Are you thinking about listing your home for sale soon? If so, and if you’re interested in maximizing resale value with some home improvements you can enjoy in the meantime, the possibilities are endless. Of course, not all projects come with the same return on your investment—so you’ll want to be savvy about which ones you decide to tackle.
Here’s a list of a few home upgrades with the best return on investment (ROI) to boost your resale potential while enjoying your home a little more before you sell.
1. Adding a Deck or Patio
If your property doesn’t already have a great deck or patio space, adding one can yield an 80% ROI (or greater) when it comes time to sell. That’s because today’s home buyers prioritize outdoor living space more than ever, preferring to spend quality time with family and friends while enjoying some fresh air.
If you decide to add a deck or patio to your home before you list, thoughtful design is key. Your deck or patio should serve as an extension of your indoor living space—so if there’s a way to add an exterior door that leads directly to your new deck, that’s ideal.
2. Refreshing an Outdated Bathroom
Updating an older bathroom can also be a great way to boost the sale price of your home while enjoying a decent return on your investment. Ultimately, the ROI you can expect from this project will depend on how extensive of a remodel you’re doing. Even for a minor bathroom update, however, it’s not uncommon to enjoy a $1.71 return for every dollar you spend.
If you want to maximize the ROI on your bathroom upgrade, start by making necessary repairs (like replacing cracked tiles or installing a new vent fan). From there, you can focus on more cosmetic upgrades, like painting a dated vanity and refreshing hardware/fixtures.
3. Upgrading an Older Kitchen
Kitchen spaces are among the most important considerations for today’s home buyers. If your kitchen looks a little dated, making some much-needed upgrades before you list could drastically increase your final sale price. A kitchen remodel yields an average ROI of about 81% for most homeowners.
If you decide to go this route, opt for a design that will appeal to the broadest segment of buyers possible. Rather than choosing bold colors and polarizing patterns that may turn off some buyers, it’s generally best to stick with more traditional and neutral choices. This will help you maximize the ROI of your project and sell your home as quickly as possible when the time comes.
Preparing for a Move?
Sometimes, spending a little money now makes sense to make more money down the road. If your home lacks a great outdoor space or needs an updated bathroom or kitchen, you may want to tackle these projects before you list your home. From there, you’ll easily sell in a competitive market. Check with a local realtor to see how an upgrade can boost your forthcoming sale.
When it does come time for your next move, hiring an experienced team of professional movers can also make all the difference. Contact us to request your free quote!