The housing market is HOT right now, especially in Memphis. If you own your home, chances are you've at least contemplated putting it up for sale. It's a great time to consider a move, but you want to make sure you get top dollar for your home. Upgrades and remodels are a great place to start, but some of these will net you more ROI than others. Here's a list of some great value-adding projects, as well as some that may not be worth the investment of your time and resources.
• Updating and/or upgrading your kitchen and bathrooms
Buyers LOVE new cabinets, granite countertops, and beautiful new hardwood or stone floors in their kitchens. If your bathrooms are looking a little sad and dated, give them an update as well. Consider installing a new tub or shower and replacing the vanity. Make sure you have plenty of storage space in the bathrooms as well.
• Replacing exterior siding
If your home has vinyl siding, consider giving it a facelift. If you can't invest in removing it altogether, a fresh coat of paint will go a long way!
• Repaint the interior of your home
If your walls have scratches, scuffs, or chipping paint, invest in a few gallons and repaint over a couple weekends. The fresh paint job will make your home appear much cleaner and brighter, adding a great deal of value. If you're planning to move soon, repaint in a neutral color to attract future potential buyers who may not have the same decorating tastes as you.
• Upgrade your landscaping
If your grass is dead or patchy, and you don't have any trees, shrubs, or flowers in your yard, your home will look less inviting. Take a trip to your favorite hardware store or local nursery and find out what grows best in your location. Remember to factor in how much sunlight your yard gets, and how much time you can devote to landscape care and upkeep (at least until you move out).
Not So Great Upgrades
• Converting a bedroom into an office
This "upgrade" won't add any resale value to your home. If you aren't planning to move anytime soon, and you need the office space, by all means, throw a desk in there and call it an office! But if you're upgrading your home to sell, this isn't the best option.
• Converting your garage into a family or bonus room
Depending on what part of town you're in, a garage is a huge plus! If you're going to make changes to the garage, opt to add storage and make it easier to maximize the use of the space, rather than converting it.
• Screening in an outdoor room
Do you have a great deck, porch, or carport that you're thinking of screening in? It may make a lovely entertaining space, but it likely won't add any value to your home when it comes time to sell. Unless a room is heated, cooled, and insulated year-round, you won't be able to count that space toward your home's square footage.
When you're planning to move, there are a lot of ways to upgrade your home to make it more appealing to potential buyers. Just make sure that you focus on the upgrades that will bring you the highest return on your investment.