When you begin to think about selling your home, look around and see all the things that need to be done. Maybe you have spent time and money maintaining and updating your home, but when the thought of selling comes to mind, your house suddenly begins to look dated. Especially when you are looking at newer homes on the market. You find yourself asking the question, do you spend more time and money fixing it up or do you sell it as is?
This time of year, I get an onslaught of questions from those thinking of selling their home, and this seems to be the biggest one. If you’re thinking about selling your home this year, or in the next 2 years, it pays to know what improvements will bring you the most return on investment.
Here are some of the best places you can spend your time and money.
Kitchen and Bathrooms:
Kitchen or bath remodel is a sure-fire investment, often returning more than 100 percent of the cost. These are the big, sexy rooms that new homebuilders splurge on. When buyers are shopping around, that’s what they want in an existing home, too. They’re the most expensive areas of the home in terms of construction. These rooms are also where people spend the most time in their homes. So, exactly what should you improve when you redo your kitchen or bathroom? Painted cabinets, updated hardware, commercial-looking appliances, stone countertops, or adding a subway tile backsplash to your kitchen can make a world of difference. It doesn’t have to cost a lot. You don’t have to do a complete remodel but a freshening up is a great place to start.
In the bathrooms, walk-in showers have replaced bathtubs. Changing out the vanity, or updating its appearance, is a simple way to freshen up the space.
Paint:
The quickest way to make a room look new again is to add a fresh coat of paint. Paint has one of the highest returns on investment, but the color choice, the contrast, and the variety that you use can have a big impact. Keep any newly painted rooms neutral.
Flooring:
Flooring can make a huge difference in your home. Refinishing your hardwoods with an updated color can change the look of your home completely. Homebuyers love to see new carpet as well. Old, weathered carpet in a house is a huge distraction and hard to overcome for homebuyers.
Curb Appeal:
Curb appeal for your home is a great place to spend money. If all of your improvements are on the inside and the outside of the house is challenging, you may never have a chance to show the inside.
Basic Maintenance:
Basic system repairs are a must. If the roof is leaking, a buyer won’t be able to get past that no matter what the kitchen looks like. Making necessary repairs to the roof, exterior siding, and windows is always a great investment and are high on the list of improvements returning 80% or more at resale. If the roof is 30 years old, the roof needing to be replaced is a bigger issue than living with a functional but dated bathroom.
If You Are Not Planning to Move in the Near Future…
Spend your money remodeling in a way that you’ll most enjoy. In other words, you can’t measure the value you get out of the use and enjoyment of the improvements you make. Even if you get less than 100 percent of your money back, you’re really ahead of the game over time because you get the use of all that space.
Gretchen is a Holly Springs local, and Realtor with Gretchen Coley Properties, and has been a licensed Realtor in North Carolina since 2000. Two years ago she partnered with Allen Tate. She’s closed over 700 homes totaling over $200 million.
