Homes are more than just a place to live. They’re one of the single largest investments most people will make for the future. As with any investment, you want to do everything in your power to maintain and increase the market value of your Rye, NY, home and boost your potential return on investment (ROI) over the long term.
Beyond the help of an experienced New York realtor, there are many practical improvements you can make to your Rye real estate that will make it more desirable for potential buyers—and increase its sales price. Conversely, there are plenty of home improvements that are a waste of money, at least in terms of recovering your financial investment.
Eight home improvements that are guaranteed to boost your Rye home’s ROI
1. Repainting the interior
Refreshing the walls will make your Rye home for sale look cleaner and brighter. Plus, it gives buyers the impression they’re getting a well-cared-for house. Repainting is especially important if you chose bold or bright colors for your interior living space. You might love that bright pop of coral in your living room, but the next person may see it as a problem that needs fixing—an expense.
When selecting a new color palette, focus on light, neutral colors. Lighter shades make rooms seem bigger and brighter. White can be harsh, but neutral colors like beige, cream, or soft gray work well. Buyers can easily paint an accent wall their preferred color or leave the room as-is and hang their favorite art without worrying about clashing colors.
This easy transition makes the house worth more in their eyes and can drive the price of your Rye luxury home up well beyond the cost of paint and labor.
2. Smart upgrades
A few “smart” ideas include:
- Thermostat (Nest)
- LED lighting
- Washer and dryer
- Home security
3. Garage door replacement
4. New or refinished flooring
If you have carpeting, switching to hardwood, stone, or luxury plank flooring can boost your Rye home sale price considerably. Though some people love the warmth of having carpet in their home, buyers tend to value hardwood above all else. If you already have hardwood flooring, you may still benefit from a refresh by refinishing your floors. Scratched or dirty floors take away from the beauty of your home, and throwing area rugs over the worst spots isn’t enough to fool most buyers.
Beautiful, gleaming floors, on the other hand, make an unmatched first impression on buyers as they enter your home.
5. Adding a patio or deck
When designing your outdoor space, carefully consider the ROI you can get out of it. If you plan to sell your house relatively soon, you want to stick with upgrades that are worth the expense.
For example, installing a whole outdoor kitchen generally won’t raise the value of your house enough to cover the cost of putting it in. However, a simple covered patio or deck is less expensive but still makes an impact on buyers. If you don’t plan on selling for a few years, consider what kind of enjoyment you want to get from your backyard space, along with how much it will increase the value of your property.
6. Refresh the landscaping
Take care as you decide on which improvements to make. Choose low-maintenance perennial plants that will offer color year after year with minimal gardening work. Hardscapes and rock gardens with strategically placed plants are also great for low-maintenance beauty. Most people don’t want to constantly spend their weekends gardening (or have to pay someone to do it).
If you’re selling when the grass is actively growing or the leaves are falling, take care to keep things tidy. Trim the lawn regularly and keep the leaves picked up. Nothing screams “look at how much work this is to maintain” more than an unkempt yard. You want your gorgeous landscaping to be an asset, not a drawback.
Though it doesn’t affect your curb appeal, updating your backyard landscaping can also be helpful. People love something beautiful to look at in the yard while enjoying their deck or patio.
Again, stick with low-maintenance plants and features that will appeal to a wide range of buyers.
7. Kitchen improvements
Small improvements that have a big visual impact can be very effective. For example, if your cabinets look worn or outdated, don’t tear them out and start over. Instead, refinish the front of the interior of the cabinets is still in good shape.
Another impactful change is to swap out the countertops or add a new backsplash. A quick coat of paint on the walls finishes off the remodel for an updated look without overspending.
8. Bathroom improvements
The same rule applies to the ROI. If you tear your bathroom apart to redo the layout, the price tag will quickly skyrocket, making it difficult to recoup the investment. Stick with low-cost, high-impact updates to get the most ROI from your money and effort.
Replace the fixtures or re-tile the shower. If the tile is still good, you can refresh the grout for a low-cost solution.