Major, high-end remodeling projects do not guarantee a favorable return on investment when you sell your condo or home. Smaller, lower-cost projects, however, such as replacing cabinet fronts in the kitchen or refinishing hardwood floors can increase your sales price significantly.
According to some popular real estate organizations, here a few simple improvements that may offer the most bang for your buck.
- New carpet/Flooring: Surveys indicate that the majority of buyers want hardwood floors on the main level (except for the family room and bathrooms) and carpet in the bedrooms. When you replace the existing carpet, go with a neutral shade.
- Kitchen: Instead of gutting your existing kitchen, think about upgrading old appliances, resurfacing cabinets and upgrading the countertops, all of which can be very affordable and give a big splash.
- Master bath: Consider upgrading the shower to a frameless glass shower enclosure, add new fixtures, and new vanity and countertops.
- Paint: Repaint the interior of your home/condo with neutral, soft earth tones. Be sure to add some decorative pillows and accessories to add punches of color.
- Curb appeal: This is a low-cost no-brainer. Trim up the hedges, plant some flowers, and give the front door a fresh coat of paint in a wonderful accent color. Create a strong first impression by adding new house numbers, a new mailbox and some wonderful outdoor lighting.
Bottom Line: Be careful not to exceed the ceiling for the neighborhood, or you won’t get your money back. Just as your home’s cost should be in line with your neighborhood, your improvements should be in line with the value of your home.