When it’s time to sell your home, the goal is obviously to sell it for more than you originally purchased it for. This return is very important considering a home is one of your biggest investments. The best way to do this will be to spend a few years renovating your home and property to make it as appealing to potential buyers as possible. This means more than slapping on a fresh coat of paint and or replacing the carpets. Here are a few home renovations you can do to help give you a return on your investment.
Deck and Patio Additions
Like alfresco living? You’re in good company. According to a 2014 Home Trends Survey from the American Institute of Architects, outdoor living spaces are on the rise. One big reason is that outdoor living spaces are a great way to expand living space at a low cost of $10 to $35 per square foot — a bargain compared to the $150+ per-square-foot cost of a new addition. Outdoor spaces can vary from region to region, however, in Las Vegas, with our hot Vegas Valley summers, a pool is one of the first items homebuyers look for. A Pool/Spa, build-in BBQ / kitchens (with various amenities depending on size of yard and price of home) are in great demand. These new outdoor spaces increase the size of living space in your home while adding appeal, and give you a 60 to 130% return on investment on improvement.
Converting to Rooftop Solar Power
Investing in solar panels on your rooftop and converting to solar power will give your home a big boost in value. By switching over, you can expect to save an estimated $80 per month on your power bill, or an estimated 12.1% internal rate of return. It’s also great for the environment! By converting to solar you alone will help save 134 trees per year. You can purchase a solar system for your rooftop and earn big Federal tax credits or you can lease equipment as well. While the price to purchase starts at about $20,000, you can receive up to 30% of your unit’s purchase price in tax credits. With an estimated annual savings of $800 per year, your system will be paid off and you’ll start seeing a return in 20 years. All expenses aside, once you own the system and it’s a part of your house, selling your home as energy efficient will be simple. Numbers don’t lie!
Enhancing Your Curb Appeal.
A big part of selling a home is making a potential buyer picture themselves living in it. To do so, there are some upgrades you can make to the exterior of the home to enhance curb appeal.
Consider upgrading the outside of your home, replacing out materials with new sought after options such as stone or manufactured stone. This semi-low-cost project can run you an average of $7500 with a 93% ROI. It will give you a unique look, especially here in Las Vegas, and set you apart from the other homes in your neighborhood.
Next, consider your roof. Your roof is the second largest exterior piece of your house so having something new and appealing will help make your home one of the best in the neighborhood. Making an investment and replacing your roof is estimated to bring in about $14,000 when you’re ready to sell your home.
Landscaping your front yard is a simple way to get potential home buyers exciting about touring your home as well as making a great first impression. Most homebuyers are more exciting about seeing a home that looks aesthetically pleasing on the outside compared to one that is sad and dreary in appearance. A general rule is to invest 10% of your home value into your landscaping. You won’t regret it.
Lastly, consider your doors! Having a beautiful and secure front door will not only make your home look nicer but will make potential buyers feel safer. Don’t neglect your garage doors either, as they are a huge part of your curb appeal!
Upgrading your kitchen.
We think most would agree that the kitchen is one of the favorite parts of anyone’s home and it’s where a majority of personal and family time is spent. One’s kitchen can be seen as the focal point of their house. Invest in making yours a place where potential buyers can see themselves cooking and spending time with their families. You can do this by installing new cabinet doors and hardware, using fresh paint, new flooring, energy-efficient stainless steel appliances and beautiful countertops.
In summary, while not all home renovations will give you a return on your investment, we certainly believe that investing in solar energy, investing your curb appeal and upgrading your kitchen will definitely help. Keep in mind that there’s no guarantee that you’ll get a match on every dollar spent, but remember to think long term. You want to sell your house for more than its original purchase price and in most cases make it appealing enough to sell it fast!
About the Dulcie Crawford Group
If you need advice on how to stage your home for it to be listed, The Dulcie Crawford Group is here to guide you through the whole process, from listing, marketing and selling your property. The Dulcie Crawford Group handles it all for you, “We List It, We Sell It”.
A native Las Vegan, Dulcie Crawford has helped hundreds of clients in the Vegas valley sell and buy their homes. Whether you want tips on how to find a lender, or advice about Las Vegas neighborhoods, Dulcie is here to assist.
For any questions on buying or selling a home, do not hesitate to call Dulcie at 702.505.2775 or email her at email@example.com. To see available properties or more of Dulcie’s community and industry blogs, please visit, newdulcie.agentreputation.net.