I'm a Sydney based writer who is interested in interior design. Visit my blog at smoothdecorator.com.
Published June 25th 2017
The real estate market is a whimsical creature and it won't reward every property upgrade with piles of profits. These days, the number of home improvement projects that can boost property value and reduce days on market (DOM) time is pretty limited, which is why you should pick your home upgrades carefully and execute them with even greater care if you're looking to get the biggest real estate bang for your buck. New to profitable real estate upgrades? Fret not: here's a brief overview of property updates that will raise your property's asking price and marketability in a flash.
An average homebuyer might be looking to put a roof over their family's head, but in 9 out of 10 cases, they won't settle for a leaky roof even if the rest of the house is in shipshape. Roof repairs and replacements are one of the most profitable home updates which you can carry out before you put up your property sales advertisement up in the local listing, and such projects have return on investment (ROI) of as much as 75%.
A floor-to-ceiling kitchen remodel is another lucrative property upgrade which can increase your home's functionality, aesthetic appeal, and overall market value. Flooring replacements, storage upgrades, and a switch to energy efficient kitchen appliances are all an investment in your nest's increased selling price and marketability, greater number of potential buyers, and reduced DOM time.
Bathrooms are another part of your home where a cleverly planned and expertly executed update can go a long way. Comprehensive bathroom makeovers entail a ROI of up to 85%, which means the remodel cash won't be flushed down the drain. For the highest ROI, consider revamping tiles and fittings, rethink the bathroom floor plan, replace the standard tub for a shower, and expand storage. Do not try to do all these things by yourself. Call reliable home builders to make all the changes you want.
If your property has single-glazed windows, upgrading to double or triple glazing may be a smart move that will attract a greater number of homebuyers and up your property's market value. Double- and triple-glazed windows are a much sought-after feature on the property market, and many homebuyers will gladly pay extra for a house with eco-friendly windows as these promise long-term savings.
Standard wooden doors can lose the original shape and color through exposure to the elements, but homebuyers won't be exactly thrilled by misshapen or discolored doors and they will readily use such a defect to try to bring down the price of your property. For this reason, it'll be a smart idea to have your doors replaced, updated, or repaired before you go on to put your home up for sale in the local sale listings.
Basement overhaul If you have a mouldy basement in your home, now's a perfect moment to do something about it. Basement overhauls promise ROI of up to 79% and they're in some cases necessary if you want to sell your home fast and for a small fortune. If your basement suffers from humidity buildup or structural issues, taking care of them can be your property's one-way ticket to favorable selling price.
Additional decks Few things can wreck a home's chance of speedy sale like a derelict yard and patio. If your home has a front yard, you can build a deck to increase your property's kerb appeal and market value. Patio remodels are another profitable update which can take your home's market game to the next level and increase your real estate's appeal in the eyes of potential buyers.
If your home's short on storage, it's not a wonder it's been sitting on the market for months on end. Modern homebuyers want their future nest to be able to take in all their precious gear and they won't pause to think twice if the property they're viewing doesn't fit their storage needs. A storage upgrade can increase your home's price by as much as 5%, so take it in consideration if you want to get the biggest profit bang for your upgrade buck.
If you're about to update your nest to maximize its selling price, take the upgrades above into consideration before you proceed to knock down the walls and touch up wall paint. After all, if you're going to invest your money in a place you'll soon let go of, you might as well make the investment count. Good luck!