6 Home Improvement Projects With The Best ROI For Selling In 2023
I’m going to share 6 projects that will make your house stand out in 2023 and also let you in on a secret about your competition if you decide to sell your home this year.
I’m Tim Royster, local realtor here in Northern Virginia who just loves all things about this area of the country and can’t think of a better place to call home for our family.
So let’s dive in to these projects:
#1 Replace Garage Door - Yes, that’s right. According to the 2022 Cost vs Value report, homeowners could see a 92.1% return on investment when they sell. If the garage door is worn out, damaged, has cracked windows, or just plain old and ugly, it detracts from the curb appeal. I can only think of one other door at a home that gets more use than a garage door and it’s probably the fridge. So, garage doors may be something to consider when you're deciding on a home improvement project. It’s really an important part of the curb appeal of a home.
#2 Roof replacement - Replacing a roof can be expensive, but an asphalt shingle roof replacement could get you 62.5% ROI according to the same report. If those shingles are curling up or they are having signs of leaks, it’s better for you to get the roof repaired or replaced. This provides assurance to the buyer.
#3 Refinish Hardwood Floors - Hardwood floors are timeless and many homeowners love the look and feel of hardwood floors. If you can refinish the floors, according to the report, the ROI is 147%.
We have seen this time and time again with our clients and it just makes the entire space look and feel warm and inviting.
#4 Paint the Interior. This is almost a no-brainer. A new coat of paint makes any space shine. Using neutral colors allows the buyers to imagine the space and not look at scuffs or holes in a wall, not to mention old wallpaper or even better yet, peeling wallpaper that has been painted over. According to this article in Real Simple, you can expect 100% ROI. Be smart about color trends and if you are not doing it yourself, get at least 3 recommendations and interview them.
#5 Replace or fix windows. If you have old drafty windows that don’t open or don’t stay open, you need to replace or repair them. There are several local vendors that do a great job in replacing windows. This could make a great impression on budget-conscious buyers. A complete window replacement could receive a 66.1% ROI (according to the same report). If the double pane window has become cloudy, local vendors can put new glass in the window, and can even complete the work on the same day as drop off.
#6 Kitchen refresh - This one probably takes the most time to think about and must be tailored to what is trending in your neighborhood. Questions to get answered: Were the kitchens in the homes sold last year updated? You need to research this on your own or ask a knowledgeable realtor to make sure that your kitchen refresh is in line with the market and neighborhood. Changing the fronts of cabinets and drawers, updating hardware, installing new appliances, a new sink or faucet and if warranted maybe a new countertop might be all you need. If it’s flooring, many homeowners are still drawn to tile, hardwood, or something more durable in the high-traffic area like the kitchen.
If these are things you’d like to discuss in more detail or if you would like to know the conservative value of your home, text/call us at 571-275-0871. We’ll be happy to give you our opinion.
I said I would let you in on a little secret about your competition in 2023. The first one is just the noise in the news. Many topics in the news are about inflation, affordability, cost of goods, job reports, wars, and the stock market. The news have made buyers more hesitant to purchase a home now. However, completing some or all of the projects discussed above could give potential buyers the assurance that the home has been improved, thus giving them confidence to purchase the home.
As for the second competiton, did you know that according to the Joint Center of Housing Studies, homeowners in America spent 433 billion dollars in home remodeling in 2021? If any of these homeowners sell their homes in 2023, it’s highly likely that they had done some very good projects on their homes and they could just be your competition. Let’s connect to make sure you are doing smart improvements in 2023. Until next time!
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