When your clients ask your advice and suggestions about which home renovations can both improve home value and give them a decent return on their investment, suggest the un-regrettable renovations below.
- Do a kitchen update. According to Remodeling Magazine, a $15,000 update (new appliances, countertops, paint job) can return up to 92% of your investment. Your clients will not only enjoy using their remodeled kitchen themselves, kitchens are often the dealmaker or breaker when it comes to selling.
- Add a mudroom. Carve out a space near the back door or add a bump out to accommodate this utilitarian space to make for cleaner and neater comings and goings.
- Schedule an energy audit. Assessors find where hot and cool air escapes from the house as well as other inefficiencies in energy use. Energy audits are often free and fix-its may be eligible for rebates.
- Replace old windows in older houses that are often drafty and sticky. Window replacement pays off in energy savings and boosts home value.
- Add an outdoor living space. Screened porches, decks and/or patios add functionality to the house as well as resale appeal. Plus your clients will enjoy using outdoor spaces while living in their homes.
- Vet and hire an inspector. It’s definitely worth getting an impartial second opinion when buying/selling a home.
- Finish the basement. Usable basements maximize usable square footage…a very good thing in an escalating housing market. Go for flexibility in the space so it can be used as a playroom, game room, home gym or multipurpose space. If plumbing is already installed, add a bathroom.
- Hire a pro to revamp old electrical systems. Old wiring is a safety risk and drags down home value.
- Invest in landscaping. Landscaping enhances home values and curb appeal. Shade trees help cut energy costs.
- Install new garage doors. In Remodeling Magazine’s 2019 Cost vs. Value Report, new garage doors can recoup 98% of the cost. New garage doors also enhance curb appeal.
- Replace the siding and fix the façade of the house. First impressions matter plus the ROI is high.
- Upgrade the floors. You might like carpet but the National Association of REALTORS report that hardwood floors help seal sales.
And while your clients at these un-regrettable renovations, suggest that they also…
- Clean the dryer vents.
- Clean, sand, sweep/vacuum and seal the home’s outer surfaces.
- Store or cover the outdoor furniture for protection.
- Store the hose.
- Do a thorough fall cleaning including the ceiling fans, blinds, draperies, and wash the windows and screens in and out.
- Feed and seed the lawn.
- Inspect, clear and repair the gutters and downspouts.
- Inspect the flashing around the chimney and any openings in the roof and skylights to protect against leaks.
Thanks to realtor.com’s Holly Amaya for source data.
Also read: https://timandjulieharris.com/2019/09/30/low-interest-rates-bolster-august-existing-home-sales-and-refinancings.html, https://timandjulieharris.com/2019/10/03/more-are-house-rich-and-leaving-their-riches-in-their-houses.html, https://timandjulieharris.com/2019/09/18/corelogics-key-real-estate-trends-for-2020.html
