Rules of Renovation: 5 Ways to Increase the Property Value of Your Home

Rules of Renovation: 5 Ways to Increase the Property Value of Your Home
  • Opening Intro -

    When preparing a property for sale there are some things that can be done that make a huge difference in the appraisal price of the home.

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Consumer reports recently released the results of their survey based on data collected from 303 pros in the real estate industry. It indicated that sellers tackling pre-sale fix-ups gain on average an additional 12% or more in their asking price after completing some minor projects.

Here are our favorite top five ways to ensure you get the maximum dollar for your home when it’s time to sell.

1. Clear it Out and Clean it Up

It would seem the most obvious thing to do first, but many people fail to go far enough when it comes to cleaning things up and removing anything that is not absolutely necessary for daily living. It’s important to remember that potential buyers will be opening every closet, drawer and cupboard so organizing spaces and keeping as little as possible should be a top priority.

Additionally, depersonalizing the space will help buyers see themselves living in the home rather than you. Besides, it’s a great time to start packing. If you do it yourself you may end up spending nothing but could also spend up to $2,500 on a pro.

The return on investment, however, will add between 3-5% to the value of the home.

2. Update the Kitchen

According to the Rules of Renovation website, "Knowledge is power" so it’s important to understand the significance of any project undertaken. Additionally, a 2015 Remodeling Impact Report put out by the National Association of Realtors Research Department found that kitchens and bathrooms sell homes (http://www.nari.org/assets/1/6/2015-Remodeling-Impact-Report.pdf). We’re not talking about a full-on renovation project here but, rather, sprucing up the kitchen.

Fix things that will turn off buyers like leaky faucets and countertops with burn marks. Thoroughly clean appliances even if you’re not selling them with the home. And, most importantly, make it functional. Once that’s done then spend a little money on new paint, add curtains and change out the cupboard door hardware.

If the cupboards themselves are old and outdated, sand them down and then repaint. By spending up to $5,000 you could also change floors to vinyl or laminate, add new countertops and purchase top performing stainless steel appliances. Light fixtures can also be updated for very little money.

For $300 to $5,000 you could see value added to the home between 3-7%.

3. Update the Bathrooms

When selling a home, cleanliness and how well the residence is maintained are primary concerns for buyers. The best place to spot that is in the bathroom. For between $300 and $1,000 per bathroom, simple improvements can make huge changes as well as increase profits.

Repainting the space, having the tub re-glazed and painting pink, green or yellow tiles with ceramic tile paint can improve the appearance dramatically and provide the opportunity to really explore the space to ensure that no hidden issues exist like leaks that have caused mold and softened floors. New fixtures, countertop, toilet and flooring can also add to the appeal for a minimal cost.

In the end the effort will add 2-3% per bathroom to the value of a home.

4. Paint, Paint and More Paint

Little looks and smells fresher and cleaner than a recently painted house. However, not all rooms may need to be painted in order to make them look crisp and clean. If the wall color is already neutral, spot cleaning with a Magic Eraser and some 409 often works great. For between $100 and $1,000 you could add 1-3% to the value of your home.

Still, brightly colored rooms need to be toned down. Just make sure to select paint brands that thoroughly cover with one coat so you don’t have to paint a second time. Plus when it comes to paint don’t neglect the exterior.

With a potential 2-5% return on investment it’s definitely worth the effort.

5. Curb Appeal

It’s extremely difficult to get potential buyers in the front door if a home’s curb appeal has been neglected. Simple things like trimming overgrown shrubs, putting a fresh layer of mulch on garden beds and mowing the lawn regularly really makes a difference.

It’s also a great opportunity to make minor repairs such as replacing broken and cracked siding and touching up trim paint. The entryway door should also be repainted. The new trend is for outer doors that make a statement with a bold color that reflects the theme of the interior. This is also a great time to check the roof for any leaks.

Cost for paint and repairs can run $150 to $7,500 but will yield a 2-5% growth in value (http://realtormag.realtor.org/home-and-design/cost-vs-value).

When planning the budget for your updates you need to remember that the amount added to the value of home often exceeds the amount spent. It’s not something that can be done in a weekend but can be done in a few weekends as long as a plan is in place.

We picked our favorite 5 projects. However, you can find more ideas at http://www.hgtv.com/design/decorating/design-101/10-tips-to-increase-your-homes-value. Your realtor can help make a selling plan that will keep you on track while bringing top dollar for the home.

Home Remodeling reference:

AMAZONS BESTSELLERS: kitchen faucets

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