For one reason or another, after spending several years to decades in your current home, you may feel that the time is right to move on; maybe to a new neighborhood, a bigger house or even a smaller one.
The most important thing at this point is to get the best return on investment on your house.
Home improvement has, more often than not, proved to be the difference between a modest return and the handsome return that you expect.
You may need to invest on a few fixes around your home to spruce it up.
Here are five quick fixes that will do well to add value to your house and ensure a huge return.
1. Repaint the Walls
Repainting your home has to be on top of your list especially if there is any hint of paint chippings on your walls.
Another instance that may call for a new coat is if the original paint colors were customized to your taste. Not everybody will like it that way. A safer bet is to go for neutral colors. There is quite an array of neutral paint colors.
Consider hiring a professional painter because your walls may need some preparation before a new layer is applied. He/she may also aid you in selecting the most appropriate paint color(s) for your walls.
2. Fix the Floor
According to most real estate professionals, a high-quality floor will guarantee one of the biggest returns on investment.
The nature of work to be done on it will obviously depend on its current state. Minor renovations may include replacing a broken tile or floor board. In some cases, especially if the floor has aged, a total overhaul may be necessary.
Carpeting is not the best idea. Carpet cleaning will be an extra expense that some buyers may not like.
Go for low maintenance flooring materials such as wood or cork. Engineered hardwoods or floating corks are highly recommended.
3. Work on Your Landscape
The first thing potential buyers notice before they get to see your house is the landscaping.
If it’s all overgrown and unkempt, the truth is that most purchasers won’t bother to find out how good you home looks. They will move on to the next home.
You have got to give a good first impression right off the bat.
Don’t be afraid to spend some money to embellish your home by pruning the trees around it.
According to some real estate professionals, the returns from landscaping can be four-fold.
4. Upgrade Your Kitchen and Bathroom
Upgrades to your kitchen and bathrooms are one of the surest ways to boost your return on investment.
No major upgrades are necessary since they can be expensive. For the kitchen consider a facelift of kitchen countertops like fixing a new, quality but relatively cheaper stone like granite. New kitchen appliances may also be necessary.
The bathrooms should have a touch of class to them. Consider a frameless glass enclosure for the shower, dazzling backsplash tiles and a beautiful vanity.
Of the two, kitchen renovations have better returns. You may want to focus there.
5. Carry out General Repair and Maintenance
Before you even consider doing any major renovations, start with the minor fixes.
Are there any leakages in your plumbing system or the roof? If any, repair them. Are there any broken windows in your home? Please replace them. Inspect your attic to check whether the insulation is intact. What about your fireplace and septic tank? These are seemingly minor issues, but they may be the difference.
Repairs on these items may raise the value of your property by thousands of dollars.
It is stark clear that if you want to get a good return on investment on your home and compete favorably in the real estate market; you have little choice than to invest in home improvements. It does not have to be a lot of money. In fact, the more you spend, the higher you risk your returns.
You need to strike some balance. It’s to be a delicate balancing act between the nature of renovations to be done and what you stand to gain from them. The five fixes highlighted above are some of the home improvements that you may want to consider before you renovate your house in a bid to get a good ROI.
About the Author:
Linda Hoffstader is a former mortgage, real estate investment advisor and loan underwriter for financial institutions such as Prudential and Merrill Lynch. Now currently a consultant for Franklin First Financial, and semi-retired living in Boca Raton, Flordia, she spends her days sitting poolside educating people via her blog about personal finance, real estate investments and other tips she has learned throughout the years. Her favorite job: being a grandmother to four wonderful grandchildren.