Affordable Updates That Increase Your Home Value

1. Improve Curb Appeal

It’s almost guaranteed that potential buyers will drive by your house before deciding if they want to see the inside. If your grass is dead, the bushes are hairy, the front door has paint chipping off, the garage door is faded, and the driveway is sinking, they will likely take one look and scratch it off their list.  

By boosting your home’s curb appeal, you can make it more appealing to buyers right from the start, and ensure that you get top dollar.

The outdoor home improvements with the best ROI include:

Lawn maintenance. Seeding and mowing the lawn regularly keeps it green and healthy. Whether you handle it yourself or hire a professional company, you can expect to see a 217% ROI, according to a recent report from the National Association of Realtors® and the National Association of Landscape Professionals.

Planting or replacing bushes. Trimming hedges doesn’t cost a thing, but if they are extremely overgrown, you may want to pull the existing ones out and start fresh with new ones. Landscape maintenance typically nets home sellers about a 104% ROI, while upgrading overall landscaping has an average 100% return.

Leveling concrete. Sunken or cracked driveways and sidewalks don’t just turn buyers off; they create a tripping hazard and can lower your home value. Replacing concrete is expensive, but leveling it via mud jacking or polyfoam jacking costs about half as much. Expect to spend under $1,000 to level a sidewalk, and around $2,000 to level a driveway. 

Painting or replacing the front door. You may love your bright red front door, but there’s a good chance potential buyers will not. According to Zillow research, buyers are more likely to follow up on a house with a black door. Believe it or not, a black door is associated with the highest resale price compared to other front door colors. In most cases, all it takes is a can of paint and a brush, but if your door is warped or rotten it pays to replace it (keeping in mind that new front doors see 100% of costs recouped). 

Replacing the garage door. A garage door and its mechanical parts have a lifespan of 15-30 years. If yours is faded, squeaky, or only works half the time, it can definitely deter buyers. The average cost of a replacement is a hefty $4,000, but you can expect the return on your investment to be 103%.

2. Create a Neutral Interior Color Palette 

Once buyers get through the front door, they want to be able to imagine themselves living in your home. Painting all the rooms in neutral colors like beige, grey, or taupe doesn’t increase your home value a whole lot, but it doesn’t cost a lot either. The biggest perk is that even in online listings, your home will look inviting and appeal to a broad audience — and you can expect to recoup all of the cost of the paint when you sell. 

3. Give the Kitchen a Fresh Look, Affordably 

HGTV shows like Flip or Flop can make it seem like major upgrades are a great way to make money in real estate, but that’s not the reality for most home remodeling projects – especially kitchens. According to the Journal of Light Construction, a minor kitchen remodel costs $28,000, but most homeowners only recoup about $20,000 of that when they sell the home. The profit grows even smaller as renovations grow larger. 

The truth is that it’s not necessary to spend thousands on new cabinets and countertops just to impress buyers. A new faucet, attractive drawer pulls, and modern lighting can go a long way in bringing the kitchen up to date to make a sale. Just make sure to choose moderately priced options instead of expensive, ultra-trendy fixtures to get the best ROI.

4. Improve the Outdoor Entertainment Area

Especially after the pandemic, buyers want an outdoor space where they can relax, entertain in the open air, and even work if they have a remote job. Because of this, a home with a well-designed patio can increase its value by up to 10%. Pouring a new patio can cost around $10,000 with most of the cost recouped after selling. If you already have a patio, consider sprucing it up by leveling sunken concrete slabs or caulking cracks, and then buying an outdoor rug and new patio furniture. String some lights and add potted plants and you’ve got a beautiful space that your family can enjoy until the perfect buyer comes along.   

5. Keep up with System Maintenance

A new HVAC system, roof, and plumbing infrastructure are not on the list of home improvements with the best ROI. After all, a new furnace and air conditioner typically cost $10,000 but only boost home value by about $3,000. A new roof costs $22,000 while homeowners usually only see a $15,000 return. However, if these important systems are faulty and don’t operate as they should, it can bring down the value of the home and deter buyers altogether (and might not pass a home inspection).

If you have time before selling, focus on maintenance. Replace your furnace filter regularly so the furnace doesn’t break down. If you suspect any issues with the AC, have an HVAC tech check it. Clean out the gutters so water doesn’t make its way under roofing shingles. Hire a plumber to fix the leaky faucet. All of these small investments can prevent having to sink a lot of money into larger (more expensive) repairs down the road. 

Even if you aren’t planning to sell your home for several years, it makes sense to do some research before making major updates. As St. Louis real estate experts, our agents can tell you the current value of your home and how much your planned renovation might boost its value. We can also give tips for keeping your investment low while ensuring you see a higher profit when it’s time to sell. Give us a call. We’ll be happy to help.