Corey Burr is Senior VP of TTR Sotheby’s International Realty.
The pandemic radically changed our habits and limited our activities. Millions of Americans were stuck at home due to Covid-19 restrictions. For many of us, this meant less spending — no eating out, traveling or going to the gym or a movie. With offices and businesses closed, we also saved time and money working remotely from home.
There were positives. Family members were able to spend more quality time together, take up new hobbies and tackle new jobs around the house. One extremely popular project was making home renovations. One company’s Google search analysis and survey found that 9 out of 10 homeowners did so. The price tags ranged from a few hundred dollars to more than $50,000.
Which home improvement projects have the greatest return on investment? Here’s how I advise my clients:
Curb Appeal Matters
Do not make the mistake of focusing all of your energy on the inside of your home. The first impression is crucial. The front of a home must entice and motivate buyers to get out of their car when they pull up. If they see peeling paint, a loose shutter or a sagging gutter, that will be an immediate turn-off. If your driveway has cracks running through it, get it re-sealed. It’s not usually prohibitively expensive and it will show that the property has been well-maintained. If your front door looks like it has seen better days, install a new one.
Landscaping
A pristine yard is a must. A beautiful and healthy lawn can help add value to a home. If you have struggled to grow grass in certain spots, a good landscaping company can lay down new sod and fertilizer. They can also spruce up the yard by planting attractive bushes, shrubs and plants. And if some tree branches need to be trimmed, they will likely do a better job than you can (and you can avoid getting up on a shaky ladder to cut the limbs!).
Outdoor Decks
The pandemic obviously prevented people from attending large events that would typically be held indoors. To make up for this lack of in-person socializing, many homeowners created places at home where small groups of people could gather. Some accomplished this by building outdoor decks that allow for proper social distancing, and it was clearly worth the cost for many folks. Having the ability to maintain a safe level of personal contact with close friends and family was extremely therapeutic and will continue to be valued by homeowners.
Walls And Floors
Even if your home isn’t new, it needs to look immaculate before you put it on the market. A fresh coat of white or light-colored paint can brighten a room and make a positive impression on a prospective buyer. Conversely, outdated and worn wallpaper should come down. The last thing you want to do is distract the buyers’ attention and prevent them from seeing the true potential of your house. The same goes for the floors. If you have wall-to-wall carpeting that has seen better days, remove it. Hardwood floors show much better. You might need to refinish them, but that won’t break the bank.
A Simple Kitchen Remodel
Many homeowners believe that they will recoup most of the money spent on the remodeling of a bathroom. They are mistaken. There is no need to install new appliances and make other big-ticket improvements. It’s not necessary to replace old cabinets. Instead, you can just de-gloss and re-paint them or put a coat of lacquer on them to make them shine. Having an attractive countertop can pay dividends; you don’t have to spend big money on a marble slab. There are numerous reasonably priced alternatives that will be aesthetically pleasing as well as financially feasible.
Let There Be Light
If some rooms in your home don’t get a lot of natural light, you can easily brighten things up without taking a big bite out of your checkbook. Recessed lights can make a room look larger and will reduce dark shadows. Because they are embedded in the ceiling, you won’t see any light fixtures or unsightly cords.
While things are slowly getting back to normal, it is likely that many people will continue to work and socialize at home more than they did pre-pandemic. For that reason, home renovations and improvements will remain at the top of the to-do list.
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