Selling your home can be a stressful and sometimes difficult process. Not only are you selling the home you may have raised a family in, but it can be one of the largest investments you’ve made in life. Making sure you sell that investment as a profit is crucial. Step one in this process is to obtain a house valuation, giving you an idea of what your home could sell for, “as is,” if you’re looking to sell in the immediate future.
However, those willing to wait may be able to maximize their home selling price, by completing high-ROI home improvements. Possible improvements to your home run the gamut from improvements to the facade of your home, all the way to less aesthetically pleasing but nonetheless important improvements such as updates to hardware and systems running throughout the house.
Yet among dozens of possible improvements, there are three that could get you the best “bang for your buck,” or that could provide the greatest return on investment, in terms of a higher home selling price. With this in mind, let’s dive in, and take a look at each one.
Kitchen Updates
Considered to be the “heart of the home,” many home buyers will overlook minor flaws in other areas of the house, but their opinion of the kitchen may make or break a potential home sale. Hence, if you had to choose one room of your home to improve prior to putting it up for sale, the kitchen would be that room.
For starters, update appliances. Clunky, out-of-date dishwashers and stoves should be removed, and replaced with modern-looking stainless steel appliances. Don’t forget to consider updating kitchen flooring as well, especially if the flooring is starting to deteriorate. Updating countertops and cabinets is another area of focus when it comes to kitchen remodeling.
Make no mistake, a kitchen update could be costly. Many updates and upgrades come at a total cost of at least £10,000. However, this high upfront outlay could more than pay for itself. According to a recent study by Finspace.co.uk, an updated kitchen can add as much as £25,000 in additional value to your home.
Maximize Curb Appeal
Curb appeal may not matter much in terms of home function, but it is of utmost importance, when it comes to attracting would-be buyers of your home. Even an improvement as simple as giving the exterior a new paint job can make the difference between a home that sits on the market for months, and one that sells quickly, at your ideal selling price. The same goes for other exterior features, such as the lawn. A tidy, clean lawn will convey to buyers that your home is not only aesthetically pleasing, but low maintenance to boot!
As for other exterior features, such as the roof, you may only need to complete improvements, if the roof is nearing the end of its useful life. In that case, a roof replacement is not so much something you can do to improve ROI, but something you must do, as a matter of keeping up with previously-deferred maintenance.
Don’t Forget The Windows!
It’s easy to take windows for granted, but the quality of your home’s windows could have a material impact on both selling price and speed of sale. A lot of this, of course, ties back into what was said above regarding a home’s curb appeal.
However, there’s another reason why you may want to consider window improvements: energy savings. As detailed in a pamphlet distributed by the UK Government, 18% of home heat loss happens through windows, with improvements such as double-glazing, owners of detached homes can save up to £155 per year in heating costs. Just 7% of homes in Britain have no double-glazing, but it’s possible your home is one of the few without it.
It may prove worthwhile to shell out the few thousands in additional spending required to complete this upgrade. You can sell it to would-be buyers as something that will pay for itself many times over in the decades to come!
