BEHIND THE SCENE
When it comes to making home improvements to increase the value of your home you’ll want to consider not only what’s important to you, but future potential buyers. You don’t want to spend a fortune on upgrades only to discover you’ve outpriced your market and can’t recoup or profit from renovations when you decide to sell. Therefore, it only stands to reason the most valuable improvements will be those that increase your home’s value in relation to what you spend.
Let’s take a look at six projects that historically pay off. And let’s take a look at those that don’t. The list might surprise you.
Home Improvements That Pay Off:
1. Upscale garage door replacement According to Remodeling magazine's 2018 Cost vs Value Report national data suggests upgrading or replacing your garage door will yield 98.3 percent in recoup costs across the nation. Who would’ve thought a garage door is that important? Apparently it is.
2. Update the kitchen with a minor remodel Modernizing the kitchen is always a popular home improvement. Replace appliances, install custom cabinets, upgrade countertops, and more. Traditionally kitchens are important to buyers. Just don’t overdo it so you can be certain to recoup your money as well as have the work completed before you put it on the market.
3. Modernize bathrooms with a minor remodel From new fixtures to a full rebuild, bathrooms are important. Again spend your money wisely and it is likely to pay off for you in the future.
4. Replace flooring
Replace carpeting or install new tile, hardwood, or laminate flooring for an instant update. Flooring is a biggie when it comes to making the house feel and smell fresh and clean. And that can translate to bigger bucks when making a sale.
5. Upgrade your fixtures
Lighting fixtures, staircase banisters, light switch plates. They are for the most part smaller details of a home, but they are important cosmetic changes that are usually easy and affordable to make.
6. Landscaping upgrades/Exterior improvements From full-blown landscaping to adding a few flowers and plants for a pop of color, increasing your home’s curb appeal pays off when it comes to attracting buyers. Don’t forget to pressure wash sidewalks and touch up paint for a well-cared for look.
So there you have it—six popular home improvements that you might want to consider making to your home when it comes to increasing its value.
Now let’s look at a few home improvements that don’t really pay off. In fact, historically they have been losers when it comes to getting your money back.
1.Major kitchen renovations
2.Adding a bathroom
3.Installing a backup power generator
4.Backyard patio installations
5.Adding a master suite
6.Converting a garage to a room
Before you make any of the home improvements on our list, we suggest you consult an experienced Realtor that sells your neighborhood for insight on what buyers desire. They can search comps and more to determine what is important in terms of selling a home. Obviously, different areas have different needs and wants. Therefore it only makes sense to research what will pay off in your area before you jump into a big home improvement project.
I’m Suzanne Athey, owner and founder of Team Athey & Remarkable Property Management. I hope you found this blog post helpful. If you’d like to know more about real estate and leasing, please call me at 469-916-1222, or email me at suzanne@teamathey.com. I’d love to visit with you and answer all your questions.
