Best Home Improvements to Increase the Value of Your Home
Homeowners look into partnering with a real estate agent because they need guidance. It might be the first time they’ve ever sold a home, or they could want to sell differently than they have in the past. As a real estate agent, it’s your job to make the process of selling a home as easy as possible. That means having the answers your clients need no matter what they ask. While you may have spent your entire career developing your real estate skills, it’s always good to learn new things about selling a home.
Discover six of the best ways to maximize your return on investment (ROI) on a property. Investing your time in clients should end in a comparable paycheck at the end of the process. Try these tips on homes you’re trying to sell to see how much you and the homeowners stand to make once it sells.
1. Tear Down a Few Walls
Most people buy a new home because they’re looking for a bigger living space. Talk with a contractor to decide if tearing down a few walls in one of your current homes is the right move for the property. Open floor plans for living rooms, dining rooms, and kitchens appeal to modern buyers and incorporate natural light to brighten up the home. As long as the home maintains its integral structural support, knocking down a wall will open it up and encourage potential buyers to offer more for the price.
2. Replace the Garage Door
People often take garage doors for granted and think about them only if they get stuck or break. Even if a home’s garage door works perfectly, replacing it will maximize your ROI. A 2019 study found that garage door replacement brought a 97.5% ROI increase, which was more than most projects. It takes only a few hours to install a replacement and add to the value of a home.
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3. Upgrade Bathroom Features
Although people often ask to tour homes that have large yards or two-car garages, they also prioritize upgraded bathroom features. The quality of a bathroom is one element that can make people feel like they’ve left their apartment life behind. Household bathrooms are typically nicer and easier to personalize. Hone in on this factor by upgrading to a glass shower to see a 67.2% ROI increase no matter which bathroom you choose to remodel.
4. Refinish or Replace Hardwood Floors
A home with quality carpeting doesn’t need to worry about replacing anything, but if the hardwood floors have seen better days, it’s time to think about starting a new project. Refinishing or replacing hardwood floors to make them brand new recoups 91% of the costs, so everyone gets their money back for their time and effort. Floors are an especially important factor to consider in older homes with only hardwood floors.
5. Replace the Roof
Homeowners generally don’t need to worry about their roof unless they’ve just experienced a major storm. Still, it’s a good idea to have it inspected and consider replacing it to make a bigger profit. Replacing the entire roof recovers 105% of the project’s price and draws in more potential buyers. People will want to invest their money into a home when the work is already finished — it gives them less work to worry about it later on.
6. Install a New HVAC Unit
Most homeowners have experienced the stress of replacing a broken HVAC unit. You wait a week or two in the hottest days of summer or the coldest days of winter before your new unit arrives and gets installed.
The uncomfortable waiting conditions are miserable enough, but then they’re added to the shocking price tag of a new unit. That’s why people will consider a home more seriously if they know the HVAC unit is new. It’s a big project for homeowners to take on, but 71% of the investment is recouped after the house sells, so it pays out in the end.
Consider the Property
Whether you’re trying to help a client sell their home or you want to sell your own property, these projects are options to consider to maximize your ROI. Think about the property you have in mind to decide on its strengths and weaknesses. You’ll find the right project to flip those weaknesses into features that strengthen the property and net a higher ROI.