Making improvements to a house raises its value. That much is undebatable. But how do you find the best bang for your buck when it comes to renovations? That is a much more complicated conversation.
Here are a number of strategies the Realtors® we work with at eCommission have used to successfully increase value of a listing.
Keep them keep in mind when deciding what renovations to do on a home you’re trying to flip or when advising clients on how to boost their property value.
Spruce up the john
A new toilet or sink can come pretty cheap but dramatically enhance the aesthetic of the bathroom. Putting in place new tiling can also have a big effect on how home visitors perceive the house. Matching mats and matching new towels also go a long way in selling the sense of freshness and renewal.
Kill the mold
There are few things that will have a buyer running faster than a moldy bathtub or shower curtain. The tub can be addressed with a $2 jug of bleach, baking soda and some good ol’ fashioned elbow grease. As for the shower curtain, that’s even simpler: buy a new one!
Reface the kitchen cabinets
You could take a sledgehammer to your existing cabinets and put in place better ones. Or you could simply reface them for about 20% the cost. There are many affordable, fashionable options, including a variety of glass door inserts.
New light fixtures
It’s hard to overstate the value of light throughout a home. As a seller you should seek to highlight and amplify any natural lighting opportunities as well as put in place additional lights or newer lights that will brighten up the place. Hanging lights over a kitchen bar, track lighting in a bedroom or recessed lighting that can shine on a favorite painting or portrait in the dining room are all cheap ways to make a room look much more modern.
Paint the front door and garage
You don’t want a buyer seeing chipped paint as they enter the home you’re trying to sell them. Similarly, the garage door tends to dominate the image of whatever side of the house it is on. A fresh coat of paint on both makes a house appear much brighter and newer.
Add a nice touch to the walkway
Take a hard look at the front yard and the walkway leading up to the house. Chances are you can think of a few things to make it look nicer to visitors. Putting a brick border alongside the walkway is often a good idea.
Add a flourish to the flora
Removing dead or dying plants from the flower bed costs nothing but your time and is an absolute must, while planting some new ones and putting down fresh mulch will come pretty cheap. Planting a tree is not a bad idea either. Many homeowners will love the idea of watching a sapling grow alongside their family.
Add a closet
What makes a bedroom a bedroom, rather than any other type of room? The answer is simple: A bedroom has a closet. So if you have a spare room that lacks a closet, adding one will allow you to boost the number of bedrooms in your listing, which could very significantly increase the home value. This type of improvement might be hard to do for under $1,000, but if you’re thrifty it won’t cost much more and the ROI is definitely worth it.
Do you need that kitchen island?
If there is not much storage space in the kitchen, then the island may have to stay. But if there are enough cabinets then you should consider knocking out the island to create more open space. “Right now buyers want a wide open floor plan, the living room right off the kitchen. They are into big spaces,” Kristin Wellins, Senior Manager of Program Development for ERA Real Estate, tells This Old House.