These Projects Bring the Best Returns in Nashville
March is just around the corner. Just like you, many homeowners are currently planning their Spring Cleaning and Home Improvement projects.
The problem is most projects, especially the major improvements; do not give you a 100% return on your money. The average project returns 70 – 80% of the dollars spent on improvements. If the quality of the work is below professional standards, it could even detract from the value of the home.
If you make the wrong choices, you could be throwing money away and not improve your position in the market.
Whether you are thinking about selling this year or you want a few years of enjoyment, you can still get the biggest bang for your buck by following these rules.
1. Low Cost Projects Lead to Higher Returns
The project with the highest return in Nashville is replacing your steel, front entry door. If your door does not need to be replaced or if you have a more expensive fiberglass door, a fresh coat of paint is likely in order. Other replacement projects at close to 100% return are replacing the siding or windows. Typically, replacements cost less that improvements. Therefore, they tend to have higher returns.
Here are some other low cost projects that we frequently recommend. Clearing away any clutter and de-personalizing the space is important for potential buyers to be able to visualize themselves living in your house. If you have pictures of your family and mementos everywhere, it is distracting and can throw the buyers off track.
Neutralizing is as important outside your home as it is inside. Trimming shrubs, pressure washing, adding mulch and minor exterior repairs are key to setting the first impression. First impressions are key to getting showings. The front photo is key to successful marketing. Make sure your home is well represented in your marketing photos and in person.
2. Paint Your Way to Profit
Painting the interior of the home is one of the easiest and least expensive ways to freshen the appearance of the home. Sometimes only a few rooms need to be painted and not the whole house. The kitchen and bathrooms are the most likely candidates for paint. Most professionals will recommend that you paint with the following neutral colors: white, off-white, beige and grey.
If you are not an experienced painter, I recommend that you hire a professional. Just like a home that needs paint, a low quality paint job can signal potential buyers to consider what else could be wrong with the home.
3. The Kitchen is King
Whether, it is a minor refresh or a major renovation, the Kitchen is the number one place to make improvements. It is also one of the most expensive. A minor kitchen remodel will likely cost between $15,000 and $20,000. This would include replacing counter tops, cabinet fronts, appliances, fixtures, paint and flooring. A major remodel would be significantly more.
The return on a minor kitchen refresh is close to 100% in the Nashville area, while a major remodel returns about 80% of the cost. Most buyers prefer to buy a home with the kitchen in Move-In ready condition. This is partially due to the frustration of not being able to use the kitchen during the repair process.
Second runner up to the kitchen would be improvements to a bathroom, especially the master bath. Improvements to a bathroom typically return 80% of the cost. Common bathroom improvements in our area include a tile shower installation with a separate tub, fixture replacement, lighting, tile flooring and paint. The average cost to upgrade a bathroom is $5,000 to $15,000.
Enjoying your home and taking care of your investment are always good ideas.
If you would like a copy of the Repair Vs Value report for Nashville:
Send Me an Email Request here: [email protected]
If you prefer a review of your home with our detailed recommendations:
Call Steve at 615-519-0983.