Folks, there is no time like today to roll up your sleeves and tackle some home improvement projects – especially if you want to cash in and take advantage of the inventory shortage much of the country is facing. According to top agent insights, buyers are willing to submit offers above the asking price, forego the usual contingencies and sometimes will even get into a bidding war! Yes, people will use their wallets to win you over and accept their offer!
You can increase the value of your home by tackling home improvement projects that have a high return on investment (ROI). These are some of the best projects that’ll make your home more valuable when it’s time to list it.
1. Bathroom improvements
One of the best ways you can get a high return on your investment is by doing a bathroom remodel. Buyers want a bathroom with a luxurious feel and you can give that to them with double vanity sinks, fancy shower heads, a sizable tub and a spacious linen closet. Best part is, you can expect to see a 182% ROI!
2. Upgraded landscaping
Curb appeal is the very first thing buyers see when they walk up to your house, so you need to make it look like a million bucks! Well, not really but it needs to look like you take excellent care of it, therefore giving the buyer the impression that the inside will be well maintained, too. Depending on what you do, you could see a ROI between 67% (adding a firepit) to 100% (planting new trees and bushes).
3. Modern kitchen upgrades
Buyers don’t just want a luxurious bathroom or a dazzling yard – they want a kitchen that makes them want to cook a gourmet feast for every meal! They want stainless steel appliances, a center island, nice cabinetry, and maybe granite countertops. Yes, this renovation project is going to be costly, but you can get 81% ROI. Plus, you get to enjoy the new kitchen in the meantime!
4. New (or repainted) front door
Curb appeal isn’t just about the yard – the front door is the focal point of the porch and you want to make sure it stands out. Doors can be pretty price and if you don’t want to spend upward to a couple thousand bucks, you can always slap on a new and bold paint color, replace the hardware and hang a nice wreath. It’s an affordable option but it can make a big impact on the look of your home.
5. Build a deck or patio
As summer quickly approaches, a deck or a patio is a great addition to any home because it’s a way to entertain guests without worrying about how clean the living room is (if you have kids, you know what we mean!). A deck or patio can be home to a cosy lounge area, a grilling area, and a place to eat. If you have space, you could even include a lovely water fountain or fire table. With a deck or patio, you could get a 90% ROI, which is a nice bit of change for an outdoor living space. Typically people will begin their search for a house online. If your house is listed, they may get excited because it’s within the estimated budget they got from using a home affordability calculator. However, when you do these upgrades, your home will increase in value and your asking price should reflect that. If you get an appraisal, make sure they include all of that hard work and have proof of the costs! You put in a lot of money to get your house ready for a big sale and in today’s market, you’ll have no problem getting what you’re listing it for.