Did you know that Warren Buffett — also known as the world’s richest man — still owns the Omaha, Nebraska home that he purchased in 1958 for just over $31K? Today, the modest gray stucco residence would be worth over a quarter of a million dollars. Of course, that’s just a drop in the billionaire’s bucket.
Most American homeowners, when it comes time to sell, want to attract buyers who will pay their asking price without flinching. In order to command a lucrative sale, it’s likely that you will need to make some changes to your home. Today we’re looking at some of the most effective solutions for sprucing your place up and ensuring that it will sell.
Garage Door Replacement
This renovation has a surprisingly high ROI. With an average cost of $3,611, changing out your old, clunky garage door for a sleek new one will recoup about $3,520. That’s according to Remodeling magazine’s 2019 Cost vs. Value Report, which examines the 22 most popular renovations in terms of their ROI.
Minor Kitchen Remodel
This is the next most valuable project to undertake, says Remodeling. It will help homeowners recoup about 80.5% of their investment.
What constitutes a minor kitchen remodel? In essence, it means giving a functional kitchen with an outdated aesthetic an overall facelift. New, energy-efficient appliances replace the old ones. Cabinet fronts get a makeover, although the cabinets themselves remain in place. New laminate countertops and a midpriced sink provide an updated workspace, and for a finishing touch, high-performance flooring is laid.
Anything more extensive than that, and you’re going to be spending more money than is worthwhile.
A Fresh Coat of Paint
Painting your home — both exterior and interior — remains one of the home improvement projects that provides the best bang for your buck. It is relatively inexpensive, and makes a huge impact on buyer perception.
“A lot of people don’t realize how dull and dingy their current paint job looks,” explains Glen Morrison, President of Teaberry Painting and interior painting expert. “It’s only once they job is done that they realize how badly a fresh coat of paint was needed.”
Real estate experts warn not to go too far overboard with funky, unusual colors. While it’s true that neutrals — white, off-white, pale gray, light blue, and buff hues — are the safest bet, you can use a darker or less traditional color as an accent wall or in a smaller, less trafficked room to make a statement.
Don’t Forget About Curb Appeal
Sprucing up the home’s exterior is every bit as important as indoor renovations. Some real estate agents believe that it’s even more crucial — after all, it’s what prospective buyers see first, and you know what they say about first impressions.
We’ve touched on exterior painting, but there are several more elements to consider. The first step to take is to try seeing your property from a new perspective. Next time you arrive home after a day of work or running errands, try to view it as a prospective buyer would. What do you see? Does it look well-maintained? Are you drawn to it, and eager to step foot inside?
The usual rules of staging a home apply to the porch and front yard. Remove clutter, leaving behind only a few classic pieces of furniture, so that would-be purchasers can picture themselves relaxing there. Simple, tasteful seasonal decor — think a front-door wreath — can be a nice touch.
Make sure your landscaping is up to par, too. Your yard and garden should be attractive and inviting. If you don’t have a garden, try adding some large planters with colorful blooms or eye-catching succulents for a homey, hospitable effect.
Wrapping Up
Feeling overwhelmed? Don’t know where to start? That’s completely understandable. Selling a home requires a huge expenditure of planning and strategic thinking, in addition to the upfront monetary costs.
Chances are you are going to have to invest in at least a few minor renovation and/or remodeling projects in order to whip your home into tip-top selling shape. But if you choose these projects wisely, it will pay off when the buyer signs on the dotted line.
Have you ever staged your home, or undertaken renovations strictly to help improve its ROI? Let us know how your experience was by commenting below!