Key Home Upgrades for Sale: Maximizing ROI and Selling Faster

The process of selling a home can be daunting, especially when it comes to deciding which upgrades are worth making to bump up the value and appeal of your property. While certain fixes can yield impressive returns, others may not be as beneficial. In this article, we explore the most impactful changes you should consider before listing your home, backed by five years of personal experience in the real estate industry.

Understanding Return on Investment (ROI)

Fixing things before putting your house on the market is all about maximizing your return on investment (ROI). However, the question of whether a repair or upgrade will generate more profit can vary. In this article, I’ll share a crucial insight that can help you make smart decisions when prepping your home for sale.

The Dilemma of Expert Advice and Contradictions

Amidst all the conflicting advice online, it's crucial to separate fact from fiction. Many articles, purportedly from "real estate industry experts," provide inconsistent and often conflicting recommendations. In fact, I recently came across two articles on the same website that instructed opposite approaches to bathroom upgrades, claiming that you should or should not replace the faucet and handles. Such contradictions can be frustrating and confusing.

Running Comparables (Comps) to Assess Local Trends

While opinions and anecdotes abound, the most reliable way to determine which upgrades to make is to run comparables (comps). Comparables involve analyzing recently sold properties in your area to see what has been done and how it affected the sale prices. This can help you identify trends and understand what upgrades are more likely to add value.

Key Points to Consider for Running Comps

Check what upgrades other sellers made. Examine the price changes and sale prices of similar homes in your area. Verify the information with your real estate agent.

Tip: Since running comps can be time-consuming, you can do it yourself for free using online tools. Agents can also help you, but it’s always a good idea to verify their findings independently.

The #1 Upgrade You Should Always Consider: Drywall Repairs

In my experience, no single upgrade has more consistently added value and helped homes sell faster and for a higher profit than fixing any drywall issues. These repairs are not only cost-effective but also straightforward and fun, making them an excellent investment.

Why Drywall Repairs Are Crucial

Cheap and Easy: Repairing drywall generally costs less than $50 and can be completed in just a few hours. High ROI: Fixing small holes or dents can add significant value to your home, sometimes making the difference between a quick sale and a slower one. Attractive to Buyers: Potential buyers will appreciate when they don’t have to worry about unsightly damage.

How to Repair Drywall

Drywall repairs involve several steps, but the process is straightforward and can be learned through online guides. Here’s a simplified overview:

Clean the area around the damage. Patch the hole with drywall mud or joint compound. Smooth the patch with a taping knife. Allow the compound to dry and apply a second coat if necessary. Scrape any excess compound and sand the area. Apply primer, paint, and topcoat.

Any homeowner can do these steps, and the process is incredibly rewarding. In my experience, spending $50 and 2 hours can add significant value to your home, making it more appealing to buyers and potentially leading to a quicker and higher sale price.

Conclusion

When preparing your home for sale, focus on making smart, cost-effective upgrades that add real value. Running comparables is a powerful tool, and drywall repairs are a standout option. By following these tips, you can maximize your ROI and ensure your property sells for the best price possible.

Good luck with your home selling process, and happy listing!

Sincerely,

Shaun Martin