Home Improvement Projects that Return the Most at Resale – Part 1
Many people consider doing home improvement projects to increase the value of their home before they try to sell a house at Lake of the Ozarks. We thought you might be interested in some of the home improvement projects that give the highest return on investment (ROI). Sometimes the projects that come to mind first, don’t always produce the best payoff in the end. Here are some things to think about when planning upgrades to your home.
Must-Dos.
Your first priority should be focusing on maintenance and fixing
anything that doesn’t work before you make something that already works
prettier. You may be tempted to do a
high-end kitchen remodel, but if the roof leaks, the buyer may not see past
that to appreciate the kitchen. Buyers
usually have a set amount of money they can or want to spend on a house, and
everyone knows that unaddressed maintenance issues can eat up a lot of
cash. People tend to feel better about
buying a house that does not need maintenance updates and opt to upgrade the kitchen
or baths themselves after purchasing instead.
Sometimes the most important improvements can be ones you don’t
see or notice as much. That could
include improvement to your septic system, basement/crawlspace drainage, a new
roof, new windows, replacing leaky faucets, etc. While these projects are not as fun or
visually appealing, they are definitely great selling factors that your agent
can point out as benefits to potential buyers.
Low-Cost Projects.
You don’t always have to spend a lot of money to make an
impact. Interior paint can totally
change the feel of a house for very little cost. For the most part, you will want to use
neutral colors to appeal to the most buyers – gray or beige walls with white
trim are great. Painting your front door
with a bright pop of color can increase your curb appeal, along with power washing
and cleaning everything. Pruning,
raking, weeding, and other basic yard maintenance is another way to show buyers
that your house is well cared for and, therefore, is less likely to have
unknown maintenance issues pop up.
Smart home technology is something else that many home buyers are
looking for, and something like a smart thermostat is not very costly and can
even save you (and buyers) on your energy bills. New lighting can make a room feel much more
modern and open, and focusing on your floors – either deep cleaning, restoring,
or replacing can make a big difference too.
Curb Appeal.
Curb Appeal has one of the highest ROI of any home improvement
project – sometimes 100% or more. Things
like new siding, a steel front door, stone veneer on the front of your house,
and a new garage door can all generate from 70% to 95% ROI. Basic landscaping, like adding mulch and
brightly colored flowers in groupings, can also produce up to 100% ROI. But remember not to go too upscale with
it. Water features and expensive
landscaping can be seen as high maintenance and don’t always pay off. Keep it simple for your best ROI. That rule applies to high end bathroom and kitchen
remodels, luxury upgrades, and swimming pools as well.
Basic Kitchen and Bath Remodels.
While high end remodels do not tend to produce as high an
ROI, basic kitchen and bathroom models have always been, and remain, a powerful
way to improve the value of your home.
We will talk more next week about exactly what to do and what to avoid
in your kitchen and bath projects, as well as other home improvement projects that
can add value to your home. If you are thinking
about selling your home at the Lake of the Ozarks, we hope these tips
are beneficial. If so, be sure to check
out our next blog for more helpful hints.
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