Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through our links, at no cost to you. Please read our disclosure for more info.
In the dynamic real estate market of 2024, selling a home requires a lot of patience and financial wisdom. According to US News, a home in the US is likely to sit on the market for an average of 58.2 days from listing to closing. The number may vary from state to state, depending on the real estate trends. The condition of your property is another factor determining its saleability.
Many homeowners who don’t face a cash crunch may choose to invest in their current properties instead of navigating the challenges of selling. On the other hand, many others make some improvements to get good deals and close the sale fast. Either way, you should choose your upgrade projects wisely, particularly if you have budget limitations.
The good news is that there are a few practical and financially viable options to explore. In this article, we will share a few high-ROI upgrades worth considering.
In This Post:
Get a Fresh Coat of Paint Inside-Out
A fresh coat of paint is a cost-effective way to revitalize your home’s interior and exterior. At the same time, it also offers a high ROI. Angi.com notes that an interior paint project costs $2 to $6 per square foot. The ROI for this project is 107%, which is a great number. Factually speaking, if you spend $8,000 for a fresh coat of paint, it adds $16,500 to your home’s resale value.
Painting allows you to personalize your living space if you want to stay here for the long haul. For aspiring sellers, it makes the property more attractive to potential buyers. Consider neutral colors to appeal to broader tastes. When picking a paint project, don’t neglect the exterior. After all, making a great first impression is all about having good curb appeal.
Add Kitchen Storage
Since your kitchen is a core area of your home, upgrading its functionality and aesthetics should be a priority. Most importantly, kitchen upgrades can significantly increase its value. Think beyond aesthetics and focus on better storage if you want to do more with less.
Better Home and Gardens offers a list of ideas you can implement to declutter and organize your kitchen without spending big. Adding storage solutions like wall shelves is affordable, while you can install new cabinets if you can spend a little more. Free-standing shelves are also a good option. You can hang some hooks on the wall to accommodate small stuff.
When it comes to ROI, even a minor kitchen remodel can easily give you more than 85% ROI. Not to mention, you have a beautiful space to cook and have cozy conversations with your loved ones.
Upgrade Your Bathrooms
Bathrooms are another key area where upgrades can yield an impressive ROI. Investopedia notes that you can achieve an ROI of 66.7% with a bathroom remodel project. A mid-range project delivers an average of 60–70%, while upscale remodels see returns closer to 50%. Obviously, opting for small changes is a wise move if the budget matters to you.
Focus on modernizing bathroom fixtures and improving the layout for a more spacious look and feel. With self-care becoming popular in the US, homeowners are keen to create a spa-like atmosphere in their bathrooms. This can be a plus for buyers who want a private space for their self-care rituals. Moreover, in high-demand areas, buyers often prefer homes with modern, updated bathrooms.
Accessorize Your Entrance
The entrance to your home is the first thing visitors see. Whether you want to stay in your home or sell it down the road, ensure that the entrance is inviting and appealing. Replacing an old entry door yields an incredible ROI of 100.9%. In case you are ready to invest in garage door replacement, expect an even higher number of 102.7%.
For those not willing to spend on these replacements, there are some budget-friendly alternatives that actually work. For example, you can add a new lighting fixture on the porch or install a stylish doormat. Hanging a seasonal wreath on your front door makes for a great first impression.
Invest in a Landscaping Refresh
Landscaping can go a long way in boosting your home’s curb appeal and increasing its value, that too without a massive expense. Bankrate suggests that it can add nearly 20% to the price tag of a property by enhancing its curb appeal. The best landscaping improvements beautify the exteriors and expand the living space.
Besides seeking professional help for improvements to your outdoor space, you can opt for some DIY projects too. A well-maintained lawn, colorful flower beds, and shrubs can create a welcoming ambiance. You can also plant a vertical garden to serve as a green privacy screen in your backyard.
What Are the Upgrades You Can Skip?
While the above-mentioned home improvement projects are worth doing, there are others you can skip. They are the ones that cost big and do not deliver real value in terms of selling fast and at a high price.
Imagine you want to sell your home in the hyper-competitive San Francisco Bay Area market. According to the Voice of San Francisco, the value of homes in the SF metropolitan area is expected to drop by 1.8% from the end of 2024 to the end of 2025. This isn’t great news for sellers looking to close their home deals in 2025.
You can combat the situation by investing in some home upgrades to attract buyers. But you should know which projects to skip because home improvement services are expensive in this area. Click here to learn what you should not fix when selling your house in the San Francisco Bay Area.
As per John Buys Bay Area Houses, you can avoid fixing unfixable issues, skip cosmetic improvements, and steer clear of unnecessary security upgrades. Make only calculated moves that will serve a viable ROI when selling the property.
Frequently Asked Questions
Can Home Upgrades Make Your Home Sales-Worthy?
If you want to make your home sales-worthy, some simple upgrades can do the trick for you. For example, you can focus on areas like the kitchen, bathrooms, and curb appeal for the best outcomes. They are worth considering as they increase your home’s marketability and justify a higher asking price.
How Can I Decide on a Budget for Home Upgrades?
A realistic budget for a home upgrade project makes it easy and painless. Start by assessing your home’s current condition and listing what needs to be improved. Your remodel choices should also align with your market’s needs. Determine which upgrades impact your home’s value and prioritize those projects.
What Home Improvement Has the Highest ROI?
Several home upgrades offer a high return on investment. According to Remodeling Online, HVAC improvement delivers an ROI of 103.5%. Garage door replacement and entry door replacement come next, with ROIs exceeding 100%. Minor kitchen remodels and landscaping are other affordable projects that can significantly boost your home’s value.
Home upgrades are a wise decision, whether you want to sell your property or stay there for the long run. However, you should not pick projects without planning or on impulse. Make calculated moves by determining their returns and ensuring that you do not break the bank for improvements that aren’t worthwhile.
