When making changes around the house, it’s important to consider home improvements that will add the most value—either for your family or someone else’s. If you plan on living in your home forever, choose projects that add the most value to your life. If you think you’ll sell your home soon or sometime in the near future, however, consider changes that will raise the value of the home. The optimal choice is, of course, making home improvements that will add the most value to you AND others.
Here are some of our top recommendations for home improvements:
We frequently get asked by home sellers whether they should repaint the interior of their home before listing it. Our answer? If you have the time and resources—absolutely! A beautiful new coat of paint throughout, in a neutral tone, is one of the most fruitful investments you can make. You’ll see a high return, according to the HomeGain 2012 National Home Improvement Survey. Interior paint jobs will yield, on average, a 107% return on investment.
Kitchens are a popular entertaining area where small changes can make a big difference. Since the kitchen is one of the highest-trafficked rooms in the home, it’s easy to see how updates here will yield high returns. Minor kitchen remodels cost an average of $21,000, but have a typical yield of 76-81%!
Fun fact: If you’re worried about costs, you can piecemeal your kitchen updates over time to stretch out expenses. Appliances, cabinets, countertops, and sinks can all be updated separately, so you can remodel one section at a time with reasonable ease.
Ever heard the saying that “bathrooms and kitchens sell houses”? Well, it’s true. Even if you plan on staying in your home, you’ll get much enjoyment out of a new, beautiful bathroom. For a buyer, even small updates to the fixtures, cabinetry, paint, and floors can make a big difference.
Homeowners can also update guest bathrooms DIY-style for modest returns. Depending on how much you renovate, some bathroom updates can see returns of up to 102%. The national average cost for a midrange bathroom remodel is $19,000.
Last but not least, let’s talk about flooring! A beautiful floor will be one of the first things a buyer notices as they walk through your home. It doesn’t have to be hardwood —anything other than the same carpet that’s been in your home for the last 10 years will be sure to catch a buyer’s eye. The average ROI for an investment like this is about 70%-80%, but can range up to 100% or more, depending on what material you choose.
Whether you plan on staying or selling, we hope you found something useful in this list. The best home improvements, in our opinion, are those that bring as much value to future owners of your home as they do to you right now.
Getting ready to sell your home? Contact us at Baker Realty today to talk more about what home renovations will increase your home’s value.