The 5 Upgrades With a High ROI and The 4 That Are Not Worth Your Money
Dress for Success
Whether it's upgrading your new home or renovating a resale so that you can add more value, there are certain parts of the home that offer you the most bang for your buck.
Dress for success, as the saying goes! A common saying that shouldn't be limited to only people. Many buyers wonder where should they spend their money? Which upgrades increase the value of the home at a reasonable cost? That is why we wrote this blog that goes over the worth-it/ forget-it upgrades for R.O.I. you need to know before you buy/sell your home so that you can avoid wasting cash on things that do not matter.
When you have a home the first impression is everything. Just like in an interview, you don't show up in a skimpy dress or just a t-shirt and shorts. You pick something conservative and show your style in more subtle ways.
Not only do you want your home to be able to speak for itself without shoving it in their face. You want to make a good impression right off the bat.
Here is a list of upgrades you should focus on or should not focus on in your new home. It is also a list that can be used for home improvements recommendations when you are looking to sell your home. Where you should spend to get the most bang for your buck.
1) A Quality First Impression right from the Start
Curb appeal importance is your home's first impression. After all, people judge a book by its cover! Getting a modest new front door that matches the home's overall character is where you want to go here. (You clearly don't want to have to change several other parts on the exterior of the house just to match the new front door!)
The front door is a minor investment that has been found to recoup nearly all of the investment. The garage door is also a very sound investment to consider.
If you have an old door then you may want to look to upgrade it to a steel entry or fiberglass door.
Be aware that a major facelift of the entire front porch is going to break the bank here!
2) Kitchen & Bathroom Upgrades
When you walk into a home what are the 1 to 2 places you look at first? If you are like most people then it is likely the kitchen and bathroom. They are also the major areas that can show off the quality of the home. You will spend most of the time around the kitchen, it is in your best interest to have it be a beautiful "WOW" factor.
The main areas that can offer the best ROI are granite countertops, new cabinet faces, and a beautiful backsplash. A stylish backsplash can make the home feel new and custom.
High-efficiency appliances have a dual benefit, they not only make the room more attractive but they reduce living costs.
Modest one! Picking out the latest Stainless steel appliances or Smart Fridge will not get you 100 cents on the dollar. We are talking about ROI here. Doing a minor remodel when your kitchen needs a cosmetic update and not a drastically different floor plan.
That's why you will notice that in our homes the kitchen and bathroom are built, and designed to stand out.
3) Stylish Fixtures to Stand Out
Fixtures are a better investment, that stand out right away.
The right lighting fixtures can open up the space. This doesn't mean a 4 to 5 figure chandelier. Modern fixtures can stand out and really impress a buyer.
Plumbing fixtures can really stand out right away. Fixtures can be that subtle touch, just like a backsplash, that can appeal highly to a potential buyer.
4) A Modern Fresh Coat of Paint (Inside and Out!)
Let's think from the beginning for a second. When your house is advertised online via social media etc. you need to attract the most number of people which would drive up the demand for the property. The quick to judge consumer wants a hassle free, move-in ready experience when moving into a new house. Fresh paint looks very appealing and is one less thing for the new homeowner to take care of. It is also cost effective!
You want neutral colors. You don't want to have a yellow, red, purple or green room. Those colors are just not appealing to the majority of people.
The walls are not meant to stand out. You want other parts of the home to do that.
Neutral colors not only open a space up, but they pull the eyes to the more important features.
You want the home to be warm, welcoming and inviting.
5) Beautiful Inside and Out
Your outside "green" curb appeal, is one of the first things people notice. As well as one of the last things when they go and see the backyard. The last thing you want someone to see is an overgrown jungle in the backyard.
A power wash to any outdoor space is worth its weight in gold. From there, may sure to pull some weeds, fill up holes, cracks. Also, replacing broken bricks or sealing cracks is your finishing touch. This one requires a bit of sweat equity!
Landscaping was found to offer over a 100% return.
1) Wall to Wall Carpeting
Averaging roughly $4.50 per square foot wall-to-wall carpeting isn't a cheaper solution for someone who wants to make their home pop for their 1st open house. The budget-conscious solution is to hire a professional cleaner to steam-clean the carpets to give it that new look at a fraction of the cost to replace it!
Sometimes people want to save money and put it on the second floor. Or in the bedrooms. We refuse to put carpet in any of our homes.
2) Customizing Too Much
There is a reason they call it customizing! It meets the specific taste of a specific few. What’s more, the price tag reflects that it was made uniquely for you. If we have ROI in mind, this is one area to steer clear of.
For example, not many people want to take care of a saltwater fish tank. You don't want to overdo the customizations, definitely if they won't fit in the style of the home.
💡Pro-Tip: Think functionality here. Will that handcrafted bookshelf appeal to 90% prospective homebuyers? Play Devil's Advocate here when asking what "you" like vs. what most people "need" in a home.
3) Over-the-Top Upgrades
Ever go into a boutique clothing store and get sticker shock when looking at those "trendy" pants? When someone buys your house, they buy everything in it! They can't simply pass on one thing like you could in a store. So better not install that pricey living room aquarium!
Think long-term, as well as style. What is it that the current buyers want or will want? Modern and contemporary homes a popular, the style is sleek, minimal, and fashion forward.
One thing you will notice with modern and contemporary homes, like what we build, is that the upgrades are sleek and in-line with the design of the home. All of the homes we build offer plenty of premium upgrades, but they fit the design of the home. As well as offer a long term investment because we build and design our homes to sell.
4) Swimming pool
This may take the cake as the most "don't even think about it" upgrade you can make when exploring your choices of upgrades. Or if you are looking for different ways to spruce up your home for the selling season. According to a survey done by HouseLogic, a home’s value would increase no more than 7% after installing an in-ground pool. YIKES!
It's part of the reason why builders do not usually put a pool in a home prior to the appraisal. It is definitely rarer in areas like South Tampa where land is expensive and scarce, you have to use it wisely.