As a real estate agent, your clients are going to be coming to you as a lifeline. They’ll be asking a variety of questions on what they can do to get the best deal when selling their home or to improve their current home. While a seller might not want to put a lot of money into a home they’re not going to stay in, there are smaller improvements that will go a long way to improve the value of their home and get buyers interested and willing to pay the right price.
- A minor kitchen remodel
Updating a kitchen can be overwhelming, and expensive. If your client is against doing too much remodeling to their entire home, suggesting a minor kitchen remodel will prove to be a great return on investment. Remind your client that creating a functional space by replacing the countertops, adding in energy-efficient appliances, and replacing the cabinet hardware can generate big payoffs in the end. When you and your client go to sell, an updated kitchen can go a long way with buyers. With an average initial investment of $21,000, the return on investment is up to 80% when you resell.
- Siding Replacement
When it comes to the housing market, a book really can be judged by its cover. When looking to buy a home, buyers want to assume their basics are covered. Meaning, larger projects such as replacing the siding of your home can up the resale value up to 76%! You’ll want the house to look its absolute best to attract potential buyers, and new siding can make a huge difference. When a house on the market has a big project like needing new siding, it can turn buyers away. By investing around $15,000 for quality siding, your client’s property value will increase by leaps and bounds. Selling the house will be much easier and with much higher offers.
- Installing Insulation in the Attic
Your client might not think about doing anything with their attic before selling their house because it’s not going to be the first thing a buyer will see when looking at the property. While an update to the attic might not be the most glamorous renovation, it is certainly the most cost-effective boasting a 107.7% ROI. With an average investment of $1,300, insulating the attic can give a return of almost $1,500 on a home. This is the only renovation that pays back more than you put in, so it’s a fairly inexpensive improvement you’ll want to encourage your clients to consider.
- Replacing the Entryway Door
When buyers come to view the house, the entryway door is going to be one of the first things they see. Replacing the entryway door is another relatively inexpensive makeover for your client to execute that will pay off in the long run. If your client opts to replace their front door, encourage a steal replacement to add value up to 90%. In 2017, curb appeal projects tended to generate higher returns than renovations done on the inside. Even just a fresh coat of paint on the front door will make a home much more appealing to the eye.
- Garage Door Replacement
The garage door is probably the last thing your client is thinking about when looking to sell their home. It’s not as glamorous as some other home improvements, but it’s another important factor to consider before putting a house up for sale. When a seller is getting ready to put their house on the market, a garage door replacement will pay off in the grand scheme of things. According to Remodeling Magazine, removing your old, tired looking garage door and replacing it with one that is more elegant can pay off big time by 78% ROI. Something as simple as replacing a garage door could benefit your client in a big way!
When your client is looking to sell, tackling these projects can generate a huge return on investment and up the value of their house. However, these projects can come at a hefty price, so encourage your clients to look into their options and review their finances before deciding on a home renovation. Be sure to inform your clients on what might be best for them and lend your advice when necessary. Whether it be applying for a 0 interest credit card or taking out a low-interest home improvement loan to finance the project, there are many different ways to for your client to achieve their goals and get the return they’re looking for.