So, you’re looking to have some remodeling work done to your home before you sell, but you’re also asking yourself: will this remodeling for resale pay off? That’s the question on the mind of every homeowner who’s thinking about undertaking a project to bolster his/her home’s resale value. And in today’s housing market, the answer to that question may even determine whether you undertake the project or not.
Fortunately for homeowners, there are a number of remodeling for resale projects that offer the potential for a high return on investment (ROI). According to Remodeling Magazine’s annual Cost vs. Value Report, some of the best renovations are those done on the exterior of the home—siding, window, and door replacements—because they immediately improve a home’s curb appeal. Beyond curb appeal, certain projects will provide higher returns than others. For today’s post, we’re going to highlight the three projects that can best help to increase your resale value.
Attic bedrooms
According to Remodeling Magazine, you’ll recoup 73% of your investment when turning the attic into a bedroom. It is important to note that, however, this also ranks as one of the most expensive projects, averaging $50,148 nationally. But if you have the money, an attic bedroom is a desirable feature among home buyers – additional square footage of living space can have a very positive effect on your selling price.
Kitchens
Although a kitchen remodel has an ROI of about 66% on average, kitchens are typically one of the first things home buyers want to see. The cost of a major kitchen remodel varies widely depending on the region. Nonetheless, it’s important not to go overboard, as you don’t want to price your home out of the local market. For example, if you’re in a neighborhood where the average home value is $200,000 and you put in a $50,000 kitchen, you’re out-pricing your house out of your neighborhood.
Fortunately, a major kitchen redesign may not be warranted if the space only requires a facelift. In many cases, less-drastic updates like refinishing surfaces, upgrading appliances, and installing new light fixtures will cut it. Conversely, making the mistake of opting for a facelift when the space does, in fact, require a full-scale remodel will cost you, so it’s best to consult with a contractor prior to making the decision.
Bathrooms
Investing in a bathroom remodel yields a 62% return on average, but you’ve got to do it right. Many homebuyers are looking for a master bathroom with two sinks, custom showers, and great lighting.
However, like a kitchen facelift, sometimes less is more. Assuming that the flooring is nice and the walls around the tub and shower are in good standing condition, giving a bathroom a new coat of paint, a new toilet, and new fixtures can sometimes provide the best bang for your buck.
ROI can be a fickle thing when it comes to home renovations, so if you are considering remodeling for resale, to help boost the value of your home, be sure to contact the professionals at MDV Remodeling. Our expert contractors will work with you through our unique TruYouDesign™ process to help you get the most out of your investment AND your budget! Click here to schedule a fast, free estimate!
*header image courtesy of Olger Fallas/Flickr.com