Simple Home Improvements Lead to Big Returns

A home is usually the first or second largest asset held by my clients, so it is an important part of retirement planning. To gain some insight into how investing in simple improvements to the property can increase the appeal and overall value, I talked to real estate professionals Jama Porter and Amy Bosco with the 321 Home Team Experts and Melissa Mullen with National Realty of Brevard.

The home will need to pass an inspection so funds allocated for home improvement should start with any potential issues that may not pass inspection. 

Then, try these other simple things to make sure your home looks move-in ready and commands the highest possible value.  

1. CLEANLINESS: Have the property professionally cleaned prior to listing. Jama and Amy say buyers want a clean move-in ready home, and the low cost associated with a professional cleaning service is well worth it.    
2. FRESH PAINT: Jama said neutral color fresh paint on the inside of a home goes a long way. Neutrals help the home feel larger and look cleaner than multiple bold colors on the walls. Additionally, Amy said fresh exterior paint helps give a home a great first impression when a potential buyer pulls in, as does fresh landscaping ike mulch, flowering plants, or shrubs.  
3. FRESH FIXTURES: Jama said that cleaning and updating fixtures, such as ceiling fans, helped her get $70,000 more in the asking price for a home she listed.  
4. FRESH FLOORS: Jama is a huge fan of removing carpet and replacing with tile, laminate, or vinyl plank flooring. New flooring looks cleaner and can help rid a house of old odors, as well as give the home a larger more complete feel.  
5. FUNCTIONAL SPACES: “Since the pandemic, people have really been focusing on the functionality of their homes,” said Melissa Mullen with National Realty of Brevard. Buyers are looking for multi-use rooms like offices, play rooms for the kids, or in-house gyms. Updating an unused formal dining room, for example, can allow for that multi-use room.   
6. OUTDOOR LIVING AREAS: Mullen also said that expanding the living area into the backyard is a huge selling feature. Having a screened outdoor living space and a tidy maintained backyard add value to a home. Also adding value are fire pits, patios, pergolas, decks, and sitting areas.   

Buyers usually are using all of their funds to purchase the home so having it clean, functional  and move-in ready benefits them, and the seller also benefits with potential for higher listing prices. You don’t have to break the bank to add significant value to your home. Simple solutions go a long way.  

Kevin Chancellor is a licensed financial advisor who specializes in helping individuals, families, and business owners in the areas of retirement planning, tax savings, estate considerations, and education savings. He has served as board chair for the Greater Palm Bay Chamber of Commerce and works with various charities throughout the county. 

Kevin Chancellor
www.blacklabfs.com
kevin@blacklabfs.com

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