When it comes to big renovations many homeowners want to invest in a new kitchen or updated bathroom which makes sense, buyers are looking for these spaces to be modernized, and they both top the list of home renovations that pay off, with a nice return on your investment.
But when it comes time to sell keep this in mind, if the roof is leaking or the plumbing is faulty, many buyers will have trouble moving beyond those issues.
Before focusing on granite countertops and steam showers, make sure the furnace and plumbing are in order. A new roof and windows will return 80 percent or more at resale, while siding replacement can recoup 90 percent of its cost.
Home Improvements Stand Out
Basic maintenance of a home is not the fun part, but it’s important to make sure it’s all in good order before spending the big bucks on big projects, homes with up-to-date maintenance items will stand out, compared to a home without these updates.
Projects That Pay Off
When people are buying a home, they usually focus on kitchens and baths, and it’s something they’ll splurge for.
In a hot housing market it’s an excellent investment, a kitchen can make or break a sale. Your kitchen renovation should earn around a 70 percent return on investment, depending on features and how much you spend.
A couple things to keep in mind, don’t over personalize the space or spend more on the remodeling project than your home value can support. Ideally you can spend between 6 and 10 percent of the total home value and get fair return.
An updated master bath with that spa look and feel hooks many buyers; they love the clean, stylish updated bathrooms with a large shower, his and her sinks or new tub. The bathroom remodel does add value to a home and can recoup nearly 60 percent.
Low on the List
Which projects should you skip or keep low on your list? Pools rarely return their cost, a lot of buyers see them as something they’ll have to maintain and home offices, while popular with many people working from home these days do not generate a big return.