Tips for Getting Top Dollar When Selling Your Home
A house is one of the most substantial investments of a lifetime. Not only does it represent a significant financial investment, but an emotional one, too. A home is where people sleep, eat, play, raise a family, and socialize.
When it’s time to think about “selling my home,” though, the foremost goal should be reaping a return on investment (ROI). One way to maximize the return is through gradual home improvements over time. According to one research study, these are the renovations that represent the highest ROIs:
- Garage installation, 98.3 percent
- Manufactured stone veneer, 97.1 percent
- Entry door replacement, 91.3 percent
- Wooden deck addition, 82.8 percent
- Minor kitchen remodel, 81.1 percent
- Siding replacement, 76.7 percent
- Vinyl window replacement, 74.3 percent
- Universal design bathroom, 70.6 percent
- Bathroom remodel, 70.1 percent
- Replacement roof, 68.4 percent
It’s prudent to consider the factors inside and outside the home that represent the best return.
Outdoor Visual Suggestions
In 2015, Americans spent $326 billion on upgrading homes. Our goal is to walk through some of these renovations to ensure that the money goes as far as possible. These projects are among the best uses of homeowners’ time and resources when it comes to boosting curb appeal and selling a home.
Adding a Deck or Patio
A listing agent loves to see a deck or patio when scouting a home. The space represents an extended and personalized living area for homeowners. Decks and patios allow grilling, entertainment, or sunbathing without ever leaving home.
The average deck costs $10,950, while average patio is $2,000 to $4,000. The additions with the best ROI tend to be smaller and less ambitious. Homeowners should consider cost-saving measures for the patio, such as a sand base and dry set over compacted gravel. According to researchers, that approach can improve the ROI from 47.6 to as high as 69 percent.
Replacing the Roof
The odds are that the current roof has asphalt shingles. Most homes have it, even though it is the least durable material. Taking the time to replace cheap roofs with metal, wood, clay, or a synthetic alternative will let homeowners recoup an average of 68.4 percent of their investment.
There are a lot of myths around metal roofs. It costs more upfront but lasts up to three times longer than asphalt versions, and it requires less maintenance. It is also significantly better for the environment and invulnerable to leaks and cracks.
Clay shingles are another outstanding option. It is resistant to fire, insects, and other extreme weather, which means it lasts upward of a century. Asphalt shingles only last twenty years, by comparison. Note that clay shingles are tremendously heavy, so these require robust infrastructure as a base.
Siding is one of the primary components of a home. It is the first aspect people see when approaching a property. Clean and damage-free siding goes a long way towards boosting a home’s curb appeal in general.
One way to improve on the 76.7 percent average ROI is to install an energy-efficient siding. The improved insulation keeps warm air in and cold air out. Homeowners will see a reduction in energy bills while mitigating potential damage from moisture, pests, or wind.
Creating that Gracious Welcome on the Inside
The kitchen remodel is one of the most expensive and complicated upgrades that homeowners can make. According to researchers, the average kitchen upgrade costs $25,052 (or $150 per square foot).
The kitchen is the heart and soul of a home, though, so it is a worthwhile investment.
Homeowners on a budget may opt for a basic remodeling, such as an upgraded sink, painted walls, or energy-efficient lighting. More extensive options include replacing the countertops and customizing cabinetry.
Remember, a kitchen remodel has an 81.1 percent ROI. Even smaller additions will make home staging and selling the home more effective.
The average bathroom remodels cost $6,500, with projects ranging from $1,500 to $15,000. The upgrade can include but is not limited to, installing a bathtub, countertops, flooring, lighting fixtures, a shower, and a toilet.
The cost of labor typically extends the price of the basic materials significantly so that DIY homeowners can save money easily for up to 70.1 percent ROI on average.
Bathroom remodels do not have to be ambitious to improve the curb appeal of a home, either. Taking care of simple upgrades, such as a powder room remodel, can have significant benefits both for the comfort of the residence and its appeal to potential buyers.
Gutting or demolishing a bathroom will cost anywhere between $500 to $1,500 before installing any new fixtures, so this approach needs careful consideration before committing to the process.
Hardwood floors are more expensive than carpet or tile, but it represents a higher return. Materials like walnut, bamboo, oak, and maple are the most durable flooring materials, lasting more than five decades. It is also more sustainable and easier to clean than other flooring options.
The average hardwood floors cost $2,500 to $6,500, with labor between $3 to $8 per square foot. The investment also comes with 91 percent ROI. According to the Remodeling Impact Report, the ROI is why 21 percent of realtors suggest that homeowners install hardwood floors before selling the home.
Encourage Buyer Feedback
Buyer feedback is a double-edged sword, which can illuminate problems that homeowners previously missed.
Every piece of feedback is from an individual, though, and might not be representative of what all prospective buyers will think. People rarely offer unfiltered opinions on the spot. Potential buyers instead resort to platitudes, such as “We’ll have to think about it” and “We love it, but it’s not for us.”
A short survey via email after the showing is far more effective. It allows potential buyers to process their viewing experience and offer feedback at their leisure. For higher response rates, add a small incentive, like a drawing for a $100 Amazon gift card.