Seller's Guide
High ROI Home Improvement Projects
When you are ready to sell your home, you'll want it to look it's best so that it sells for the highest price possible. There is an overwhelming number of improvements you COULD complete, but you have a finite budget and you want to spend that money wisely. Below are the best improvements you can make to your home in terms of how much the renovation costs, and the resulting increase in sales value.
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When approaching home improvements, always remember the 3 C's:​
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Competitive Bids
Always get multiple bids for a project, to ensure a competitive process. If you are unfamiliar with the job being done, you'll be surprised at how widely bids can vary for the same job. Even if you've had good experiences with a contractor in the past, it doesn't hurt to keep them honest.
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Conformity
Use materials and styles that appeal to the mainstream buyer. A niche, hyper personalized style will appeal to a narrower market, and limit your potential buyer pool.
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Consistency
Maintain quality and a consistent style throughout the home. Even if each room looks great individually, if they all use dramatically different styles it will make the house seem "Frankensteined" together and actually detract from the homes overall value. Cohesive, quality materials and finishes are key.
Powerwash the Exterior
Powerwashing your siding, walkways, driveway, and deck makes your home look fantastic and creates a strong first impression for potential buyers. Powerwashing generally costs $400-$800 for a typical home in the Denver area, and increases it's estimated sales price by $1,500-$2,500.
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ROI: 188%-300%
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Replace Entry Door
The entryway is a more important part of your home than most people realize! If your entry door is older or worn, replacing it with a nice new door along with a new frame and threshold can have a dramatic effect on the home's perceived value. You can typically get a quality door installed for $1,500-$2,000, and the National Realtor's Association estimates an increase of $3,000-$4,000 in sales price.
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ROI: 150%-167%
Updating Light Fixtures
If your light fixtures are older, updating them to more modern, energy-efficient fixtures will help the interior aesthetics of the home and reduce the homeowners energy costs. You would be surprised how often I hear potential buyers say something to the effect of "Think how much this saves us on energy costs!" You can update to a really nice light fixture for $1,000-$2,000, and in return your sales price will go up by $2,000-$4,000.
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ROI: 100%-200%
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Paint the Interior
Never underestimate the power of a fresh coat of paint! Painting your interior walls, ceilings, and trim is a tried and true way to freshen up your living space. Make sure to use neutral, modern colors that will be attractive to mainstream buyers! You can pay to have your home painted for $3,000-$5,000, and the estimated increase in value of the home is generally $5,000-$7,000.
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ROI: 100%-150%
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Basic Landscaping
You can get a lot of bang for your buck by completing some basic landscaping that will dramatically increase your curb appeal! Ensure your lawn is well-maintained, refresh any mulch beds, and consider adding in perennials, trim trees, and shrubs. Denver residents are increasingly accepting of artificial turf in their yards, as they now look very realistic, are easier to maintain, and more durable. You can do a great job on this for $2,000-$4,000, and can expect an increase in value between $5,000-$7,000.
See my blog article on a lawn project I completed at one of my rentals recently.
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ROI: 100%-200%
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Replace Garage Door
Replacing an old, battered, or inoperable garage door is a job that seems to fly under the radar, but actually delivers really strong returns! Getting a new garage door installed generally costs between $1,500-$3,000 and delivers in average increase in sales value of $3,000-$4,500.​
ROI: 100%-150%
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Install Smart Home Technology
Installing smart-home technology increases the efficiency of the home and provides a more convenient and secure living experience. Installing a smart thermostat, home monitoring system, and smart locks makes the home feel more modern and attractive to potential buyers, and increases the value of the home by $3,000-$5,000. A quality system can be installed for as little as $1,500.​
ROI: 200%-350%
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Minor Bathroom Remodel
If you have a larger budget and want to go after the heavy hitters, minor Bathroom Remodels can have a significant impact on the perceived value of your home. Replacing all of the fixtures, tile surrounds, and re-painting would make a world of difference and can increase the value of the home by $18,000-$25,000. They can generally be completed for between $12,000-$18,000.
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ROI: 100%-125%
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Minor Kitchen Remodel
The kitchen is generally considered to be the PRIMARY selling point for the home. A modern, updated kitchen will change the general perception of the property and create a lasting impression of high quality in the buyer's mind.
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Replacing appliances, cabinet drawers and doors, their hardware, countertops, and a new sink (along with a new coat of paint) can increase the value of a property by $18,000-$25,000, and can generally be completed for $12,000-$18,000.
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ROI: 100%-125%
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