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Not every home improvement offers the same return on investment. In fact, some upgrades may end up costing hundreds or even thousands more than they’re worth. If you plan to live in the house for long term, then those changes can be worth it. But if you are planning to sell your house, then you’ll want to choose projects that make sense, cost-wise.
BATHROOM UPGRADES
Replacing countertops and floors, repainting, installing floating vanities… according to a USAToday article, even the minor bathroom upgrades have an average ROI of 102%. Nancy Wallace – Laabs, an expert realtor, states that also changing mirrors and fixtures can go a long way. One of the most profitable projects though is adding a second bathroom.
KITCHEN RENOVATIONS
Realtors are still sealing deals because of newly upgraded and modern kitchens. To maximize profit, experts suggest doing minor fixes like repainting cabinets, replacing the flooring, adding energy efficient appliances, and improving natural light.
LANDSCAPING
According to Dick Gaylord, a realtor with more than 21 years of experience in the business, buyers won’t even bother to get inside your home if they aren’t impressed by its exterior looks. Besides being essential to buyers, curb appeal improvements are very cheap compared to other project and that’s mainly why they are so profitable.
ROOM CONVERSIONS
Square footage is the number one selling point in the world of real estate, but increasing it is a costly project. So instead of knocking down walls, you can reinvent your basement and attic. This can be a major selling point on open house days.
HOW TO GET THE HIGHEST RETURN?
The information above is an amazing lead for finding your profitable home improvement, whether it be solar panels on the roof or granite kitchen countertops. But, the final results will also depend on the neighborhood you live in as well as your marketing strategy.
Your bathroom remodel or your new attic bedroom will be a lot more successful if you advertise them the proper way. Research by the National Association of Realtors shows how 50% of buyers find their home through the Internet, whereas only 28% find it through a realtor. This means that you should strengthen your online presence, highlighting your property’s key perks such as a new kitchen, a second bathroom, an energy efficient roof, etc.
According to Coldwell Banker Real Estate Group, homes that are staged sell 25% faster than those that aren’t. That’s why every good realtor suggests that a home seller should invest in redecorating and restaging.
Apart from marketing tricks, you should also get to know your neighborhood. When you remodel, you don’t want to increase the home’s price so that surpasses the overall value of your neighborhood. Most people wouldn’t buy a $900,000 house in a $500,000 location. In addition, you don’t want to underprice your property. Instead, make sure it reaches its maximum value and potential.
WHAT SHOULD I DO?
The question about pre-sale renovation has been bugging home sellers for decades. Yet, there are many success stories of people who managed to increase value even with small fixes and repairs. If you are wondering whether to renovate or what remodel to invest in, there are only a couple of things you can do:
- Learn everything there is to know about remodeling
- Learn everything there is to know about the real estate market
- Schedule inspections with contractors, realtors, and possible buyers
- Look for contractors and bargain with them for getting better deals
- Spend hours and hours of research and problem solving
- OR you can contact professionals who offer free inspections, adequate advice, and dealing with all of the mentioned above.
At FIXIMIZE we help you get the best possible deal for your property. We offer pre-sale renovations and consultations with no upfront costs! Our experience in the real estate market has resulted in tons of satisfied customers who managed to increase their home’s value even with smaller remodels.
Contact your listing agent today and find out how you can leverage FIXIMIZE to maximize your profit before selling
