Thinking about making additions and improvements to your home? Too many times owners spend money they wont get back when they sell. This guide remains true in both a seller and buyers market to get the most money out of your home improvements.
Naturally, you might wonder whether or not it would be better to just move and leave all the repairs to the next family. Why would you need to do anything in a hot market where you can get multiple offers over a weekend? If you are planning on moving soon than a few basic projects will work. This is certainly the case here in the Northwest. If you are looking to the future and you can enjoy some over of your work now , larger projects may make sense.
There is no easy answer as the return on investment is based on several local factors . Of course the age and condition of your home plays a huge role but so does market knowledge.
- A great real estate agent is key to learning the common trends and upgrades the buyers are looking for and will spend more to get. Even the smallest projects can make sense if you understand the market.
- A professional photographer and stager is a must to accent the work you have done.
- Marketing will also play an important role when selling. The goal is to increase the demand for your home by highlighting the upgraded features.
The best return on remodeling projects is not even given by full scale remodeling projects. It is by replacing already existing things like windows, doors and appliances.
Get your complete copy of the book , “Home Improvements That Improve Values”.
These projects are relatively simple and low-cost, placing them within reach of most homeowners. The top 5 improvements in terms of ROI if you are moving soon:
- Entry door
- Indoor/Outdoor painting (Neutral color)
- Garage door
- Upgraded yard
These projects are for those looking for a longer term investment:
- Roof repair
- Minor kitchen remodel
- Basic master bath upgrade
- Entertainment features/ home theater
- Window replacement
When you are looking to increase the value of your home, either to resell now or in the future, it is important to understand what returns are normal. While we went over a number of examples where to spend your money that transcend several markets, each market is still different and can be hyperlocal. The single best thing you can do to help your home renovation project ROI, especially if you are planning on selling within the next few years, is to contact a real estate agent.
A great agent will know the market and give you advice on colors and styles that are most sought after in your area.
Get your complete copy of the book , “Home Improvements That Improve Values” . Written here in the Northwest.