If you’re like most Orange County homeowners, you might wonder which home improvements will get you the best return on investment (or ‘ROI’) when it comes time to sell your OC home. Understanding the value of smart renovations can greatly impact your return on investment at the end of the day.
At the Brad Feldman Group, we are top Orange County Realtors and real estate advisors dedicated to helping you maximize your investment. Our extensive experience serving both sellers and buyers gives us unique insights into what truly moves the needle in the local market. Today, we're excited to share effective strategies to enhance your home's value and enjoyment, all tailored to your unique needs and timeline.
While it's true that most home renovations don't fully recoup their costs at sale, they are also essential in enhancing your living experience in your current home. That being said, smart choices in renovations can still yield substantial returns.
Surprisingly, the most lucrative improvements often lie in the unseen: think HVAC systems, new siding, and electrical upgrades. (Source: 2023 Cost vs Value Report.) However, for those desiring immediate visual impact, remodeling your kitchen and bathrooms offers the most significant return on investment, striking the perfect balance between aesthetic allure and practicality.
It makes sense, right? Your kitchen and bathrooms have the most ‘stuff’ in them—think tile, appliances, cabinets and fixtures—compared to something like a bedroom or den. Especially these days, the kitchen is seen as the heart of the home. So, while you may not recoup as much in a kitchen remodel as replacing your A/C unit, it’s a great way to improve your enjoyment of your home while also making some of it back when you sell.
Maybe you noticed in the data linked above that a few top ROI home improvements are actually OUTSIDE of your home? Any current homeowner will know that safety and peace of mind are a huge concern. That explains why projects like new exterior siding, a new roof, new exterior door or garage door, and new HVAC systems are at the top of the list.
But it’s not all the boring mechanical stuff. A new deck could recoup you around half of the cost to install it, which is very good in ROI terms for home upgrades. (For comparison, adding an upscale bathroom had an ROI of only 26%.) Building a deck, you’ll get to enjoy it while you are in the home, and it offers buyers an attractive outdoor living space when it’s time to sell.
When it's time to sell, not all renovations are advisable or necessary. Large-scale overhauls can be overkill, especially when you won't be around to enjoy them. But as a seller, focusing on strategic, cost-effective improvements can significantly enhance your home's marketability and appeal. Consider the power of a fresh coat of paint—it's one of the simplest yet most transformative upgrades you can make. If your exterior needs some touching up, paint that too! Another absolute must is deep-cleaning, being sure to reach every nook and cranny to present a home that shines in every corner.
Don't overlook the impact of modern, updated light fixtures or the appeal of new, contemporary flooring, especially if your current installations are showing their age or wear. These upgrades, while seemingly minor and relatively low cost compared to real renovations, contribute significantly to the overall aesthetic and feel of your home, making it more inviting and appealing to prospective buyers.
And of course, addressing any glaring issues is crucial. This means fixing anything from a squeaky door hinge to a cracked tile. These might seem like small annoyances to you, but they can be red flags to home buyers, who may wonder what other maintenance has been neglected.
Finally, consider professional home staging. We want to highlight your home's strengths while downplaying any of the weaker parts, accentuating the layout and potential of the property. A well-staged home often sells faster and for a higher price, as it helps potential buyers envision the space as their own.
Each home and homeowner's situation is unique. Our team at the Brad Feldman Group is here to make your home selling experience both personalized and profitable. Whether you're contemplating a full remodel or seeking advice on impactful upgrades before listing your Orange County home, we're here to ensure your home shines. Reach out today for a consultation and let's discuss your real estate goals!