TODAY | September 02, 2013
>> to sell your home you may be thinking about upgrading rooms to make it more attractive to a buyer but you don't have to sink cash into it to make an impact.
>> mike is here with small improvements that will result in a big return on your investment.
>> good morning.
>> good morning.
>> we're talking small amounts of money here but huge bang for your buck when it comes to the resale value of your home.
>> not only do you want money back when you make tohose returns but keep their attention and maximize how much you get out of the house.
>> let's take a before shot inside a living room .
>> looks like a nice living room .
>> doesn't look too bad to me.
>> let's take the after shot.
>> the clutter is gone.
>> was that about clutter?
>> yeah, that's the big difference. the money these people put into that room was rental furniture which looks good and as much as people don't get to keep that furniture it makes them want to keep that house. that's a good way to spend your money in order to acquire that buyer.
>> we call that recovery of investment. when you invest, $500 it costs but then your investment was also $500.
>> a dollar for dollar return but you may get over the hump with buyers and low days on market, high percentage of return on your sales price.
>> good. move on to the bedroom. we have a kids bedroom here. this is the before. let's look at the after and tell us what they improved.
>> a lot.
>> paint color, huge difference.
>> the biggest thing that sells houses, walls and floors. when you talk about what they did in this space, sweat equity other than the cost of paint. you do a repurposed head board there to make it look nice. you clean the lines up. it's more contemporary. anybody that has kids can see a kids room. people that don't can see another guest room.
>> when you go with a strong paint color i always thought you wanted to go more neutral. do you worry about that?
>> greens and blues are in vogue.
>> $200. rate of return is $500.
>> next, an outdoor space. let's look at the before picture here and then the after. much nicer now. the furniture clearly improved but what else did we do here now?
>> the big thing was they stained the deck there. you have about $150 in what you spended on staining there and it makes it look well kept and makes you think the rest of the house is in good shape and makes the buyer think i don't have to do much once i guy this house.
>> so a tiny upgrade but huge.
>> that brings you back 600.
>> amazing. how about this fireplace. those can be messy and ugly and eat up a room.
>> this is a fireplace in a bedroom. that's huge. people look for that detail, right?
>> you got it. what you're seeing here is the fact that this is a major selling feature in a bedroom. but you don't make it a focus of the bedroom. the other thing you miss in the space is that there's a nice little sitting area in a bay window there which you really couldn't see up front. now you can and that's another value added to the room.
>> good. look at the return on your investment. huge, $1,000. next curb appeal. you have to take care of the door, right, mike?
>> 30 to 60 seconds is what you'll get when somebody is coming up to a house. if the place doesn't look well kept you'll never get them in the door or at least not in a positive frame of mind . what they did here by painting that door, simply putting mumms on the steps, you make this look so much more inviting and that makes a buyer want to come into the space.
>> looks more contemporary.
>> all of that for $100.
>> you got it.
>> easy things you can do.