Exterior Spruce Up- Spending dollars on boosting curb appeal takes the top spot for best return on investment. A new garage door, front door, fresh paint or siding and landscaping can go a long way on home value at a relatively low cost. Often owners can expect to see 90-100% ROI for these minor changes. Curb appeal is huge when going for resale, and getting people off the street and through the front door can be half the battle.
Kitchen Refresh- Updating appliances, counters and backsplash can completely change the heart of the home. By minimizing overall layout changes and total cabinet replacements you get a major impact with a modest budget. Owners can expect to recoup about 80-100% of their costs from minor kitchen remodels. Although it might be tempting to go for top of the line and all the bells and whistles, you’ll get the biggest bang for your buck with mid range level upgrades.
Baby Bathroom Reno- A fresh tub and tile enclosure, new toilet and vanity is a relatively easy and affordable update to make in most homes. Although it’s tempting to DIY a bathroom, I advise having a licensed contractor complete the work. Bathroom remodel mistakes often pop up on home inspections and can cause red flags to potential buyers. Owners can expect a 90-100% return on their small bathroom renovation investment.
Flooring- Today’s trends are leaning towards more uniform flooring throughout the house. If your home has a different type of color of flooring in every room it will be well worth the investment to swap it out. Investing in mid-range hard surface flooring like tile or a wood laminate throughout the main areas of the home is especially appealing for today’s buyers. Often this is something that can be significantly costly and inconvenient to complete while living in the home so consider temporary housing in the cost of this upgrade. Owners can expect to get 80-100% return on their investment.
Caution, resist the urge to over personalize and over invest in your updates. If you like really unique or trendy colors, patterns or styles make sure to express those through paint and furnishings which can easily be changed. It’s also imperative that you keep in mind the overall value of your home based on the area. Even if you desire and can afford a $100,000 kitchen remodel, the location of your home may not warrant that type of investment and puts the return on your money at risk.
With any home changes, big or small, it’s always a good idea to consult with your trusted real estate advisor. Not only do I have the latest pulse on trends and buyer needs, I also have a long list of fully vetted preferred vendors and trades who provide top quality work across all price points.
What’s on your home wish list this year? Drop me a comment below!
Lindsay Fricks, Helping you, your family and friends Live & Love in Arizona!
