Finding affordable ways to improve your home and attract quality buyers is an important step in your overall home selling strategy. However, before you begin your home improvement projects, you’ll want to ensure that you spend your time and money wisely.
Although many projects, such as painting your home in neutral colors, are dependable home staging and selling techniques, other popular projects, like adding stone veneer to the exterior, could fall flat if your buyer pool isn’t interested in that kind of aesthetic update.
To kick off our list of top home improvements, we’ve asked real estate agent pro, military spouse, and owner of Foxtrot Company, Karen Hall, in Alexandria, Virginia, to share a few tips for selling your house and enticing buyers to tour your home.
If you want more top-earning home selling projects to consider, we’ve listed some heavy hitters below. They consistently garner some of the best ROI among the dollars spent year after year.
When short on cash and time, investing in your property's curb appeal is the best bang for your buck when selling your home. A recent survey of HomeLight agents found that buyers are willing to pay an additional 7% for a house with substantial curb appeal compared to another home that requires significant TLC.
The more sweat equity you invest in exterior projects, the more money you can save. Just be careful not to take on too much. These outside projects are time-consuming, and sometimes hiring a professional crew with the right equipment and dedicated personnel is more cost-effective than completing the job on your own.
The good news is that these are simple fixes that greatly enhance the home's overall appeal:
You might live in an area that requires next-level (but still affordable) exterior home improvements to fetch top dollar. Understanding your buyer's wants and needs before investing thousands of dollars in exterior updates is essential.
Most of these improvements require professional installation, but you can start with these easy DIY projects to get the exterior makeover going.
Mailbox and Address Numbers
You might not think such small details can make a big impression, but they do. Home buyers want to know you’ve paid attention to your home’s upkeep, even the small things. You can make a big impact for about $100, depending on the style of mailbox you choose.
Mailboxes and address numbers are available everywhere, from home improvement stores to online custom storefronts. Look for finishes and materials that coordinate with your existing exterior colors and textures. Keep the size and scale of the mailbox and numbers in mind. You don’t want them to be too big and overwhelm your porch space or appear too small to see clearly.
Garage Door Update
The Journal of Light Construction reports year after year that a new garage door is one of the top updates you can choose to recoup the most money during your home sale. On average, a replacement door costs about $4,000, and you’ll typically earn about $3,700 back—more than a 93% ROI. There’s no need to buy an extra fancy garage door. A classic, yet updated, fully functional, and quiet garage door is what buyers are looking for.
Steel Front Door
Updating a non-functional or ugly front door is one of the best uses for your home improvement money. After you’ve updated your mailbox and address numbers, you certainly can’t stop the improvement process at your outdated front door. A sturdy, steel front door is a crucial third part of the front porch curb-appeal trifecta.
You can expect to pay about $2,200 for a well-made steel front door. Keep in mind that buyers love the energy efficiency savings and the inviting statement a visually appealing front door makes. Plus, you’ll get back about $1,400 on your investment on closing day.
Manufactured Stone Veneer
Stone veneer perennially ranks among the top five home improvements that recoup the most money after a home sale. Installation costs start around $11,000, but owners regularly recoup more than 90% of the purchase price.
Adding stone veneer is a big project. The veneer usually covers the bottom third of the house, so the perfect color and texture are key. However, depending on your location, the stone statement might not pay off in your local market. Don’t tackle this project without advice from a real estate agent.
Your inner artist might hate to hear the tried-and-true advice to update the walls with a neutral paint color, but hopefully, your real estate agent or financial planner can help you see past the bland colors to enjoy the Dollar Bill Green coming your way. Yes, beige, gray, and greige still rule (also white in the kitchen) when it’s time to sell. If you just can’t let a color story go, take it to the bathroom. Buyers love a blue bathroom.
The psychology behind neutral colors suggests that your buyers perceive them as fresh, clean, and airy. Plus, it’s almost a sure bet that their furniture doesn’t clash with the paint, so they believe they’re saving money on new furniture. You also can’t underestimate the influence that smooth, unblemished walls painted in cohesive colors have on buyers’ perceptions. The home could feel newer or larger, all thanks to fresh paint.
Consider minor kitchen or bathroom remodels if your real estate agent has given you the go-ahead and you have cash and time to spare. New countertops and tile are the most sought-after home updates, and buyers adore them.
Kitchen Remodel
According to the Journal of Light Construction, a minor kitchen remodel costs approximately $26,000 and yields about $19,000 in profit when it’s time to sell. That’s more than a 70% ROI.
The go-to kitchen updates buyers prefer include:
Bathroom Updates
An existing 5 x 7-foot bathroom has the potential to yield approximately a 60% recoupment on a $27,000 remodel.
Bathroom features buyers will want to see in a remodel:
As you plan for your pending home sale, it's helpful to calculate your selling budget and dial into the updates and upgrades that will bring extra money on closing day. Compare your house to recently sold homes in your neighborhood to see what buyers are looking for, but don’t dive into big, expensive projects until a real estate professional helps you determine if it's the best way to spend your money.