My 14 years as a real estate luxury property agent required far more effort than simply placing the home in the local multiple listing service and waiting for buyers to find it online, probably one of the most common questions I am asked, is what remodeling projects will add the most value to my home?
It is a great question because I think too many homeowners focus on items that they may think are important and then get upset when they go to sell and realize that the money they spent added little or no value to the home. Since energy efficiency is a big topic these days many owners are making improvements like upgrading windows etc.
Unfortunately, these types of upgrades will yield little or no return when you go to sell. The average buyer expects that a home will have good-quality windows, so when you tell them that your windows are better than the neighbors it doesn’t always translate into them wanting to pay more money for the home.
If you want to see a good return on your investment, you should constantly be updating your home to the latest design trends throughout the time you live in it. You want to change things that people can physically see and will bring them enjoyment while they live there. This doesn’t mean that you have to spend a lot of money either. Taking an old, dark, outdated kitchen, painting the cabinets, and adding new granite or quartz countertops can create a dramatic transformation. This type of upgrade can cost very little but makes a huge difference in the price that you can sell your home for. Besides, you get to enjoy your new kitchen for the entire time that you live in the house.
My wife Julie and I have worked with sellers who have had their homes on the market for years without being able to sell them. The real estate professional was suggesting a $50,000-$100,0000 price reduction to get the home sold. Instead, we convinced the owner to paint the main rooms in the house a neutral color and paint the kitchen cabinets. The home sold within 2 weeks at the previous list price. Instead of a $100,000 price reduction, a simple $7,500 renovation got the house sold. It’s proof that the majority of people struggle to see what a home could look like with a few very simple updates.
If I were to renovate a home, I would start with something simple like a nice neutral paint color throughout the house. Next, I would consider a kitchen makeover. I would then update the master bathroom with new tile, paint the cabinets, and update the countertops. Finally, I would take one bathroom at a time and update all the remaining bathrooms in the home. Before you know it, you will feel like you’re living in a model home.