Dear TZ,

We’re going to be listing our home for sale this fall. What can we do now to improve the sale price of our home?

~ Savvy Suzanne

Dear Suzanne,

You are savvy indeed. Your home will not only sell faster but it will also sell for more money if you do some quick home improvements now. Of course, not all home improvements are beneficial to you from a financial standpoint, but some improvements can make a huge difference in your home.

First of all, any broken lights, windows, screens, hardware, etc., have to be repaired.  Get rid of any smells – smoke, pets, cooking odors turn away buyers. This will not improve the sale price of your home but will instead help get your home sold. In the end, small repairs left undone communicate that your home isn’t well cared for and potential buyers will be nervous to make an offer.

Big projects like adding a bathroom or renovating your kitchen will certainly get you more money for your home but they will also cost you more money. Most big projects cost more than they increase the value of the home. There are, however, some home improvements that actually give you a Return on Investment (ROI) and increase the sale price of your home even more than you paid for the improvement. The value of home improvements vary with trends – remember shag carpeting? Every year, the ROI of various home improvements are calculated and compared.

The four biggest home improvements to improve ROI this year are:

• Upgraded Landscaping – adding flowering shrubs or trees or installing hardscape features like walkways or planters will cost you an average of $4750 and will net you $5000 additional on the sale of your home – a 105% ROI! (Source: http://www.simplifyingthemarket.com/en/2017/06/16/top-home-renovations-for-maximum-roi-infographic/?a=35742-bef8b4dd4fe17628f3c756ee9011ef24)
• New roof – If shingles are missing or leaking, you will need to replace the roof. At an average cost of $7600, a new roof can yield you a ROI of 105%!  (Source: http://www.simplifyingthemarket.com/en/2017/06/16/top-home-renovations-for-maximum-roi-infographic/?a=35742-bef8b4dd4fe17628f3c756ee9011ef24)
• Hardwood floors – Refinishing (at an average cost of $2500) or installing new hardwood floors (at a cost of $5,500) will yield you an ROI of 100%.   (Source: http://www.simplifyingthemarket.com/en/2017/06/16/top-home-renovations-for-maximum-roi-infographic/?a=35742-bef8b4dd4fe17628f3c756ee9011ef24)
• Patio or Deck – Always a favorite for buyers, installing a patio at an average cost of $6,400 or installing a deck at an average cost of $6,500 will yield you an ROI of 102%.  (Source: http://www.simplifyingthemarket.com/en/2017/06/16/top-home-renovations-for-maximum-roi-infographic/?a=35742-bef8b4dd4fe17628f3c756ee9011ef24)

For a complete list of home improvement projects and their impact on home value, see Houselogic.

Here’s a great article from a friend of TZ about How to Increase Your Home’s Value.

Continuing our long standing “Dear TZ” series, this blog post features a question that is frequently asked of Team Zuhl. Previous entries include:

• Dear TZ – My home isn’t getting any showings! Help!
• Dear TZ – When you say commission is “negotiable,” how low can I go?
• Dear TZ-30 Years is too long but I can’t afford to pay more per month!
• Dear TZ – My uncle told me I can save the commission if I sell on my own.
• Dear TZ – I Want To Price a Little High to Leave Room For Negotiating
• Dear TZ – I want to fire my REALTOR!
• Dear TZ – What are the Boundaries to my Property?
• Dear TZ – What’s the Crime Rate in this Union County town?
• Dear TZ – Should I paint before I list my house?
• Dear TZ – What are credit bureaus, credit reports, and credit scores?
• Dear TZ – We think this house is haunted
• Dear TZ – Can I commute to NYC from Union County?
• Dear TZ – How do I choose a Realtor?
• Dear TZ – I owe more than my home is worth! What should I do?
• Dear TZ – Isn’t it harder to sell a home in the winter?
• Dear TZ – I think my house is worth more than my REALTOR thinks!
• Dear TZ: Do I really need to hire an attorney for this deal?
• Dear TZ – How do I show my home with pets?
• Dear TZ – How are the Schools in the towns that I want to buy a home?