I get asked all the time.
So many of our wonderful clients are interested in maximizing the return on their homes when the time comes to sell, and so they should. People love their homes. They take care of their homes. And for many of us, our homes are one of our prime investment vehicles for long term wealth.
So if you are going to sell, why not get some great bang for your buck?
There are tons of resources out there with dollar averaged returns being advertised when a particular task is performed on a home. Things like "If you replace your front door with a new upgraded version, you might spend $1500, yet your investment will yield a return of $1395, or 93%."
Firstly, where the heck does that figure even come from? As a busy residential Realtor, I am YET to ever hear a client remark about a newly replaced front door, and then remark that even though they are aware of the upgrade, their independent math will encourage them to offer $1395 more for the home. Crazy right?
So this is where you are in luck.
Today you get to learn, from a person that sells a ton of homes, gets to spend lots of time in strangers homes with eager home purchasers and lastly, lists many homes for sale every year tell you what I think are the best returns for your money when selling a home.
To start, my philosophy on this is pretty simple.
1. If something is so bad/ugly/damaged, and it takes away from the overall aesthetic of the home, replace it.
2. If the entire house has a 'theme' (think old, new, modern, warm tones, etc.), and something sticks out like a sore thumb, replace it.
3. If you are upgrading something, yet the remainder of the home could use many upgrades as well, then save your money.
There. Done. This advice just saved you a lot of money.
For the list of items to consider, here we go!
- Fresh paint- Paint is cheap and goes a longgggg way.
- New floors (if needed)- That stained carpet is cheap in the scheme of things to replace, and will take away from a Buyer's experience in your home
- A new fence, or freshly painted fence
- A new vanity in a bathroom- You can now buy a full vanity kit, with sink, faucet, countertop and cabinet included in one. This can really sharpen up a bathroom for under $1000
- Landscaping- Spend a day or two in your yard cutting the lines between dirt and grass, feeding and maintaining a great lawn, weeding the garden and adding a few environment appropriate plants can go a long way.
- Be the cleanest house on the block- Seriously, it pays off
- Paint your front door
- Update your door handles and cabinet hardware to a modern look
- Updated light fixtures- Can you 'see' what I am saying? (sorry, I couldn't help it)
All of the above are cheap, cheap, cheap in terms of providing a great return on investment in my opinion when selling a home. The best part too? You can do almost all of it yourself. Be careful, be prepared and take your time, and always ask for help from a professional if you are unsure about how to do something.
I look forward to seeing your incredibly saleable home!