Are you considering putting your home on the market but you’re unsure of which home improvements are worth investing in? Not all remodeling projects will help boost the selling price of your home but some of the common ones like kitchens and bathrooms can. In order to get the best return on your investment, you should do some research and even speak with an experienced residential contractor or real estate agent to see which projects offer the most bang for your buck.
Should I Remodel Before Listing My Home?
The best answer is possibly. Is your home old, outdated or looking well-worn? If so, you may want to consider putting some money into updating the living space. If you are banking on increasing the sale price of your home with home improvements, there are factors to take into consideration before investing.
Speak with local real estate agents to get an idea of how the housing market is doing. If the real estate market is slow, you may end up having to drop your sale price just to get it sold. This can result in a dramatic drop on your Return on Investment (ROI). Timelines also play a crucial role in whether or not you’ll see a payback from your upgrade efforts. Staying too long after remodeling increases the chance that trends and styles change making your investment outdated.
Home Improvements That Offer The Best Return
To get the most out of your home improvement project, making minor changes seem to offer a bigger payout for sellers. According to This Old House, not all projects will effectively boost sale prices. The most common and the most rewarding improvements are kitchens, bathrooms and master bedrooms. But that doesn’t mean you have to do a full tear down remodel, you may be able to freshen up those spaces with less complicated upgrades and improvements.
Kitchen Upgrades With The Best ROI
A complete renovation of your kitchen is a larger investment than just upgrading the space. Renovations can offer the most payback but before you over-invest, consider that smaller, cosmetic fixes can also go a long way towards making a great impression on potential buyers. Your kitchen may only require a deep cleaning, fresh paint and new accessories like a faucet or cabinet knobs.
If you feel your kitchen cabinetry, flooring, appliances and fixtures need to be upgraded, make sure you stay within the median price point. Buying low-grade materials won’t provide the effect you are hoping for. Splurging on the highest price point may minimize or even cancel out your return on investment depending on the final sale price of your home.
Update Your Bathrooms
Bathrooms are often overlooked by homeowners but they are heavily scrutinized by buyers. Nothing will turn a potential buyer off faster than an outdated, old and grimy looking bathroom. You can boost your home’s appeal by updating the bathroom amenities and fixtures. If your home is short on bathrooms but not bedrooms, you may consider the addition of a new full bathroom or even a half bath. The extra space can increase the appeal for potential buyers especially families.
Will I Get The Cost Of Remodeling Back Once My House Sells?
That question is impossible to answer, however, any improvements that allow a buyer to picture themselves living in your home is worth the expense. While you may not get your investment back down to the penny, an updated, clean and well-staged home will surely sell for a higher asking price than a home that is sold as is. The added benefit of a home renovation is that during the project you may fall in love with your house again and opt to stay. Either way, in our opinion, renovating your kitchen, bathroom or entire home is always a wise investment that adds value to your existing home.