According to Remodeling Magazine’s, you’ll recoup an average of 64% of what you paid for a renovation if you sell your home this year. Not a great return… So what projects get you the most bang for your home renovation buck?
1. Add a fresh coat of paint. Painting is the cheapest way to add value to your home. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, tape, drop cloths and brushes. Studies show that painting the interior of a home has an average return of 100-120% on the investment. A crisp, clean property appeals to the buyer and makes a huge difference.
Painting the exterior is also a cost effective upgrade for a home. According to Consumer Reports, an exterior paint job can potentially increase the value of your home from 2-5%. Selecting the right exterior paint will give your home a clean look, the widest range of buyers and help improve its value.
Here are a few tips to ensure a successful project:
- Consider using a high quality paint that can withstand the elements.
- Use colors for the railings, window frames, trim, and other accents to give the exterior a fresh look.
- Select neutral, whites, or creams to appeal to the greatest number of buyers.
- Paint vinyl siding a similar color or lighter to prevent the material from warping from heat.
Even if you decide against a complete exterior paint project, consider painting the front door an eye-catching color to make a great first impression.
2. Clean & declutter the property. This isn’t a costly investment, but it requires time and effort. A cluttered house will make a large room appear small and cramped. If you have the money and you’re not up for the work, hire a cleaning crew to come through and give it a nice deep clean. According to the Realtor blog ‘Style Staged Sold’ cleaning and decluttering your home could help you see up to a $2,000 price increase.
3. Light up the house. Real estate studies have shown that homes which are lighter and brighter sell more quickly than those which are dark. Proper lighting can make a small room feel larger and more inviting. Natural light is always best, so consider adding windows or doors if lighting is an issue. Skylights can also help brighten up spaces that may be lacking windows or natural light. If natural light is not an option, hire an electrician to add recessed lighting to a dim kitchen or family room. You’ll enjoy the lighting now, and your home will feel more welcoming to home buyers later.
4. Create curb appeal with landscaping. You only have one chance to make a first impression! Hiring a landscaper is time and money well spent. A review of research by Alex X. Niemiera, a horticulturist at Virginia Tech, found that a well-landscaped home had a 5.5-12.7% price advantage over a home with no landscaping. That translates into an extra $16,500 to $38,100 in value on a $300,000 home. Niemera states that the number-one thing that buyers are looking for in landscaping is a sophisticated design. Close behind is plant size and maturity.