Every prospective home seller has one question on their mind as they begin this exciting process, how can I increase the value of my home without the breaking the bank? We will suggest a few home-improvement projects that provide the best return on investment to ensure you are getting the most out of your hard work. A few of these projects are even DIY so get ready to roll up your sleeves and help yourself make some money as you put your house on the market!
Clean and De-Clutter
When you are deep into the process of selling your home, time is hard to come by. However, if you can find the time to keep your space tidy, it could be one of the biggest selling points and majorly increase the value of your home. Experts see it as the cheapest cost and highest benefit when it comes to return on investment.
Based on a National Home Improvement Survey released by HomeGain, a thorough cleaning & de-cluttering session can cost around $400 but result in an ROI of over 400%. This is by far the most recommended project any seller can complete. It seems simple enough but can’t be overlooked. Certain tasks such as dry-cleaning drapes, polishing all interior woodwork, oiling doors to eliminate a squeak, eliminating pet odors, and removing oil spots from the garage can get your house sold fast and at a higher price
Paint Interior Walls
Break out the Benjamin Williams, Sherwin-Williams or Behr! According to HomeGain, an interior paint job can have sellers seeing up to 107% return on investment. The job can cost less than $1,000 and result in a benefit of over $2,000.
However, be careful about picking the color. Any potential home buyers may disagree with what your favorite color is. The best value you will see is choosing white, off-white, light greys or browns. These will ensure a neutral color that will not form a strong opinion from any potential buyers and at least provide them with a blank canvas so they can paint over with a color of their choosing with ease. Some of my favorites include Nantucket Fog, Translucent Silk, Polished Pearl and Nimbus Cloud.
Landscaping
This should be a must on every seller’s list. Landscaping is the best way to improve the first impression buyer’s have of your home. The first picture on almost every listing is the front yard and front of the house. Make sure the first impression you make with your house is as impressive as you want it to be. This is one of the more labor-intensive fixes on the list so enlisting professional help over DIY maybe the route you take, but your ROI gets a bump if you take care of the work yourself. Attractive landscaping can add up to 28% to your home’s overall value, according to John Harris, a landscape economist.
Projects to keep in mind include repairing damaged fencing, repairing or re-staining your deck or porch, keep your grass nicely mowed and rake fallen leaves, spruce up walkways and re-sod any dead grass spots on the lawn.
Lighting
Upgrading the lighting in your home can have numerous positive benefits when you are looking to sell your home quicker and for a better profit. Finding modern fixtures can give your home a face lift and brighten up any room or outdoor area. Outlet switch plates are another underrated fix that can modernize any home. Don’t forget to inspect all the lighting in your house as well, as both indoor and outdoor lighting can impact a buyer’s opinion and your price point.
According to HomeGain, upgrading lighting and brightening your home can see an ROI of close to 300%. Some of the key project besides the ones mentioned above include installing dimming switches in common rooms, increase the wattage of all bulbs around the house and of course make sure all your lighting functions properly.
Flooring
This might be the most intensive project on the list so make sure you make enough time and hire the right professionals to help you with this. Whether you have carpet or hardwood, giving your floor a makeover can lead to big dividends when your house gets taken off the market. With an average cost of just over $900, repairing floors can still have sellers see over a 100% ROI, according to HomeGain.
On the more expensive end of the spectrum you can opt to replace your floors and buy brand new carpet or hardwood. Other projects to bolster your existing flooring include the following: deodorizing pet odor from carpet, steam clean existing carpet, polish hard wood floors and thoroughly clean bathroom and kitchen floors.
Keep these home improvement projects in mind whenever you are considering putting your house up for sale. With a little bit of work and creativity you can turn a profit and get your home back on the market in a hurry.
About the Author
Nate Zielinski, Junior Business Development Coordinator, joined RCN Capital in the Fall of 2020. He will add his ambition, communication skills, teamwork, and public speaking ability to RCN’s Business Development team. Nate’s goal as a member of the Business Development team is to recruit new, long-lasting business relationships with brokers and borrowers as well as maintain the strong relationships RCN Capital already has in place. Nate’s prior work experience includes sales, advertisement, copywriting, and social media. Nate graduated from the University of Connecticut in 2015 with a Journalism degree and a related area of study in Communications while working for the school newspaper and radio station.