Top 3 Highest Return Home Improvements
Here are the top 3 investments that I recommend to sellers before listing their home for sale in order to maximize their sale price.
#1. Yep, you guessed it, paint. Paint can get you 2 to 3 times the investment. If it costs you $5,000 then you could potentially get $15,000 back. This depends on the current state of your walls though. If you already have neutral walls and don’t need paint, then obviously the return on investment will not be there. The homes that see the biggest return on paint are ones that have dated wallpaper, lots of scuff marks and / or colors that are very bold. It is incredible what a fresh coat of neutral paint can do.
#2. Flooring. If you have shag carpet then it would be money well spent to put new carpet down. You can get something middle of the road and upgrade the padding. If you have old laminate flooring then you can likely put new laminate flooring right over it and it will give a new look to the room. This could double the investment. It is important to talk with your Realtor about getting the right recommendation for the flooring you are wanting to put down.
#3. Light fixtures and hardware. I guess this is really two items but they go hand in hand. I see a lot of homes that have the original brass light fixtures and door knobs. It does wonders to update those light fixtures and then have the hardware on the doors (including the hinges) to match. A dome light fixture costs $10 at Home Depot so we are not talking about a lot of money. A handyman can easily install all these items.
If you do all the items above then you may just decide to stay in the home as you’ll love the way it turns out. One of the things we hear most from our sellers after they take our recommendations is that they should have done all of this years ago and (jokingly I think) that they now want to stay!