How to Maximize your ROI when Selling your Home
Your home is your treasured sanctuary. You’ve likely accumulated plenty of fond memories in your current place, from backyard cookouts to cozy winter evenings in. Sooner or later though, you’ll need to find a new house to accommodate the growing needs of your family. And when you’re selling a home, you want to do everything you possibly can to maximize the profits of your home sale.
However, it’s not always an easy process to raise the value of your property. Some of the best ways to maximize the profit of your home sale require a decent chunk of time, energy, and financial funding. Those kinds of home improvements may sound intimidating at first, but they’re well-worth your investments in the long-term.
If you’re really serious about selling a home in Denver and maximizing your ROI, there are a few things you can do. Just check off the following steps and you’ll be well on your way to achieving a significant profit.
Focus On Renovations And Repairs
If you have the time to upgrade and renovate parts of your home, then you should get started on the process now! Plenty of home improvement projects can add significant value to your property overnight. And it’s better to get your repairs out of the way now before your home appraisal later in the sale process. You don’t want to back-track and repair the roof or replace the siding of your home in the final stages of selling it.
There are a few renovations and home improvements that you may want to focus on. You’ll likely see the most significant ROI from:
- Stone veneer siding upgrades – This curb-appeal enhancement can recoup 95% of the installation costs.
- A garage door replacement – You’ll get back approximately 94.5% of what you spent on the new door.
- A kitchen remodel – A sleeker, more modern kitchen can tack on upwards of 78% of the total project cost.
Of course, you need to keep in mind that the ROI of a home improvement project or upgrade varies based on the market you’re in and your existing value of your home. For instance, a luxury residence in the Cherry Hills area of Denver would greatly benefit from a backyard pool, while a single-family home in Lakewood would see a better value increase from a new bathroom instead.
We’d recommend you look at other homes for sale in your area and make a list of their most eye-catching features. Then try to narrow down which home renovations and repairs may benefit your property. From there, select a few of the best options and get to work!
Don’t Forget About Minor Improvements, Too
Drastic home renovations aren’t the only way to boost your ROI when selling your home! There are plenty of minor tweaks and important upgrades that you can make to tack on some extra value to your property. And, in most cases, many of these smaller changes are DIY projects!
We’d recommend using some of your upcoming off-days from work to address these minor improvements. These tasks may include:
- Replacing the door handles of your house with more modern options
- Repairing and upgrading your landscape with new plants and solar-powered lights
- Installing light dimmers on every light switch in your home
- Replacing your fencing or, at the very least, repainting it
- Installing a new mailbox that complements your home’s exterior aesthetic
- Adding some accent trim to your home’s exterior and molding to your home’s interior
Of course, these are just a few of the many minor home improvements that will positively influence your ROI. If you’re selling a home in Denver soon, make sure you take care of at least a few of these items before listing your property.
Hire A Staging Company
As a homeowner, we know you must take great pride in your furnishings and home decor choices. Everybody feels the same way in their own homes. However, that doesn’t mean your style and aesthetic preferences will align with most homebuyers. When you’re selling a home in Denver, you must consider working with a professional staging company. They understand how to stage your home in the best possible light and it can lead to a significant increase in your ROI.
While it is true that staging your home can come with an off-putting price tag, it is nevertheless a well-worth financial investment. According to a report from the National Association of Realtors, 58% of sellers’ realtors believe that buyers offer more money for staged homes. The offers that your home may receive could increase by a small percentage or upwards of 20% due to the staging of your property.
The Home Staging Resource, an organization that offers support for stagers, has provided more real-world evidence in support of home staging. According to a survey of 3,500 staged homes, approximately 46% of those properties sold for 10% more than they would have unstaged.
To put that percentage point in perspective, let’s assume you’re listing your property for $200,000. Assuming your home staging leads to that 10% increase, you’ll gain an extra $20,000 in a given offer for your property! That’s a significant ROI that you simply can’t ignore.
Work With An Expert Real Estate Agent
Now that you’ve done everything you possibly can to prepare your property for buyers, you’ll need to switch gears and focus on the execution of your home sale. If you’re really interested in maximizing your ROI, then you’ll need to work with one of the top agents in your city.
A real estate agent can offer numerous advantages to your home selling experience. When you hire a high-quality real estate agent, they will understand how to:
- Competitively price your home within the local market for the best ROI
- Effectively advertise and market your property to your ideal homebuyer via the right media channels
- Professionally organize and host home showings and open houses as your representative to attract new offers
- Conduct negotiations with buyers to acquire the best possible deal for your property
You cannot undervalue the benefits offered by an experienced realtor, especially when you want to sell your home. They’ll leverage their years of real estate expertise to achieve the results that you want from your home sale.