The Most Important Updates For Your Home
What are the most important updates you can make to your home? Every year, homeowners all of the world try to determine what updates they should do to increase the price/value of their home. I’m going to share specific recommendations that were cited in the NAR Remodeling Impact Report. For those of you interested in the 52 page report, just email me and I’ll get you a copy firstname.lastname@example.org
3 Home Updates With The Highest Return On Investment
As you’ll see in the video (and at my instagram handle), I share the 3 updates with the highest ROI (return on investment).
- A New Roof – A new roof is a large expense and one that most buyers don’t want to do on their own. In fact, 33% of sellers said putting on a new roof helped close the sale of their home. In addition to that, nearly 70% of homeowners who have replaced their roof have a stronger desire to be in the home to enjoy it – so if you are not doing it in advance of the sale, simply do it to extend the life of your home!
- New Hardwood Floors – Most buyers that I work with prefer hardwood flooring. It’s easy to clean, looks luxurious and homes sell at a higher rate with hardwoods than carpeting. According to the NAR report, 106% of the value is recovered when putting in new hardwood floors.
- Refinishing Hardwood Floors – The 3rd update with the highest return on investment is refinishing hardwood floors. Here is a good example. Homes that have hardwood flooring under carpeting is a huge bonus. Pull up the carpet, refinish the floors and according to the report you will recover 100% of the cost of re-finishing.
Let’s move on to the 5 most appealing home improvement projects to Buyers. I think this list is critical if you plan on selling your home in the near future.
Most Appealing Interior Home Improvement Projects To Buyers
- Complete Kitchen Renovation – You know that feeling when you walk into a newly renovated kitchen? New countertops, appliances, sink in the island, over-sized range and new backsplash? Well, that is exactly what buyers want. In fact, a new kitchen is the most important interior update. In doing so you can often get $.93 on the dollar or more for the work completed.
- Kitchen Upgrade – If it’s not a total renovation, the next best thing is an upgraded kitchen. Maybe you replace the fridge, tile the backsplash or put in a top of the line range/oven. According to the NAR report, 74% of those surveyed felt an increased sense of enjoyment when they were at home following the upgrade.
- HVAC Replacement – Is there anything that a homeowner needs more than a warm home with a solid roof over their head? Well, this report indicates that is 100% true. Buyers have a strong desire for a new HVAC system when buying a home. This could include an upgraded furnace, new air-conditioning unit or an overall of the entire system. In my experience some homeowners are interested in whole-house water filtration and HVAC Hepa filters as well.
- New Wood Flooring – As indicated above, new wood flooring is a must for prospective homeowners. I love seeing a home full of hardwood floors. Don’t forget, if you are looking to warm up the space, just use a custom floor rug. It adds warmth and is aesthetically pleasing as well.
- Bathroom Renovation – Last on the list is an important one. A bathroom renovation. Buyers don’t want to grout stains, an outdated toilet and water stains near an overused shower or tub. A new bathroom renovation is key both for your own enjoyment and the resale value of your home. Consumers in the study cited 35% better livability and functionality after renovating the bath. I have worked with many buyers who demand a clean, tidy, useful master bath as they make a decision on where they want to live.
So, that brings me to Compass Concierge. There are a number of reasons why I have appreciated my new company. One offering that I haven’t see anywhere else in the market is what we call Compass Concierge. I’ve included a printout for you to review below. The program was designed to streamline the process of getting your home ready for sale. Want to learn more? I’m happy to help!