Home Staging Tip #13: The 5 Home Improvements That Give the Best ROI

There are 5 basic home improvements that typically give the best ROI when you are preparing to sell your home.  How well these strategic home renovations work often depends on where you live, but let’s face it, if you are living in Key West then you know we do not live in a typical environment.  We will review the 5 standards tailored to meet the challenges of living in the subtropics.  Having lived here and renovated more than seven properties as well as working off and on with a property management team, I’m pretty close to feeling like I have seen it all, from outdoor laundry “rooms” to leaky window units and refrigerators that absolutely refuse to work for more than a week at a time.

Before we get started we will make a few assumptions: your home is in fairly good condition but may be a bit outdated and you already understand the value of declutterring and organizing.  If not, please start with my very first contribution to this Newsletter and read through Tips #1 – 12 until you get to this one and you will be ready to tackle this step.

Oh, and did I mention, once you have completed your home improvements, you’ll be able to enjoy these upgrades yourself while waiting for that perfect buyer! So let’s get started.

Here are five home improvements that in general give the best return on investment.

1. Improve your home’s exterior. Most homebuyers are initially drawn to places based on curb appeal, so impress these shoppers before they enter with a top-notch exterior. Check your roof regularly for loose shingles or mold and mildew.  Have it power washed if needed as well as your sidewalk, siding, porch and anything else that is showing Key West crude.  Freshen up your front door with a new coat of paint, add a nice plant at your entrance if space allows. See my Tip#2 Curb Appeal for more ideas.
2. Expand your home’s interior. A number of homebuyers want additional space, within their budgets, so address these shoppers with creative additional rooms. Increase square footage where you can, especially in competitive markets, by transforming your attic into a bedroom, extending your family room or adding a sunroom to increase house size and maximize your sales price. If this is not practical, take down a wall to increase a more open space.  This is typical in older homes that have many small rooms instead of the open floor plan concept we enjoy today.  The entry and living room are the best rooms to consider.  See my Tips #3 & #4.
3. Remodel your home’s kitchen. If you have a limited budget and you have only one room you can upgrade, then the kitchen is the place to start.  If you cannot afford new cabinets and you have once loved oak or stained wooden cabinets, consider a fresh coat of paint.  There are also many new countertop products such as Silestone and ceramic tile amazingly that look like granite or even wood that will upgrade your countertop without breaking the bank. These same products work just as well on your kitchen floor.  See Tip #5.
4. Renovate your home’s bathroom. Every homebuyer spends a lot of time in his or her bathroom, so tempt shoppers with convenient bathroom additions or a completely new bathroom. Install a walk-in shower, replace the tub or have it resurfaced by a professional.  According to the National Association of Realtors bathroom remodels recoup 100 percent of their final costs at resale.  See Tip #6 for more ideas.
5. Upgrade your home’s systems, utilities. Many homebuyers plan to renovate specific rooms after they invest in a place, so appeal to these shoppers with fully functioning home systems. If your water heater is on its last leg, then by all means replace it.  If you don’t pay for it now, you will probably pay for it later with a reduced offer.  Sound systems are constantly evolving so unless you are tech savvy and really want to invest in the latest throughout your home, leave that to the new owner. Make sure your appliances are working properly and upgrade them if needed to save your buyer from dishing out extra cash on home upkeep.

This is by no means a comprehensive list but it is a good place to start.  These five home improvements that give the best ROI enhance your home’s quality and augment its resale value.

Your Real Estate Agent and Professional Stager are your go to experts who know what works. When you’re ready to take action and guarantee yourself a satisfactory ROI on your home, we’re only a phone call away!

Has this information been helpful?  Give us your feedback.  Let us know if there is a topic you would like for us to address.  Need the assistance from a professional Stager?  Contact Vicki Grant, CEO of Grant Home Staging Services, grantstaging@gmail.com or (305) 394-9201, staging Key West homes since 2009.