Q: Is the Renovation You’re Considering Worth It?
Whether downsizing to ditch the burden of year-round home maintenance or upgrading to accommodate a growing family, people sell their homes for a variety of different reasons. One thing most sellers have in common, though, is that they all want to get the most from their home sale. What projects can you undertake to improve your home’s value?
First, if you’re thinking about renovating your kitchen, go for it—it’s arguably the most important room in your home. You could opt for simple upgrades like painting the cabinets or changing out the door hardware, or you could go big and change out the countertops, install an island, and replace fixtures and faucets. Either way, you’ll be adding value to your home.
Next, consider any energy-saving renovations you could make. These could include replacing the insulation, upgrading the windows, and swapping out the appliances for more energy-efficient models.
Don’t forget about your home’s curb appeal; if your home’s siding looks faded or has blotches of discoloration after years of exposure to the elements, power wash it and consider adding a brand-new coat of paint to attract more buyers. Improvements to your home’s exterior always increase the property’s overall value because first impressions are critical.
Believe it or not, something as small as your front door can be a game-changer. It’s the first part of your home that buyers will see up close and touch, and it’s not too expensive to replace or repaint.
The average return on investment for bathroom upgrades is just 56%.
While a lot of people like seeing the potential of an unfinished basement, just as many (if not more) buyers prefer a basement that’s complete. A finished space can always be tweaked to fit a buyer’s style, and being able to use a room right away is important.
It’s often thought that a great master bathroom will help sellers fetch more for their home, but the average return on investment for bathroom upgrades is just 56%. Don’t be afraid to add a fresh coat of paint or change out the vanity, but be aware that a full-blown renovation may not be worth the time or money.
We all enjoy a nice summer out on the deck, but overhauling this part of our property doesn’t add as much value as people tend to believe. Rather than redoing your deck or revamping your whole patio space, take that money and put it into one of the more worthwhile projects mentioned above.
Everyone wants a luxurious master suite, though, right? Well, yes and no; a master bedroom is an important feature, but buyers would much rather pay a good price for a home with a nice master bedroom than pay $30,000 or $40,000 extra for a home with a spectacular master bedroom. Ultimately, a master suite renovation isn’t the best spot to invest your money for a return.
Of course, if you don’t plan on selling for a while yet, you can always make renovations to the home for your own enjoyment. A renovation that you use and brings you joy is always money well spent. Just know that not all renovations make sense from a strictly ROI standpoint.
If you have any questions about ROI or real estate in general, reach out via phone or email. I would love to help you.