Spring is definitely here in Glendale. The days are getting longer, the weather is beyond gorgeous and homeowners and renters alike are starting to think- maybe I should change my residence.
Out, amongst my peeps, the common questions is “What improvements should I make?”. the underlying question is generally, “If I spend x on y, will I get that money back or even turn a profit when I sell?”
My first question is always, “When do you think you are going to sell?”. If it is more than 5 years I believe the improvement is less for profit and more for personal enjoyment.
However, if selling is more imminent, say in 2 years or less, I have strong opinions on what makes money and what does not.
Big ticket items, major kitchen remodel, bath remodel and room additions ,are neutral to a small loss. In most cases you will get the money back for the improvement, but no more. Factor in the pain, suffering and the cost of the money to do the improvement and it is a loss. However, these improvements can really add to your enjoyment over the next couple of years. If you really want them, go for it. Pools, however, are a no-no.
Major mechanical upgrades such as copper plumbing, central heat and air, roof or a new electrical panel are a tougher call, but in general these are, also, not profit makers. If one of these systems is working but on the verge of failure, it is probably better to plan to give a credit to the buyer.
Profit makers are the flash and sizzle. Paint will always make money. Always. “Soft” landscape will nearly always make money. Updates such as new bathroom vanities and hardware, new interior doors and switch plates, new flooring and counter tops are more of a pain, but profitable.
The number one profit maker of all time is to hire a professional home stager. A stager will advise you on the best possible colors for paint. There is a reason that consumer products companies pay missions of dollars for color consultants- color is a major part of a products appeal. You should do the same. A good stager can also advise on the most cost efficient way to update the look and feel of your home. And, when it is time to sell, a stager will help you de-clutter and accessorize your home to get that WOW appeal.
If you are thinking about home improvements and would like some advice, now is the time to talk. Call me and I am happy to chat with you about your particular needs and help you craft a plan that works!