel at the beauty of your lawn and the stunning flowerbeds that you have decked out all over the front entrance.
So, good landscaping does all of this and so much more; it creates that almost instant “Wow” factor that no one can deny. And at an average return of 100%, it is definitely an improvement that you should certainly consider making.
So there you have it. Here are our top 4 list of valuable home improvements that may be the best real estate investment and will help you justify setting the highest price possible for your home, and on top of that it will certainly aid you in closing that deal.