If you’re thinking about putting your home on the market at any point in the near future, I’ve got some great tips to share with you today. There are upgrades and renovations you can make to increase your home’s sale price and get a great return on your investment, but there are also common upgrades and renovations that won’t do either of those things.
I don’t typically recommend big, expensive upgrades right before selling. If you plan on living in the home for a while longer and enjoying them, though, it makes more sense. Here are the things that will bring you a good return as a seller:
1. Kitchen. This typically sells the home for most buyers. You don’t necessarily need to renovate the entire room, but any updates you do make will give you a great bang for your buck.
2. Energy-saving features. A lot of buyers are looking for energy efficiency, so if you have older appliances that aren’t as efficient, you may want to replace them. You could also update windows to become more energy efficient as well. Anything you can do to lower the energy cost for a future buyer is a good call.
3. Curb appeal. If you have old, cracked paint chips on your siding, it’s a good idea to put a fresh coat on or replace that siding. New siding and new paint give sellers one of the best returns on their investment.
4. Front door. It’s what sticks out first to a buyer when they show up to your home. You don’t have to replace the door, either. A fresh coat of paint could do wonders.
“Your money can be spent more wisely than on a new deck.”
Those are the main updates I recommend, but here are a few that I don’t:
1. Bathroom. A full bathroom remodel or the addition of a new bathroom typically isn’t worth what it costs. The average return is only about 56%.
2. Deck. Having a deck is nice, but building one before you sell isn’t a good idea. Buyers aren’t really looking for decks in particular. Your money could be better spent somewhere else.
3. Master suite. Everyone thinks people want that magazine-worthy, luxurious master suite. When it comes down to it, though, people would rather pay for the home without one than with one. On average, a master suite addition can cost over $100,000 and only results in about a 64% ROI.
If you have any questions for me about what you should do to your home before selling, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.