Last week we looked at how important curb appeal is when selling your home. What buyers see inside is just as important. This does not mean you have to spend a fortune getting your home ready to sell, but there are definitely some easy fix repairs and upgrades that will make your home more appealing to buyers. People often get confused when it comes to ROI (Return on Income).
Return on Investment (ROI) is generally less than 100% in real estate, so the rule of thumb is “less is more.” It is frequently advised in this area that it’s better to update/remodel your home while living in it and not solely at the time it comes to sell. That way, there is more enjoyment in the improvement and less cost and time in preparing for sale. Some desirable upgrades or home improvements will not return their cost in the sale price, so it’s better for the owners to enjoy them all along.
If your home is worth $275,000, and you spend $25,000 to revamp the kitchen, don’t make the mistake of assuming that the investment will increase the value, dollar for dollar. The remodel may add value to the home, but the return in dollars spent will be around 50%.
Here are some suggestions of what you can do to your kitchen and bath to impress buyers without losing ROI:
Paint neutral colors.
Add a new backsplash in the kitchen.
Install new countertops if dated or if you need to bring the home up to current area standards.
Add new, multifunctional kitchen faucets.
Add cabinet space or increase storage in the pantry.
Replace dated bathroom vanities. Pedestal sinks or trendy cabinet sinks have mass appeal.
Replace toilet seats — or the entire toilet, if necessary
There are other affordable ways to make your home more appealing to buyers - check out this article below -