When Remodeling magazine released its annual Cost vs. Value report, analyzing what you’ll pay for various upgrades and how much you’ll get in return on your investment when it comes time to sell your home, it found that the most expensive projects didn’t tend to recoup very much.
However, some updates can make your house a lot more appealing to buyers without spending an arm and a leg.
For your house to increase in value along with others built or being renovated in your community, it needs to be on par with the current updates.
An easy way to do that is to attend open houses when a property among the Charlotte real estate market or the particular market in your area comes up for sale.
In the meantime, consider these ideas that have been found to bring some of the best return on investment (ROI).
Keep Your Home Well-Maintained, Repairing or Replacing as Needed
The most important thing to do is to prevent your home from falling apart, keeping it well-maintained.
Get everything serviced regularly, such as the plumbing and electrical systems.
These issues can sometimes go unseen for years without being discovered, and you don’t want it to be the housing inspector who finds out when it comes time to sell.
Ensure everything is running properly
If your garage door is old or having issues, replacing it offers one of the top ROIs, recouping nearly the entire cost you’ll pay, according to the Cost vs. Value report, at 98.3 percent.
Make Inexpensive Updates
As mentioned, some of the best ways to increase ROI is by making inexpensive updates.
Focus on things like paint and flooring first which are fairly easy to manage and can make a big difference in the look of your home.
Painting is cheap and can freshen things up, inside and out.
If you have carpet, you may want to remove it and replace it with hardwood floors or another type of material as carpet tends to turn off many buyers today.
Adding Outdoor Entertainment/Living Areas
If you have extra cash, other than replacing the garage, adding a deck brings a decent ROI and is a feature many home buyers want, with outdoor living/entertainment areas especially popular now.
Other ideas include adding comfortable outdoor furniture and a fire pit that can transform a patio into a gathering place.
Making even smaller upgrades like attractive outdoor lighting and improving the landscaping can make a home much more appealing.
Update Your Front Entry
Improving your front entry or porch helps to make your home much more welcoming to potential buyers and could make the difference as to whether or not they want to see more or simply drive away.
Consider replacing your front door as well as any fixtures, updating the mailbox, and perhaps adding potted plants with blooming flowers.
Whatever you do, don’t take on an entire remodel of the kitchen or bathroom, ripping out the sinks or dry-wall, etc.
Unless you’re certain that you’ll recoup that investment when it’s time to sell, oftentimes those major endeavors will not pay off.