Here are my top three suggestions for getting the most ROI when you sell.
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What is ROI? ROI stands for “return on investment,” and today I want to share three ways to improve the ROI on your home so you’ll net more when it’s time to sell. Not all projects are equal, so here are my recommendations:
1. Update your home’s curb appeal. If you spend $5,000 in your yard, you’ll get that money back in your sale. Ensure the grass looks nice, you have reasonably sized bushes, and the yard is aesthetically pleasing. You don’t want to overshadow your neighbor’s house, but you want yours to stand out and look sharp and clean when someone pulls up. You also want the backyard to look wonderful. Whether you just bought a property or are considering selling, reach out to a real estate agent and ask questions; sometimes it’s as simple as moving some bushes the builder planted.
2. Organize a minor kitchen renovation. You get close to 100% of your money back with this project. Don’t gut your kitchen, but perhaps get new countertops or paint the cabinets instead; it’s not as expensive as you think. Then, consider getting new lighting and plumbing fixtures. Making a few adjustments in your kitchen can add tons of value to your home.
3. Make updates to the master bathroom. Again, you don’t need to go overboard. Maybe change the lighting and plumbing fixtures, the material surrounding the shower or bathtub, or get new tile. There are things you can do on a budget that will make a huge difference.
Each of these three projects will get you at least a 93% return on your investment. If you’re thinking about selling, even if it’s a few years down the road, these changes will boost your ROI.
I wrote an article for our “Your Community Living” periodical this month that outlines these great ROI projects. If you’d like a newsletter from us, feel free to email us your address and we’ll send you one monthly. If you have questions about ROI or anything else concerning real estate, reach out to us via phone or email. We’d be glad to speak with you.