How to Know whether a Home Renovation Is Worth the Cost
If you are considering doing a few home improvements before selling your home, you should also understand that you might not see these upgrades reflected in the bids offered by prospective buyers.
Some improvements and remodels are more desirable than others, and the price of your home is generally fixed by other factors, such as amount of floor space, neighborhood and quality of schools. Here are a few improvements and what you can expect to get back on the expense of the project.
Kitchen Remodel
Although a bright and shiny new kitchen, with all the amenities, may be one of the top items on prospective buyers’ wish-list, sellers should not think they will be able to see the cost of such remodels reflected in their offers.
Real estate experts recommend doing a minor remodel of the kitchen instead, which will attract buyers without leaving you holding the bag for the upgrade costs.
Bathroom Remodel
Similarly, remodeling companies like Wolf Exteriors & Remodeling create renovated bathrooms that look new and sparkling clean, because sellers know this is another highly valued item for buyers.
But again, sellers are not likely to receive more than 56 to 70 percent of the cost of the improvement. Generally, the number of bathrooms and bedrooms will fix the price within a certain range, and the extent of the bathroom improvement will only lift the offered price slightly.
Garage Door Replacement
The replacement of a garage door is another area where you will be likely to recoup a good portion of the expense.
Garage doors are necessary items, but not one that prospective buyers want to spend money on if they can help it.
However, they will appreciate that the door is an improvement that you have spent money on, one that will add value to the home. Expect to recoup about 98 percent of your cost.
Deck Addition
Not every home on the real estate listings offers a wood deck, but these improvements offer wonderful opportunities for entertaining friends and relaxing on summer evenings.
A wood deck is one of the most favorable of improvements to make on your home before a sale. Expect to recoup about 82 percent of the costs of your wood deck addition.
The decision to do a major remodel to your home should be guided by how long you will be in the home to enjoy it. This action will ensure that you are able to accept a fair price on your home when it is on the market.
The odds are you will not be able to fully recoup your costs for the remodel during the home’s resale. However, even small improvements can help to make your home more saleable, and therefore, should be considered.
Category: Home Renovation
