February 27, 2019

Home Upgrades That Pay Off in Resale

Home Upgrades That Pay Off in Resale

When deciding to sell your home, there are an abundance of factors to consider, including any home improvements to make and which pay off more than others. Keep in mind these home upgrades that have the highest pay off in resale:

  1. Painting: With dramatic results and a relatively low price, painting is a great way to modernize and liven up any space. If you hire a professional to paint the interior of your home, the price can range anywhere from about $3,000 to $6,000, depending on the size, and around $5,000 or more for an exterior paint job. Unsure about a color? Home-improvement experts report that a grey-blue color painted in the kitchen, interior walls painted in cool, neutral colors, and the exterior painted in a “greige”, a mix of light grey and beige, had the highest selling prices amongst competing homes painted other colors.
  2. Landscaping: First impressions are crucial and having an initial curb appeal will give potential buyers an indicator on how well-kept the home is. Creating, or maintaining, a landscaping plan can increase the value of your home anywhere from 5.5 to 12.7 percent. Whether you hire someone or do it yourself, taking care of the lawn and choosing greenery will set your home apart from others.
  3. Front door or garage door replacement: Another aspect of curb appeal is the front door or garage door. Making one of these improvements can entice potential buyers at first glance. This improvement can have 85 to 100 percent return on investment, making it functional and financially beneficial.
  4. Kitchen: Remodeling an entire kitchen can be a lengthy and expensive task. Surprisingly, a minor kitchen remodel pays off more than an entire remodel, with 70-80 percent return on investment compared to 65 percent. You can assess and decide which areas in your kitchen need more attention and focus on a few of those, though some common renovations are: replacing outdated appliances, adding granite countertops, subway tile backsplash, fix the grout around the sink and installing a new faucet.

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