Should I Updated My Home Before Selling?
Making Sense (and cents) of Home Updates
Updating your home before selling can make a big difference—but certain upgrades offer a better return on investment than others. If your home is over ten years old, updating key elements can help attract buyers and increase its appeal. However, not all updates yield a high return, and some projects may cost more than they’re worth.
High-ROI Updates
1. Paint
The top ROI update, fresh paint in neutral, on-trend colors like warm whites and light greys, can transform your home’s appearance. While the cost is typically between $4,000 - $8,000, it can yield a 100%+ ROI and attract more buyers. If possible, DIY or hire affordable painters to keep costs low.
2. Light Fixtures:
New, modern light fixtures are an affordable way to update each room’s feel. Trendy or classic styles can freshen up spaces for a small investment—often less than $500—that brings a much larger perceived value.
3. Feature Walls & Backsplashes:
Adding a simple accent wall with modern paneling or a kitchen backsplash makes a home feel customized and high-end, often with a 60-80% ROI.
4. Hardware:
Updating cabinet hardware is a cost-effective way to modernize kitchens and bathrooms without a full remodel. The total investment is typically under $200, with a strong return.
5. Flooring: Replacing worn flooring is a higher-cost update that adds significant value and appeal. Hardwood or high-quality laminate flooring attracts buyers and yields around a 70% ROI. However, flooring should match or be consistent through home (if you add multiple types of hardwood or LVP it can decrease the value).
Lower-ROI or Riskier Updates
1. Landscaping:
While curb appeal is crucial, extensive landscaping typically returns only about 50% of the investment. Focus on cleanliness and maintenance rather than high-cost updates.
2. Countertops on Outdated Cabinets:
Adding stone countertops to old cabinets may not yield as high of a return unless the entire kitchen is cohesive. Prioritize painting or replacing cabinets first.
3. DIY Projects:
Be careful with visible DIY projects that lack professional quality. Poorly executed updates may decrease appeal and even deter buyers.
Balancing Time, Cost, and ROI
If you’re updating solely to increase resale value, consider avoiding large projects that require contractors, especially if you live in the home. Hiring a general contractor and managing extensive renovations often adds unnecessary stress and may not yield the desired return. Working with your Realtor for advice on cost-effective updates will ensure you’re investing where it counts for a successful sale.