Are you considering home renovations? Updating your home, whether you are preparing to move or simply need to make lifestyle changes, can be a huge undertaking. Understanding what renovations will yield the highest return for your money is key to demanding a higher price when you’re ready to sell.
Before choosing a remodel project, evaluate its cost versus its value, and decide if it’s a worthy investment of your time and money. These renovations can add value as well as function:
Kitchen.
The kitchen is the heart of the home, so functionality is a top priority. A remodel can be exciting and satisfying, especially when it’s designed to meet your needs and desires. According to the National Association of the Remodeling Industry’s 2019 remodeling impact report, Realtors estimate that homeowners can recover up to 52% of the cost of a kitchen upgrade upon selling the home. To help determine the most impactful renovations, work with a company that provides a designer as a free service so you will have an expert guide you through the process.
Bathroom.
An updated bathroom is a major selling point for any home. If your bathrooms don’t have the best layouts or your lifestyle needs have changed from bathing small children in tubs to wanting a shower with body sprays, a renovation could be just the ticket. Many reports estimate that you can expect a return of up to 70% on your renovation dollars for bathroom remodeling.
Outdoor living.
Check with your Realtor for an expert opinion before you plan your dream backyard renovation. Ask how much improved value you can expect as a return for: landscaping to add trees for privacy and shade, a hardscape with a fireplace/firepit to add interest, expanded and covered patios/decks for more seating and adding an outdoor kitchen.
Pools are expensive, and you might recoup only a portion of the cost. It’s more important to have a well-landscaped yard that looks easy to maintain than to have a pool. However, the more expensive your home is, the more buyers will expect additional bells and whistles, like a pool. Pools are expensive to install and to maintain. If you’ve ever bought your children a trampoline that they promised they’d use every day of their lives, and they jumped on it for a week, and now it’s collecting leaves, you might want to think twice about getting a pool.
– Anet Granger became a Realtor 20 years ago with a vision of offering world-class experience with hometown expertise to do work that is helpful to others.
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