Hello all, I am wondering what the fastest cosmetic changes you make to increase house value. I own an older duplex and am going to put tongue and groove ceilings in a bunch of the rooms, stonework on the outside entryway, two new doors, new windows, insulate attic, and right before I do sell it I'm gonna put a new kitchen in. Any other ideas? Newer propane furnace so no improvement needed there.
Wow! I hope you see a good ROI on all that work you are doing! I guess I would focus on the curb appeal. Get them inside to see all you have done. High ROI items would be exterior paint, fencing, shrubbery, etc. Please let us know how it goes!
Hey @Charles Burkholder just curious about why you're putting tongue and groove ceilings in? Are you doing that throughout the building or just in certain rooms? That doesn't seem like it would add any value.
To answer your question, it really depends a lot on whether you're selling to an owner occupant or an investor. With an OO, the new kitchen would make a huge difference...for an investor, it might be nice but if it doesn't increase the rents then it doesn't mean much. One thing that both tend to like are new appliances and HVAC systems. New bathroom vanities are cheap and can really freshen up the bathrooms.
What type of neighborhood is this in? Can you give us an idea of the price point versus the current rents?
The changes that add most to value are not cosmetic. Most value, either for rent or sale, is based on two things. Location and size. Location you cannot do anything about.
Can you add a bedroom? In my area I can add a simple bedroom and extend the heating system to cover if (assuming that system is already adequately sized) for about $30k. It wouldn't surprise me if your laundry list of items approached that figure while adding much less value.
Assuming that is not practical, of the things on your list, the only one I don't think will help much is the toungue and groove ceilings, which are very taste specific.
The single thing I have done that adds the most curb appeal for the least money is some attention to the walkways. Either replacing them, or pressure washing them if they are concrete, or staining them with concrete stain if necessary. All cost little, and make a huge visual difference.
Kitchen and Bathrooms sell houses....
Kitchen and Bathrooms sell houses .......
Kitchen and Bathrooms sell houses ..........
Thankyou for your input everyone. I should have added that I am in the construction industry and I will be doing all these upgrades. The stone is free leftover from a job we just completed and it is almost all installed. The rest of the materials I can all get at 10% contractors discount so all this will cost a fraction of the cost compared to hiring a contractor. The two doors are installed already and I'm insulating the attic in two weeks to save a ton of energy this winter. The ceilings aren't real urgent at all same with the kitchen. The drywall on a few of the ceilings is starting to crack at the seams but most is hardly noticeable. The kitchen is outdated but still very functional so that would be the last thing that is out. Unfortunately I`m unable to add a bedroom Richard C. The house is at a good location about 10 min from town and across the road from a lake. Up here waterfront property is high demand so this is close to it without the taxes associated.
From a cosmetic approach not all of your prospects would like wood ceilings I would think the tried and true kitchen and bath approach would be your best approach. Granite counter tops, good cabinets and stainless steel appliances and lighting are always show stoppers. Making the bathroom a focal point of your improvement is certainly a safe approach to making the lasting impression; and of course curb appearl; shutters, nice entrance door are always safe investments. Additional food for thought.
Yours is already a brilliant home renovation idea Charles which I am sure is going to increase house value to a great extent. Please make sure you give more importance to the overall curb appeal of your property than spending too much on other aspects. This is exactly what will help impress your customers when you sell it.
Anything that can make your type of property look more beautiful is a must-have, be it something for home interiors or a graceful item for outside. But remember that increasing your home’s resale value is not just about concentrating on aesthetics. You can focus on this aspect once you’re done with all the repair and maintenance work!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.