Whether you’re simply wanting to upgrade your home, or are planning to sell in the near future, certain home improvement projects can help to drastically raise the value of your home.
Surprisingly, you’re less likely to see a significant value increase on kitchen or bathroom upgrades than you are on basic home maintenance projects like new siding or new gutters. Although beautiful kitchens and bathrooms do draw a lot of potential buyers, if your home has structural or foundation issues that need tending to, buyers won’t get beyond that.
According to a study done by Remodeling Magazine, siding replacements returned more than 92.8% of it’s costs. Only a (roughly $15,000) kitchen remodel had a higher return rate, coming in at 92.9%. Roof and window replacements were also high on the list, with about an 80% return rate.
But why? Well, many buyers take basic home maintenance for granted. When shopping for a house, they are expecting the roof not to leak, the windows to be sealed and the air conditioning to work! Those are the basic things a home should do- and they won’t want to spend the money and effort trying to repair them. They can live without their dream kitchen for a few years!
However, if all of your home’s basic systems are in order and you have extra money to spend, splurging on a kitchen and/or bathroom remodel is sure to pay off! If your home is in tip top shape, and comes with a newly renovated kitchen and bathroom, expect to see your home flying off the shelf, so to speak.
Does your home already have a killer kitchen and bath? Your money will be well spent on some exterior improvements to increase your home’s curb appeal. As real estate agents often tell their sellers, curb appeal is extremely important. The exterior is the first thing potential buyers see, and you want to reel them in. If your home is outdated on the outside, unfortunately, no one may take the time to look at your interior renovations.
Want more advice? Ask a real estate agent! We know better than anyone what makes a home sell, with specific insights into your specific market area. We can tell you what most buyers will overlook, and what areas could really use some improvement.