Increase Your Property’s Value With These Upgrades With High ROI
2021 is a huge seller’s market and if you’ve been considering putting your house on the market, you do not want to dilly-dally. Buyers are coming out of the woodworks because the national average for interest rates is 2.7%, plus since remote work may become a permanent policy for many businesses, relocation is something many buyers are considering.
Although it is a seller’s market, tips from top agents suggests that if you want a fast sale and appeal to a large group of buyers, you might want to make some improvements. But, you don’t want to do just any old renovation projects. You’ll want to choose high ROI projects so you get the most bang for your buck.
Let’s look at the most popular upgrades buyers are interested in this year.
Upgraded bathroom
The bathroom is one of those places where it’s all about getting some “you” time – parents know what we mean! An upgraded bathroom is high on the buyer’s priority list and they aren’t just looking for simple upgrades like a new medicine cabinet or mirror, they want double vanity sinks, rain shower heads, spacious linen closets and new tile work. These upgrades can net you an 182% ROI. Cha-ching!
Hire a professional landscaper
There’s something to be said about pulling in the driveway and admiring your own yard. Not only that, but it feels amazing when your yard is the envy of the neighborhood! Curb appeal is incredibly important when you’re selling your house because it’s the very first thing buyers see so you want to give them a great first impression. You could take the time to improve your landscaping, but if you don’t have a green thumb or have the time, a professional landscaper is a life-saver and it’ll also net you a 200% to 400% ROI!
Improving or building a deck or patio
Once your landscaping is on point, you might want to make some improvements to your patio or deck. If you don’t have one or both of these features, it may be a good idea to ask them to make one for you. A great patio/deck is a great feature because you’ll have a nice base for your outdoor living space and grilling station. Depending on what you decide to do, you could get 90% ROI which isn’t shabby.
Upgraded kitchens
Bathrooms are highly popular among buyers and homeowners, but they also want an upgraded kitchen, too. An upgraded kitchen can net an 81% ROI, but you’ll want to be strategic with the finishes you decide to use. A real estate agent can give you some advice about what’s popular in your market, but you can’t go wrong with stainless steel appliances, a central island, granite countertops and ample cabinet space.
Spruce up the front porch
You can spruce up your front entryway in a variety of ways. You could use stone veneers to add visual interest to the porch. You could paint the door a bold (but complimentary) color. You can use a bench and some accessories to dress it up. The name of the game here is to create a front door that’s both welcoming and charming. Although you’re probably not going to leave the furniture when you move out, the other upgrades could get you a 75% ROI.
Add more value to your home with high ROI projects
Upgrading your home when you’re trying to sell it may seem like a waste of time and money, but you know the saying, “You need to spend money to make money.” When you tackle one, some, or all of these projects and use a net proceeds calculator, you might be surprised by how much you could list your home for. The right upgrades could increase the value so much that you’d walk away with a huge profit.