As the real estate market continues to heat up this Spring, sellers often ask what they can do for their homes to increase resale value. There are smaller (and often simpler) home improvements that can be made relatively quickly and easily, as well as more involved updates that can offer more significant value come resale. Our expert team has compiled a few of the many recommendations we offer to our sellers, in order to help them get the most they possibly can from their home sales.
Refinishing hardwood floors can actually offer up to almost 150% return on investment, which is incredibly attractive for sellers. Newly finished floors are generally very visually appealing for buyers and make the home feel cleaner and more refreshed. Buyers like walking into a home and seeing fresh floors that are not scuffed up and “lived in” from the previous owners. Offering this clean slate to a prospective buyer allows them to even better envision how their life would look in the home, and how it could be the perfect fit for them.
There are many ways to approach refinishing floors, and some options are even DIY to allow for increased cost savings. We tell our sellers that they definitely want to have the floors refinished in a way that looks professional and polished, and this can be accomplished on their own or with expert help. Regardless, it is important to research flooring options in advance and choose a floor that is modern, clean, and fresh. Sellers should partner with their real estate agent too, as their expert recommendation will be valuable when making these types of choices.
We find that there are essentially two rooms that sell houses – kitchens and bathrooms. Research shows though that one of the greatest home improvement ROIs lies with bathrooms. With an average ROI around 102%, minor bathroom updates can be a game-changer for sellers in moving their home through the market.
Our experts recommend that instead of completing some smaller projects around the home or in each room to aid in selling, it is more advantageous to pool those efforts into minor bathroom remodels. Updated bathrooms, without gutting them entirely, can go a long way and make a tremendous impact. Buyers are often attracted to luxurious features like upgraded shower heads, or modern vanities that have not had much use. Again, the bathroom remodeling does not need to be drastic, but updated fixtures and attention to detail can go a long way for selling.
Creating Livable Outdoor Space
Offering an average ROI of 100%, sellers are wise to invest money in the outside of their home. Since the onset of the pandemic in 2020, we have seen a great deal of homeowners focus their attention on creating living spaces outdoors on their own property. Beautiful brick patios covered with a sturdy pergola, outdoor kitchens or spa space, dedicated recreation areas to play lawn games – these are all sought-after value-adds in today’s market.
We also know in the industry that curb appeal sells homes, and buyers make initial, gut reactions (that can be long-lasting) based on the external appearance of a home. New landscaping to make the home feel fresh, inviting, and appealing is an excellent way to welcome buyers in and then show them all of the beauty inside of the home too.
Our experts remind sellers that there is no need to go overboard with landscaping, but rather emphasize simple lines that can be easily trimmed and cleaned. Buyers want to feel that the beautiful landscaping is maintainable long-term, so sellers should resist the temptation to have any landscaping that is too ornate or difficult to upkeep.
If you or someone you know is considering selling, please get in touch with our expert team for more insights on home updates that offer the best ROI on resale. We would love to share our expertise and partner with you to help your home sell for maximum dollar. If you would like to learn more about our home selling process too, check out our “Selling with Mike” resource for more information. We look forward to partnering with you!