How do Home Renovations Affect Your Home Value?
Contrary to what many people think the ROI isn’t always what you might expect. There are three ways to value the payback on your home renovations.
First there is the value the Reno adds to the potential selling price of your property.
Secondly there is value it adds to your enjoyment of your home.
Thirdly, the value of maintaining the worth of your property.
Thinking of upgrading your plumbing for example? This would help maintain the worth of your property or possibly add to the selling price depending on what kind of plumbing you have to start with. However, you likely won’t get back the money you spend dollar to dollar.
High-Yield Renovations
Let’s look at the first type of payback, the top renovations to improve your selling price:
Kitchen – renovation or updates with quality of materials and workmanship consistent with the homes in your area. Payback can be 75%-100% of what you spend, sometimes even more.
Bathroom – renovation or additions with quality of materials and workmanship, again consistent
with the homes and the area. Payback is 75%-100%.
Repainting Interior / Exterior – completed in tones with wide-ranging market appeal, be sure to stay with current trends or better yet upcoming trends. This can be 50%-100% payback on your investment.
Reach out to to us with any questions, it’s always best to ask a local professional what is the best way to spend your money to get the highest ROI for your area. And we are always here to help.
Look for more tips in our upcoming blog posts.
