Any renovation project should start by answering this key question: Are you remodeling so you can sell the house, or so you can stay in it for years to come? In this issue of CityScene Magazine, we’ll explore remodeling to sell. Check out our next edition to learn about remodeling to stay!
Every remodel project is likely to boost the potential sale price of your home, but not all of them are worth the cost. If your goal is to get the best return on your investment, it’s important to look closely at the changes that stand to make the most difference.
Before tackling any large-scale projects, it may be worth your time to hunt for small-scale fixes, such as patching leaks, that could make a big difference. That’s the advice that Craig Buehler – a real estate agent with the Powell Buehler Group, a Coldwell Banker Realty-affiliated real estate firm working primarily in northeast Columbus – always gives to homeowners who want to get a good return on investment from their renovations.
“First and foremost is definitely condition,” Buehler says. “I always like to put that in there at No. 1.”
Buehler also suggests prioritizing what he calls “unique deterrents.” Think carpet in bathrooms, prominent wall murals, unusual tile, dated wallpaper: components that are easily overlooked by the homeowner, who is accustomed to them, but may spook potential buyers.
Exterior
Powell Beuhler Group
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Curb appeal is of paramount importance in home sales, so exterior improvements can make a big difference, making a good first impression and setting a positive tone.
In fact, many of the renovations with the greatest impact on ROI are exterior renovations, according to Remodeling magazine’s 2024 Cost vs. Value Report. The study pegs a steel front door replacement as having the highest ROI for the region of the U.S. that includes Ohio, recouping an average of 162 percent of its cost.
Powell Beuhler Group
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Following that, garage door replacement averages a 152 percent return on investment, and manufactured stone veneer to replace vinyl siding averages 112 percent, per the study.
Among the other changes that can make an impact are:
- Fiber-cement or vinyl siding replacements
- Vinyl or wood window replacements
- Improving the appearance of the lawn and garden beds
- Adding flowers for color
- Painting shutters and/or the front door in more modern colors
- Putting a new coat of paint on aging stucco
- Fixing noticeable problems, such as damaged doorbells or chipping paint
Be careful not to go overboard, though. Per a story from Investopedia, improving the appearance of the home to the point where it’s far nicer than its neighbors may scare off potential buyers.
Kitchens
Kitchen remodels are popular among homeowners looking to sell, and for good reason: shoppers tend to spend a lot of time in the kitchen when they visit a home for sale.
Buehler recommends light kitchen remodels, such as changing cabinet hardware and replacing light fixtures, as good options for ROI-minded homeowners, given that these changes are inexpensive and convenient choices for DIY projects. It might cost about $50 to install gold leaf hardware pulls, he says, but you could be looking at an extra $4,000 to $5,000 in sale price by making the kitchen feel less dated.
Other recommended kitchen projects include:
- Adding or replacing the backsplash
- Painting cabinets
- Replacing cabinets or counters
Mid-range kitchen remodels are listed as some of the best options in the Remodeling study, averaging 90 percent ROI in the region including Ohio.
Structural changes – tearing down walls, increasing the exterior footprint, relocating appliances and plumbing fixtures – are more expensive than changes that use the kitchen’s existing layout and materials, making it tougher to get a good ROI, according to an article from Houzz. However, such changes may still be worth considering given homebuyer preferences, says David Stock, an architect with Clintonville-based Stock & Stone Architects LLC. Today’s buyers often prefer kitchens with a great deal of open space, he says, but many older homes have smaller kitchens that are walled off from living areas, and it’s crucial to consider the preferences of potential customers.
“For today’s lifestyle, sometimes, you have to open (the kitchen) up a little bit more,” Stock says.
Still, Stock says, it’s a good idea to consider smaller changes first. Some buyers may just want to go in, gut the place and have it redesigned in accordance with all their wishes – in which case, a kitchen that recently underwent a complete overhaul could become a detriment.
“If somebody’s going to spend a lot of money, then they’re going to want to have it just the way they like it,” says Stock.
Bathrooms
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If you’ve got a bathroom remodel in mind, you might figure it makes sense to start with the master suite. But it makes much more sense to start with the bathroom closest to the main entertainment area, Buehler says, even if it’s only a half bath.
“Buyers like to see that, so they can show off their home a little bit,” he says.
Ensuring the bathroom doesn’t feel dated is key, Buehler says. The most common culprits, and therefore the best areas to update, include light fixtures, hardware pulls, cabinets, vanities and toilets.
Though the master bathroom need not be the No. 1 priority, it’s still important, as it appeals most directly to the buyer. Space is a major consideration – how easy is it for two people to use the space simultaneously? – as are the shower and/or bathtub. Built-in tubs are waning in popularity, Buehler says, with buyers being more interested in freestanding tubs, two-headed showers and rainfall showerheads.
Larger showers – with a lot of glass and, potentially, steam units – are some of the features whose popularity has caught Stock’s attention. Countertops, finishes and connections to the master closet are also worth considering, he says, as is a private space for the toilet in a larger bathroom.
Other areas
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Another good option for ROI-focused renovations is the main entertainment area of the house: maybe the family room, maybe the basement, maybe even the backyard.
“The defined best entertainment space for a house is very important for buyers,” Buehler says.
Backyards in particular make good targets, as they may offer variety in areas where the houses otherwise look very similar to one another. A hot tub, a pool, a deck or patio area for enjoying morning coffee, and fencing to keep kids and pets safe can all make a difference. These sorts of projects may not directly impact ROI, Buehler says, but they can make the home stand out from the pack, which may mean fewer days on the market.
A great-looking basement isn’t as much of a draw as a great-looking kitchen, but a finished basement set up to be used as an entertainment area can sweeten the deal for potential buyers. Buehler cautions, though, that smaller changes, such as comfortable flooring or better drywall, are best suited to improve ROI. More elaborate basement projects, such as adding a bar or kitchenette, are much less likely to pay for themselves.
Garth Bishop is a contributing editor at CityScene Media Group. Feedback welcome at feedback@cityscenemediagroup.com.
