5 improvements give sellers big benefits
As an informed seller, you’re probably aware of the benefits remodeling and home improvement can bring. You’re far from clueless as to what they can do for your return on investment.
Ever wondered which home upgrades can get you the best ROI upon resale, though? By investing in the five home improvements detailed below, you can delight buyers (and enhance your bottom line) when selling your next home.
Here are the top value-creating home renovation projects for you to attract buyers:
1. Open up your floor plan
Modern homebuyers prefer partially or completely open floor plans around the kitchen, dining room, and living room. To create a spacious layout, consider removing any (non-load bearing) walls, or taking out any low-hanging cabinets that obstruct any openings from the kitchen. This won’t just make the space feel more inviting; it’ll also allow for more sunlight.
That said, before picking up a sledgehammer, remember that your home still requires a strategic interior design. Alexandra Isham is a program manager at the National Association of Home Builders in Washington, D.C.
In an interview with HomeLight, Isham clarifies the need for design. “If there’s no definition, it’s kind of paralyzing for a buyer: How do I picture what I have in this space?” Therefore, it’s worth a chat with a pro: either an interior designer or contractor.
2. Improve outdoor spaces
As per the 2021 Cost vs. Value report published by Zonda Media, 11 out of 12 home improvements were concerned with outdoor home renovations, except for minor kitchen remodels. This makes sense, as most buyers form their first impression based on a house’s façade.
Where should you invest time and a little cash? Outdoor home improvements such as garage door replacements can offer a surprisingly significant return on investment (94% in the case of garage doors). Building or upgrading decks are popular, too, but don’t offer as much ROI. Landscaping is another lucrative option, whether you’d like to roll up your sleeves or outsource it to a local company.
3. Remodel your kitchen
Kitchen remodels, as mentioned earlier, are among the very best home upgrades in 2021. The Zonda Media report reveals that a minor kitchen remodel recoups about 72% of its costs upon resale. But here’s the catch: major kitchen remodels do not provide high returns.
Similar trends were observed for bathroom remodels. The reason is simple: Major remodeling projects are too individualized or have too much of a personal touch to them. This does not sit well with potential buyers who are trying to picture themselves using that space.
4. Add stone veneer to the façade
Replacing your existing vinyl siding with a stone veneer works like a charm. For nearly two years, people have been cooped up indoors due to the pandemic. This is why they’re placing great emphasis on enhanced outdoor living.
Aesthetics play a crucial role in improving the overall value of your abode. And what better way to ensure that than by adding a stone veneer to the street-facing façade? You can attract buyers and recover nearly 92% of your investment at resale, as per the 2021 Cost vs. Value report.
5. Upgrade your HVAC system
It’s typical for buyers to inquire about the condition of a home’s HVAC system. (Nobody wants to buy a home and—surprise!—it’s suddenly time to replace the furnace or A/C.) If yours is outdated or faulty, it’s wise to replace or upgrade it to provide more value to homebuyers. But don’t forget ot market this. Be sure to showcase these details in online listings and inform the buyers during open houses.
With these five home upgrades and design trends, you can greatly increase your chances of achieving the best ROI upon resale.