When planning to put a home up for sale, the price is one of the most important things, and homeowners want to get the maximum amount possible out of it. Here are six different home improvement projects any homeowner can do to boost that bottom line.
Try a New Coat of Paint
Painting is a staple of home improvement projects, and that’s because it works. A fresh coat of paint can make rooms look clean and new, and that in turn can earn favor from buyers. The color of the paint is just as important, if not more so. Neutral colors appeal to the most people because they’re easy to both work with or paint over, should the new owner have other colors in mind. The average gallon of paint only costs around $25–30, so painting doesn’t require any large investments on the part of the homeowner.
Invest in Landscaping
Curb appeal is when a home makes it’s first impression, so it needs to be a good one in order to get buyers to come inside. Boosting curb appeal can be done in a number of ways, but here are a few reliable ones that are proven to help:
- Mow the lawn regularly
- Keep the gardens tidy
- Paint the front door
- Get new address numbers
- Plant flowers and shrubs
Update the Bathrooms
The bathroom is arguably one of the most important rooms in a home, so it’s no wonder bathroom renovations bring buyers in and add value to a home. Bathroom renovations can be as simple as fixing a leaky sink or a as complex as ripping everything out and starting from scratch. Here are some projects to consider for the bathroom:
- Remove the bathtub and put in a walk-in shower
- Replace small or short toilets
- Add a larger mirror
- Use tile on the walls to prevent water damage
Update the Kitchen
If the bathroom isn’t the most important room in the house, it’s definitely the kitchen, and that’s why money invested in kitchen upgrades has one of the highest returns of any home improvement project. Kitchen updates can be pricey—that is to say, it’s easy to rack up a bill of $20,000 or more, but a good kitchen renovation can bring in a return of around 80 percent.
- Get a new refrigerator
- Install more cupboards for dishes and food storage
- Install a granite countertop
- Get a new sink
- Get a new stove and oven
Replace the Carpet With Hardwood Floors
Carpets are notorious for holding in all sorts of stains and unpleasant smells, so when looking for ways to update the home, consider replacing them with hardwood. This can be an expensive investment at $3.50–13 per square foot not including installation, but hardwood floors are a home feature many buyers actively look for, and it can be worth it for the 77–79 percent return.
Get a New Front Door
The front door may seem like a strange thing to be a good investment, but it can actually bring in good money for what it costs to buy a new one. Not only can a new front door help with a home’s curb appeal, but it can also make buyers feel more confident about the home’s security. It’s estimated that a new front door’s return of investment can be anywhere from 90–101 percent.
Home improvements can be mixed and matched to fit any budget, so don’t be afraid to skip some in favor of others or to focus on what the home in question needs most of all. When in doubt, ask your real estate agent and look to your neighborhood to see what improvements others are making. If you own a home in Old Town, check out what other sellers are doing in Old Town to understand what will help your sale.
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !