Sellers that are on a budget, or are crunched for time, may not
be able to make a lot of updates to their home prior to listing. We look
at the top two home improvement projects buyers want by ROI, and how to
implement them on a budget.
It’s no secret that updates to a home increase its value on the
real estate market. However, choosing the right home improvement
projects can be a challenge if you are short on time and/or money.
Fortunately, the National Association of Realtors reports that smaller updates that improve the overall look of the home can be more effective than large scale renovations.
We’ve rounded up the top two projects buyers want — and how to implement them on a budget.
1. The Kitchen
While it may be true that kitchens sell homes, you don’t need to spend a fortune on creating a space that buyers are eager to call their own. In fact, Remodeling Magazine, in their 2015 Cost vs. Value report indicates that a minor kitchen remodel has a nearly 12 percent higher payback than a major renovation, providing an average 79.3 percent return on investment.
At the lower end of the scale, simply repainting the walls and replacing cabinet hardware can be an effective face lift if you are crunched for time. However, if you have solid wood cabinets, painting them can also go a long way to modernizing your kitchen space. Choose a neutral color such as white or off-white to brighten up even the most dated of kitchens and create welcoming space. New hinges and hardware can set off the update and make a real impact.
For damaged or laminated kitchens, sometimes replacing the doors can take your kitchen to a whole new level. Many big box stores carry an array of stock cabinet doors that can give your kitchen new life for a fraction of the cost of complete replacement.
Countertops and Backsplash
Countertops see a lot of action and can be one of the most worn out aspects of a kitchen. Replacing counter tops with a comparable looking laminate can significantly improve the desirability of your home and provide a fresh, clean look. Existing natural stone countertops that have lost their luster can also be rebuffed and re-coated by a professional to revive their natural beauty.
If your kitchen lacks a backsplash, this can be one of the easiest do-it-yourself home improvement projects to add value. Tile, bead board paneling, even tin tiles can be added for maximum impact.
Every buyer wants a kitchen that works. Easy fixes can include adding interior organizers to drawers, installing a lazy Susan or pull out shelves to pantry cupboards. Even replacing a single bowl sink with a double bowl, if space allows, and topping off with a fresh, new faucet will make a positive impact.
While it may be surprising, replacing your front door with a new steel door tops nearly every list of home improvement projects, and for good reason. The ROI on this simple upgrade can soar as high as 101 percent, making it a no-brainer.
A new entry door increases curb appeal and makes your home shine in real estate photos. Aside from the increased security and energy savings a steel door offers, buyers will receive a positive first impression that will set the tone for how they view the remainder of your home.
The Bottom Line
A tight timeline or budget shouldn’t get in the way of ensuring you get the most from the sale of your home, and choosing strategic home improvement projects will ensure your effort is rewarded. Just remember that upgrades don’t need to be premium quality for the best return — they just need to make sense for your home.
I am the GUY that will make a difference!
I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.
Karen Guy, REALTOR®
Coldwell Banker Horizon Realty