The Spring Real Estate market is in full swing! If you’ve been thinking of listing your home, or even just doing some updates, these are the ones that will pay off the most and give you the biggest return on investment.
According to Realtor.com, curb appeal projects add to the overall value of the house more than interior projects. The top curb appeal project? New garage doors, where you can expect to recoup 97.5% of the money spent. After that, the next two are manufactured stone veneer and a wood deck. The reason that these types of projects top the list is because the outside of your home, especially the front, is something everyone will notice, as it’s the first thing they see. Curb appeal is very important and these numbers support that idea. Check out last month’s blog post for more curb appeal tips!
Maintenance items also top the list. Things like new siding, roofing, HVAC, and smaller items such as replacing leaky faucets or ripped screens, are even more important than a fancy new kitchen (even though that is nice as well!). Buyers want to make sure that the home they are looking at is sound, with everything in working order. They don’t want to worry about the important systems failing after they move in, so it is better to take care of everything beforehand and give potential buyers peace of mind.
As for interior projects, a minor kitchen remodel is the way to go with a return of about 80.5%. A minor remodel is when your space needs a cosmetic update. Instead of creating an entire new kitchen space, minor remodels focus on upgrading what is already there. Things like refacing cabinets and changing dated hardware, installing a new sink and fixtures, and new lighting fall into this category. A basic kitchen remodel gives the outward appearance of a complete overhaul without the added price tag.
Other updates that we often recommend during staging consultations are changing dated light fixtures and freshening up paint (choose a neutral color like a light gray). These smaller projects can often be done yourself, and can have a big impact. What projects are on your to-do list?