Part 1- Dear Seller, Let's Upgrade You(r) Interior
- Contributor to #CharkInvest
- Apr 20, 2017
- 3 min read
Just as Spring brings longer days and warmer weather, it also brings a flurry of home buyers eager to check out new listings on the market. If you are a homeowner looking to prepare for Spring open houses and showings, it may make sense for you to spend a little time sprucing up the interior of your home. Here are a few upgrade ideas, each under $1,000 that could be worthwhile.
1. Paint the Walls
Nothing says ready for market like a fresh coat of paint. Not only can fresh paint cover stains, smudges and other small imperfections, but it is also a great way to express a trend, update a room, or tone down a room that is painted a bold color to help it appeal to a wider range of people. Take advantage of the warmer temperatures and keep the windows open to reduce the associated smell. Painting just before a showing or open house for the freshest color.
*ASSOCIATED COSTS*
It costs roughly $100-$950 to paint a room, the main variables being size and the number of windows and doors (these take longer to paint). Typically, one can expect paint costs to range between $0.50 and $1.60 a square foot.
2. Add Insulation to Your Attic
Most current homes have inefficient insulation which raises the costs of cooling and heating, and many people don’t realize that insulation has lifespan, and can degrade over time, slowly raising the costs further. This upgrade is one that adds value, and can lead to a faster sale. According to Remodeling Magazine’s annual Cost vs. Value report, for homes that are under-insulated, this upgrade can recoup costs close to 108% at resale. Starting in the attic is ideal because that is where insulation is most likely to be disturbed by workers or pests. Double check to ensure it is in good condition, and add more if needed.
*ASSOCIATED COSTS*
It costs about $400 to insulate an attic, largely depending on the size of the attic, the materials chosen, and how easy the attic is to access. Homeowners can expect to spend roughly $1.50 to $3.50 a square foot.
3. Minor Kitchen Remodeling
The kitchen is still considered to be one of the most functional and important rooms in the home. An out of date kitchen can turn off buyers instantly, which is why a motivated seller should consider doing a minor remodel before selling. While a complete overhaul returns just 65% of costs at the time of sale, seemingly small updates can help turn up a home’s appeal, leading to a faster sale, and recouping as much as 80% of your investment.
*ASSOCIATED COSTS*
A minor kitchen remodel might just constitute a fresh coat of paint for your cabinets, walls, and even appliances. See above for associated costs. Additional update costs could include the following:
$20 per linear foot to replace laminate countertops
$220 to $380 to install a mid-level double basin sink. Throw in another $100 to $200 for the faucet set
$25 to $35 per square yard to replace flooring with medium quality resilient flooring
$65 to $85 per hour for labor costs associated with electricians, and $45 to $65 per hour for plumbers
Now is the time to get your home ready for a Spring sale. If you are looking to stand out amongst all of the homes on the market, these interior upgrades offer the best bang for your buck (i.e. return on investment) for even the most modest budget.
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