Friends and Clients —
Home shopping season is quickly approaching, which means home sellers are busy cleaning, painting, decluttering, landscaping and deciding which other projects might reap the greatest reward given limited time and money. Their best bet – once the curb appeal projects are done, tackle the bathrooms.
The key is making smart decisions about what to upgrade because home-improvement projects don’t necessarily pay for themselves — and some improvements actually cost more than they return in value.
1. Dive into the “curb appeal” projects first. That said, do them smartly. New paint inside and out and basic landscaping and yard care typically runs about $3,000, according to recent research by Zillow and Thumbtack, and are typically the most common and necessary improvements. And choosing the right eye-catching colors can increase a home’s value far beyond just the appeal of new paint. A Zillow analysis found that yellow homes sell for nearly $3,500 less than expected, while the right color door can lead to an extra $6,000 in a seller’s pocket.
2. Upgrade the bathrooms (but not too much). A mid-range bathroom remodel, such as replacing the toilet, tub and light fixtures, adding a double sink, tiling the floor and hanging some wallpaper, typically results in a $1.71 increase in home value for every dollar spent, if the bathroom is at least 25 years old. But an upscale bathroom remodel with top-end features, full-body-wash shower wall, bidet could actually cost a seller, adding 87 cents of home value for every dollar spent.
3. Install new windows. New mid-range windows can return $1.15 for every dollar, but get too fancy and you’ll end up breaking even.
Until next time, make it a great week!
Joy Daniels
