What Renovations Have The Best Resale Value? Monday, April 25, 2016
When thinking about doing renovation projects on your home, unless you plan to stay forever, getting your money back out of these projects has to be in the back of your mind. How do you choose which renovations are worth your time and money? Well as you would have guessed, certain upgrades provide a better return on investment when you go to sell than others. According to getmyhomesvalue.com, smartmoney.com, nolo.com and greenlivinglifetips.com these renovations are popular among home sellers and can add a lot of money to your sale price. Enjoy the list and be sure to comment.
Bathroom Remodel- Bathrooms are very important to house hunters and are considered one of the most effective home spaces to improve upon. The most popular bathroom to update is the master bath. The average cost to do a bathroom remodel is $30,000 with an added resale value of $22,500. That means you should average about 75 cents on the dollar for your bathroom remodels.
New Windows- With the popularity of green homes, replacing windows will both increase your resale value and lessen the utility bills. The important thing to remember is that changing window styles and adding fancy touches won't add any value. You have choices when it comes to window material, with the two most popular being vinyl and wood. Vinyl Windows will set you back around $10,000 with an added resale value of about $8,400. Wood Windows will cost you about $11,000 with an added resale value of $9,350. 84-85 cents on the dollar is not too shabby for upgrades you will enjoy while still living in the home.
Basement Remodel- This is a very popular choice for house hunters, and homeowners would guess this is one of the best ways to spend money upgrading their home. In fact it has one of the lower returns when it comes to resale. The average basement remodel will cost $55,000 with an added resale value of only $43,450. That means you are only going to recoup about 79 cents for every dollar you spend.
Kitchen Remodels- Upgrades to counter tops, appliances, cabinets and appliances can make a world of difference to people looking to purchase and for the homeowner while still living there. Every kitchen remodel isn't the same, so they are broken into major and minor remodels. Major kitchen remodels will cost about $55,000 with an added resale value of $45,650. Minor kitchen remodels will cost $18,000 with an added resale value of $15,480.
Curb Appeal- This could make or break a sale because it is literally the first thing potential buyers see when they arrive. Any improvements to the exterior of the home adds significant value. For example, siding replacement costs about $9,500 with an added resale value of $8,265. Roof replacement will cost on average $14,000 with an added resale value of $10,360. Deck additions are great additions to outdoor space with a cost of $10,634 for an added resale value of $8,573.
Some of these job are huge and some aren't, but they can all add a lot of interest from potential buyers