The Best Property Repairs for Return on Investment
Whether leasing a property, living in it or repairing it to sell, some repairs will make a much deeper impact on what you can ask in rent or sales price. With the right repairs, you can increase the value of your property by thousands, or boost the rent by hundreds. By making it more attractive to potential buyers, you can also lease or sell it faster.
So which are the best property repairs for return on investment?
Focus on repairs that will bring you the biggest bang for your buck. A full renovation isn’t usually necessary; most homes simply need a bit of updating and decluttering. Most people already know that kitchens and bathrooms should be updated before anything else, but keep that in mind if you’re considering a full remodel of one or two rooms.
A Fresh Coat of Paint
Giving your home a fresh, clean and updated feeling should be your goal. Luckily, this can easily be done with a bit of elbow grease and a few buckets of paint. Choose a neutral or light shade and use it throughout your home. To add some interest, vary the strength of the color slightly. Use one shade lighter in your hallways to add brightness, and one shade darker in the dining room for extra drama. Beige is still a popular choice, as are gray and “greige” – a grayish beige. If you feel a bit of color is best, choose a neutral shade of blue or green, or a warm neutral with yellow, red or orange, and be sparing (perhaps use an accent wall, rather than painting the whole room “coral”).
If you have any wallpaper, consider taking it down and painting your walls instead. And don’t forget to give the ceiling a fresh coat of matte white paint to brighten it up, and the trim a fresh coat of glossy white.
Old, dirty carpets are a definite turn-off for renters and buyers. If your carpets are dingy, replace them before putting your home up for sale. New carpet offers a great return on investment since it gives a great first impression for little money. Your home will instantly appear well cared for if your floors are clean and new.
If you have hardwood floors underneath your old carpet, consider showing them off. Hardwood floors have become a status symbol, invoking history and decadence. Take advantage of the trend and save the cost of new carpeting. Your hardwood may need to be refinished, but that is a cost efficient alternative to new flooring.
New Caulk and Grout
Is your kitchen or bathroom looking a little grungy? For the cost of a few tubes of caulk, you could give these two important rooms a refresh. Make sure to remove all of the old caulking before carefully applying the new.
If your tile grout is damaged or mildewing, a fix may also be in order. Removing old grout is inexpensive but labor intensive, and if your current grout is gross, the new look will be worth the effort. If your grout is dirty but still in good condition, an easier option may be to use grout paint. You can simply clean and paint your grout lines to restore them, making them look new again. Grout paint is available in a pen format, making it easy to apply.
New Front Door
Your front door gives buyers their first impression of your home. Make it a good one. A new steel front door gives homeowners a great return on investment. Choose a classic design that will appeal to a wide range of buyers and look great for years. Paint it a dark shade to give your home some drama, or add some personality with a pop of color.
New Garage Door
Do your kids play hockey against your garage door? If your garage door is looking tired, dated or dented, have a new one installed. It’s an easy fix that will increase the curb appeal and value of your home. Choose a color that coordinates with your brick or siding, as your goal is to make it look clean and sleek.
Another inexpensive project is to improve your grounds. A bit of landscaping can be a great return on investment. Your home will look well maintained and more inviting to potential buyers. Another worthwhile property repair is updating your mailbox, exterior lighting fixtures and hardware. For only a few dollars, you can make your home look modern and stylish.
A New Roof
If your roof is in poor condition, buyers will worry about leaks. They will also worry your home was not properly maintained over the years. Many buyers will shy away from buying a home that needs a new roof. Although a more expensive project, you will likely recoup the full cost when selling your home.
Which projects do you think are the best investments? Share your ideas!