If you’re thinking about selling your home, you want to get the best possible return on your investment. While the housing market plays a role in your home’s value, strategic upgrades can make a significant difference in maximizing your profit. The key is to invest in improvements that buyers love and that offer the best return on investment (ROI). Here’s a look at the top home upgrades that can help you sell your home faster and for more money.
First impressions matter. A well-maintained exterior draws buyers in and sets the tone for the rest of the home. Simple, cost-effective upgrades like landscaping, a fresh coat of paint on the front door, and updated exterior lighting can work wonders. More than wonders, in fact. According to the National Association of Realtors (NAR), landscaping upgrades can yield a 104% ROI, making it one of the most cost-effective improvements.
The kitchen is often considered the heart of the home, and buyers prioritize updated kitchens when house hunting. You don’t need a full remodel—minor upgrades like replacing cabinet hardware, updating countertops, and installing modern appliances can give your kitchen a fresh look. According to Remodeling’s Cost vs. Value Report, a minor kitchen remodel can offer an ROI of around 96% on average.
Bathrooms are another key selling point for buyers. Simple upgrades such as reglazing a bathtub, installing a new vanity, or adding modern fixtures can make a big impact without breaking the bank. NAR data shows that even minor bathroom renovations can recoup 70-75% of their cost at resale.
Energy-efficient upgrades not only attract buyers but also help lower utility costs, which is a major selling point. Consider upgrading to energy-efficient windows, installing LED lighting, and adding smart thermostats. Energy-efficient windows alone can save homeowners up to $465 per year, making them an attractive feature for potential buyers.
Worn-out carpeting or outdated tile can turn buyers away. In fact, most buyers now expect hardwood floors in homes. Replacing old flooring with hardwood, laminate, or luxury vinyl plank can modernize your home and make it more appealing. According to Realtor.com, homes with hardwood floors sell for about 2.5% more than those without.
One of the simplest and most cost-effective ways to refresh your home is a fresh coat of paint. Stick with neutral colors like warm whites, grays, or soft beiges, as these appeal to the widest range of buyers. According to Zillow, homes with light or dark gray or neutral walls sell for more than those with bold colors. And a fresh paint job won’t just net better offers, it’ll help to sell your home in general. A Zillow survey found that 40% of sellers paint their home’s interior before selling, and nearly 30% said that this project helped their home sell.
Smart home features like security systems, video doorbells, and smart locks are increasingly popular among buyers. These small upgrades can set your home apart and add perceived value without requiring a huge investment.
Making strategic upgrades before selling your home can be a smart move, but how do you pay for them? One option is a cash-out refinance, which allows you to tap into your home’s equity to fund renovations. A Ruoff Mortgage loan officer can help you explore this option and determine if it’s the right fit for you.
By making the right improvements, you can attract more buyers, sell your home faster, and maximize your profit. If you’re considering selling, talk to Ruoff Mortgage today about financing options to help you make the most of your home sale.