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Painting creates a new palette
Besides cleaning, painting is one of the least expensive, major fix-up jobs you can do to improve the appearance of your house. If your walls haven’t been painted in the last 2 years, your house will benefit from a new paint job.
A new faucet is better than trying to fix an old one
Kitchens and bathrooms are 2 very important rooms when it comes to selling your house. Even if the budget won't allow you to update these rooms completely, sometimes a new faucet may be just the trick to give that tired kitchen or bath a bit of a lift..
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Fixing what's broken, rusted, or shows wear
Fixing a property doesn't mean major remodeling
Home buyers recognize the value of a house that doesn't need major repairs. If most buyers think they are going to have to replace major items soon, a house is probably not going to move, or you're not going to get all the value out it.
Buyers expect your house to be in decent shape. That means roofs that don't leak, paint that isn't peeling and household systems (heating, cooling, electric and plumbing) in good repair. If you've neglected your home, you face a tough choice. You're unlikely to recoup much of the cost of your repairs in the form of a higher sales price, since buyers are unlikely to pay you a premium for maintenance you should have been doing all along. Yet not making the fixes may turn off buyers altogether. Talk with an experienced real estate agent about which projects you should tackle before listing your home.
Fortunately, unless you’re living in an Addams Family-like spook house, there are plenty of quick and easy ways to spiff up your home and give potential buyers a reason to come inside.
Hiring your own house inspector before you put your house on the market can alert you to problems you may not have been aware. This gives you the chance to fix these items before they complicate a potential sale.
Payback Statistics for
Return on Investment (ROI)
Average ROI for remodeling projects by room
The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:
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Kitchen remodeling – 90%
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Add a bathroom – 90%
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Bathroom remodeling – 80%
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Install central heating – 90%
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Install central air – 75%
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Add a deck – 70%
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Replace windows – 70%
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Add a room – 55%
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Build a pool – 45%
- Finish a basement – 40%
The type of project you do and how it fits in with other homes in your area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you're smart about what you do, you improve the odds that you might make more money. The payback will be better on improvements that are in demand and conform to neighborhood standards.
A positive remodeling ROI will depend on several factors including:
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Type and cost of renovation. A new paint job is an inexpensive renovation and can easily be handled by most homeowners, make the interior more attractive and likely more saleable. Adding a new room is an expensive renovation, and beyond the scope of most homeowners and would thus require expensive tradesmen and would also change your tax assessment.
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Market valuation: in times when real estate prices are rising, you are more likely to gain an increase in your renovation investment. If the real estate market is contracting (harder to sell) you are less likely to get back the renovation costs.
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Home comparison: does the proposed renovation fit in with your neighbors? Adding an outdoor swimming pool in an area where no one has a pool, the seller is less likely to see any return on their investment and may actually lose money. However, in an area where everyone has an outdoor swimming pool, then adding one to your property would more likely to be an improvement.