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Return on Investment

Home improvement projects that will pay back

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Though temperatures are dropping throughout Central Oregon, the real estate market is showing no signs of cooling down. Typically, the winter season is a time for the market to slow. However, this year seems to be different and it's still a great time to sell a home. Every seller wants to get the highest-possible sale price, and with the buyer frenzy, that can seem easy to achieve, but it's still important to know where and how to invest in upgrades or projects that will provide a high rate of return. 

If one can afford some of the more costly projects, the return on investment can be great. HGTV claims that a homeowner can expect to recoup 102% of cost if spending around $10,000 in a bathroom to replace the tub, tile, toilet, sink, vanity and fixtures. A minor cosmetic kitchen remodel, including re-facing or painting cabinets and drawers, new appliances, new countertops and flooring can achieve a 98.5% return on investment. According to the National Association of Realtors, insulation upgrades recoup 95% of the investment, refinished hardwood floors 100%, a new roof 105%, new long-lasting siding 70% and new hardwood flooring 91%. 

PHOTO BY ROSELYN TIRADO - UNSPLASH
  • Photo by Roselyn Tirado - Unsplash

You don't have to break the bank to make a big impact. There are many affordable smaller and less time-consuming upgrades that can make a property look fantastic and appeal to buyers. A little real estate advice: photos sell homes. Buyers are viewing homes online first, so making the spaces within and outside the home shine on camera is very important.

Focus on spaces and fixtures. Open up a small bedroom or dining room by removing excess furniture and items that can make a space feel cluttered or unkempt. Do touch up and re-paint walls a neutral light color. On windows, use sheer, lightweight curtains as opposed to heavier or dark materials. Replacing light fixtures and hardware on the kitchen cabinets or interior doors can be really attractive in a buyer's eye when chosen correctly and thoughtfully. 

In the kitchen, an easy update is to paint the cabinets and replace the kitchen sink and faucet fixture, or upgrade to a solid-surface countertop. Replace old appliances with matching stainless-steel units. Since the outside is the first thing a buyer sees, curb appeal is a big deal. You don't need a professional landscaper; it can be simple with new mulch, seasonal flowers, mowed yard and a new door mat. A fenced backyard is another update that will make the yard look bigger and help sell a home.

When prepping a home for sale, it's essential to complete all the little repair and maintenance items that have been lingering so the home presents like the top dollar you want to receive. Remember the motivation for tackling small or large renovation projects is to set the home apart from the competition and to get the most return on investment as possible. 

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