Selling Soon? Improvement Projects to Increase Home Value

Selling Soon? Improvement Projects to Increase Home Value


Hi there! Emily Farber with Lepic-Kroger,
Realtors, in Iowa City, Iowa. Thanks for joining me. The topic of today’s video is
the best home improvement projects to increase your home’s value. Are you
thinking about selling soon? If so, great! This is just the topic that you should
listen to, because not all home improvement projects have a good ROI or
return on investment. And, I want you to take notice, down below in the
description, you’ll see a link for a free downloadable guide– my sellers’ guide to
help you on your journey as you get prepared to list your home. Not all home
improvement projects are created equal, and they certainly aren’t going to feel
equal in terms of the hit to your wallet. Many times people upgrade their homes
simply because that’s what they want, and that is totally fine! If you’ve always
dreamed of having a chef’s kitchen or a spa-grade bathroom, by all means, go ahead
and create what you want if you have the means to do so. Keep in mind, however, that
just because you spend money on your house doesn’t mean you’re going to see
all of that money back when it’s time to sell. Your return on investment may not
be 100%. Before you spend any money at all it’s important to take
a good hard look at your house. If your roof is old and leaking, if your HVAC
system is shot, if your foundation needs some serious attention no buyer is going
to be interested in your jazzy bathroom. What they are going to be interested in
are the basic components of your house, so take care of those basic maintenance
items before you spend any money upgrading anything. What you get back on
a project depends, in a large part, on your home’s already existing value, its
potential value, the value of other neighborhood homes and the overall
conditions of your local market. At the end of the day, real estate is
always a local game. So, assuming you don’t want to spend thousands of dollars,
what are some of the projects you can do that are relatively inexpensive and easy
in order to increase the value of your home? First and foremost, let’s talk about
curb appeal. If you can’t get people out of their cars and through your front
door you’re not gonna get anywhere. You absolutely must up your curb appeal.
So, spruce up that yard, mow the grass, fertilize the lawn, trim the bushes, or
take those overgrown bushes out, and plant something new. Trim the trees!
People often ignore their trees. They need to be trimmed up from the ground, trimmed away from the house, dead branches taken out. Don’t ignore the
trees. Power wash if you need to. Take a good look at the north side of your
house. Often the north side of the house becomes mildewy-looking and nasty. Take a
look at your gutters. Do you have little baby plants growing out of your gutters?!
Because if you do, either you need to climb up there, or you need to hire
someone to climb up there to clear those puppies out. Then I want you to stand at
your front door and just stare at it. Is your door…sad? Is it weathered? Is the
paint chipping? Is it dented? Don’t be like that.
Think about replacing your front door. Replacing your front door is a project
with a decently high ROI. Here in the Iowa area a new steel front door is
going to run you about $1444 according to 2018 costvsvalue.com. They estimate that your return value on that
shiny new door purchase is about $1203,
which gives you an ROI of about 83%. Now, I realize that’s not a
100% ROI, but it’s pretty high, and part of sprucing up your house is not
only to increase your value but also shorten those days
on market. The way you shortened those days on market is to make your house
stand out, in better ways, than your competition. Let’s talk about your lights.
Are they ugly as all get out? Are they brass? Are they tacky? You don’t
have to have ugly light fixtures and you don’t have to break the bank in order to
update them. Just go to any big box retailer and pick out some modern
fixtures. Think brushed nickel, oil rubbed bronze. Whatever you do, just be
consistent and take that metal throughout the house. Alright, I know
you’ve probably heard it a thousand and one times but… paint. Oh my gosh,
paint is one of the least expensive, biggest bang action items that you can
do while you’re sprucing up your house to increase the value. You may like that
red dining room, but I can guarantee you that almost nobody else will. You might
think that your wallpaper is tasteful, again, almost nobody else will. And you
think your yellow kitchen is cheerful…mmm. Let’s repaint all of those strongly-colored rooms in a lovely neutral. Neutrals may get the rap for being
boring, but they do appeal to the greatest number of people. Your rooms are
going to look fresh, clean, on-trend and they’re going to appeal to the masses. I went to my local Sherwin-Williams store to check up on pant trends. I spoke with
the sales associate and I asked her which are the most popular neutral
colors that she’s seeing sold here in the early part of 2019, and she handed me
a handful of paint chips. Do you notice anything about them? They’re all grays
and grieges. A griege, if you don’t know, is a blend between grey and beige. Some will
trend warmer while others trend cooler. What works in your home is going to
depend upon the colors and the light in your home. So, just because you like a
paint chip in the store does not mean that it’s going to look great
on your walls. So, how do you overcome that? You need to narrow down your
choices to a few options, and then by sample sized pots of those paints. When
you get home you can either paint a little section on your wall,
decent size, probably at least twelve by twelve, or you can paint on a large piece
of cardboard or poster board. Paint down near your floor, butting up against the
trim and the floor, so that you can see how the paint works with the existing
fixtures in the house and then just live with it for a day or two. You’re going to
want to see how that paint looks during different times of the day with
different light qualities–natural light and artificial light. If you’re really
confused about which one will work best in your house, take the picture and go
back into the paint store and talk to one of the associates. They’ll be able to
point you in the right direction of popular colors that have the undertones
that will play best with what is existing in your house. Let’s talk about
knobs and pulls. It’s another inexpensive and easy way to upgrade the look of your
kitchen and your bathroom. Shoose some new knobs and pulls. This suggestion is a
little more expensive than the others, but it will make a big impression. If
your kitchen appliances are dated or in bad shape you may want to consider
replacing the whole set. Fridge, dishwasher, stove, and microwave. Just go
with your standard mid-grade stainless steel appliances. It’s really going to
impress buyers. Kitchens and bathrooms are the sexiest rooms in the house.
That’s where builders spend the most money and that’s where people spend the
most time. So, if you’re going to spend money in your house, spend it in the
kitchen and the bathrooms. Let’s talk about some common remodels that a lot of
people are interested in. According to costvsvalue.com
2018 edition, your average mid-range kitchen remodel is gonna cost you
upwards of $63,000! I know, right?! The amount of money that
you could expect to see back if you were to turn your house around and sell it
right away is only a little over $32,000, which gives you a rather sad return on
investment of 50.9%. Now, if you’ve been dreaming of a brand
spankin’ new kitchen, by all means, go ahead and do it if you have the money
and you plan to live there for years. But if you’re remodeling that kitchen simply
to turn around and sell the house, expecting to see all that money back
again, and more, save yourself. Likewise, a mid-range bathroom remodel is probably
gonna cost you a little bit more than $18,000. If you were to
turn around and sell your house right away, what could you expect to see as a
result of that bathroom remodel? Only a little over $10,000. That puts your
ROI at 56%. Really nothing to write home about. Hey, thanks for
joining me on my video today. I hope you found it to be helpful. If you’d like
further advice on inexpensive upgrades that you can do to your home in order to
prepare it for sale. you know where to find me. I’d be happy to help you! Also, I
would suggest that you download my free seller’s guide, the link of which is in
the description box below. I will catch you next time.

13 thoughts on “Selling Soon? Improvement Projects to Increase Home Value

  1. Would you like to get your copy of my free Seller Guide? There's tons of good stuff in it. Get it here: http://homeiowacity.com/seller-guide-download

  2. "Take care of those basic maintenance items before you spend any money upgrading anything." Say it again for the people in the back!! lol!

  3. We spent about $2,000 to remove the 90's brass from a house – light fixtures, ceiling fans, faucets and door knobs – made a huge difference to help sell that house.

  4. I agree with you about the 90's "builders brass"! I've changed everything to oil rubbed bronze….except for the foyer light. I have a new one for it, just not a 14' step ladder to get up there to change it!! 🙁

  5. Curb appeal is so important!!!!! The front door is such a cheap and easy way to boost that curb appeal. Great tips!

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