As we’re just about 60 days into the new year, many of us have already begun plugging away at those New Year’s Resolutions. Some of those plans were personal, but, often, others tend to be related to our homes.
How many of you have said, “This year, I’m going to renovate the powder room” or “In the spring, I’ll think about getting new carpets”?
Indeed, we all want to live in the nicest environment possible. But if you’re thinking about selling your home in the not-too-distant future – maybe 2 to 5 years – you should know that there are some improvements you can make that will help you earn extra cash and others that likely won’t add anything to your sale price.
So, if selling soon is a consideration for you, you’ll want to spend your money on the projects that will provide you with ample ROI – return on investment.
The National Association of Realtors claims that you’ll get about 70% return on investment if you take the plunge and replace your roof. Even a partial replacement often makes buyers happier about the state of the roof.
During what season you replace the roof depends largely on the climate in which you live, but if you’re approaching a rainy or snowy season soon, now is a good time to think about that new roof. Storms can take a toll on your roof and push an already worn one to its breaking point.
Similarly, your siding is important in protecting your house from bad weather. In addition, it helps with curb appeal! If you’re thinking about selling, new siding is a great investment as it makes your home look like new! Old, weathered siding is a real turn off for buyers.
Experts say you may recoup about 75% of your siding investment when you sell, so it’s important to choose something attractive and of good quality.
Remodel your kitchen
Often, it’s not necessary to do a total kitchen gut to attract buyers. If the cabinets are still usable and not terribly old-fashioned, you may be able to simply have them painted (or paint them yourself), and you can replace the hardware with something more modern.
Other easy fixes include installing new high-quality laminate countertops, which can look nearly as good as granite or quartz but for about half the price. A good laminate or ceramic tile floor also gives kitchens a new flair. And, of course, nothing goes further than a gallon or two of paint in making a kitchen sparkle.
Kitchen remodels offer the best ROI of all remodel projects if they are done tastefully and with quality materials. Experts say sellers can get as much as 80% back when investing in a quality, attractive kitchen remodel.
Remodel your bathroom
Next to kitchens, bath remodels offer the next best return on investment. Think about it. We spend lots of time in the bathroom each day, so having a functional, attractive space is important to most buyers.
The price of a total remodel for the average-sized bathroom is about $15,000, but – in many cases – your bathroom may just require some updates. Pink bathtubs can be re-glazed in a more palatable white color, old toilets can be replaced for less than $100, and vanities, sinks, and faucets can also be replaced with something more modern, all for a minimal amount of money. Projects like replacing old ceramic tile will cost more but can prompt a return of as much as 65 percent on your investment.
Replace your deck
Especially in climates where individuals spend lots of time outdoors, a new deck is a super valuable investment. If the wood on your deck is worn or warped and nails are popping out, it’s probably time to think about replacement. (Mildly worn decks may benefit from staining or power washing.)
An average-sized deck will cost between $10-12,000 for total replacement, but studies show that you might get about 70 percent back on that particular investment.
Replace inferior windows
Windows are not only important in regards to how your home looks, but good windows are also essential for energy conservation. They keep the heat and cold in – or out – depending on the time of year. Replacing leaky windows will benefit you via a reduction in energy bills and will undoubtedly be attractive to potential buyers. Look for about a 74 percent ROI at resale!
Are you thinking of selling soon? Contact a local realtor before you dump lots of cash into remodels. He or she can help you determine how to best spend your hard-earned dollars to ready your home for sale.