The spring buying season is just around the corner, and potential home sellers across the city are looking at their property with newly critical eyes and a bit of uncertainty. Broken shingles, peeling paint, lackluster landscaping… should they fix these things or leave them for buyers to address themselves?
Most experts advise sellers to concentrate on the projects that offer the greatest return on their investment (ROI). To that end, RisMedia’s Housecall suggests five worthwhile renovation projects, in order of greatest to lesser ROI:
Replacing the front door: Surprisingly, this is the improvement that offers the biggest return on investment – a whopping 101.8% gain. Choose an upgrade that is aesthetically pleasing and architecturally consistent with the style of your home and neighborhood.
New fireplace: Fireplaces rank in the top three amenities buyers most seek in a home – and for good reason. A fireplace lends a sense of comfort and hominess to a space. Installing one can reap a 91% ROI.
Remodeling the kitchen: “The kitchen is the room that generally makes or breaks a sale,” notes Housecall. It’s the place where family gathers and connections are forged on a daily basis. Sellers can expect an 85% ROI, making the highest gains when the project is budgeted at 6 to 10% of total home value.
Converting the attic into a bedroom: Housecall notes that renovating an attic space to accommodate a bedroom can increase the value of a home by as much as $40,000. The average ROI is 83%. A basement bedroom is also an asset, with not quite as high of an ROI. Adding a bath on the same level as a new bedroom is another worthy investment.
Refreshing exterior surfaces: Giving your home an exterior facelift greatly enhances its appeal. If you’re replacing siding, choose from vinyl, fiber-cement or foam-backed vinyl and reap an ROI of 80.7%. Repainting and repairing fascia and soffit bring similar returns.