The Real Estate Browser Volume 7, Issue 16 | Page 8

8 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 7 Number 16 www.LynchburgRealEstateBrowser.com Home Improvement Projects: Which Ones Generate the Best Return on Investment? by Dan Vollmer, Associate Broker, ReMax 1st Olympic I often get asked about home improvement projects - which ones generate the best return on investment, and how to prioritize that never-ending ‘to do’ list. There are a couple way to look at this question. Some folks plan to stay for many years, in which case they will get the use and enjoyment of whatever upgrades they chose to do. On the other hand, some homeowners are preparing their home for the market, and they just want to make it as compelling an option as possible. If you’re in the first set (those planning to stay), I would say to do the projects that will make your life easier or that will allow you to use your home in the way you want. For example: if your kitchen has a poor layout, older appliances or unappealing finishes - go ahead and make the change. Anyone who watches any HGTV knows - kitchens and baths sell houses. Here’s the key, though… some of those projects are expensive, and it would be tough to recoup all of your investment if you were planning to sell right away. So if you’re pretty sure you’re going to stay, put in the money and do it the way you want it. Finish off that basement. Add that screened in porch or expand the deck. You’ll get to enjoy it for many years to come, and by the time you decide to sell, you should regain most of what you spent. On the other hand, if you’re in the second group (those planning to move), the approach is the opposite. With this perspective in mind, you want to look for the lesser expensive projects that will do one of two things: 1) add appeal; or 2) remove an objection. In terms of add appeal, perhaps you could spruce up your landscaping with some flowers and/or ground cover. I know you’ve heard it before, but fresh paint will do wonders. The trim in your house is probably dinged, knocked and generally worse for wear. Just use the same color you already have and touch it up. Same thing for the rooms - if its an appealing and neutral color, just go back over it again to give it that ‘new’ look. In terms of removing objections, here’s the thing to keep in mind. When people look at your house - after all, you are getting ready to list & sell it - you don’t want them to see the projects they will have to do when they move in. The more things you can take off their mental list, the more appealing your house is to them. So if you have out-dated light fixtures, cabinet hardware or bathroom fixtures - take an afternoon and a few hundred dollars and swap them out for current ones. Old and dated wall paper can come down. Carpet can be replaced. So based on your plans for the future and how long you plan to stay, these tips will get you started on organizing that pesky ‘to do’ list. Good luck! Have a question about real estate you’d like to have answered? Email me at dan@DanVollmer. com