Think home improvements will substantially increase the
selling price of your home? You may want to think again.
Before you invest a lot of money into home improvements
and upgrades, you should consult with a real estate
agent to determine which changes will most impact your
home's sale.
Some renovations not only fail to improve resale
profits, but could actually detract from your home's
overall value. Swimming pools, water gardens and
greenhouse additions fall into this unfortunate
category.
So if you're considering the change simply to increase
the value of your home, check out this list first. The
list includes improvements that enhance the sale of your
home. Each includes an estimated* rate of return on the
improvement or upgrade.
*Rates of return vary by region, trends and period
of time.
Remodeled kitchen, 150 percent
Kitchen updates can offer a substantial payback.
Simple, functional and neutral are the key words here.
Revitalized Lawn and Garden, 100 percent
A lush lawn and a splash of floral color can
draw potential buyers like hummingbirds to sugar water.
A few hundred dollars invested in this area can result
in thousands of dollars in profit.
Fireplace, 100 percent
Fill your home with feelings of warmth and tradition
by installing or upgrading a fireplace. This home
improvement is a sure winner – especially if it's
energy-efficient (like many gas models).
Second Bath, 90 percent
Add a second full- or half-bath to your home and you'll
reap some benefit. Even a humble lavatory can make a
difference for many potential buyers.
Room Addition, 80 percent
This is one of the most popular choices for improving
resale value. You'll do better if you go with a family
room or an extra bedroom.
Remodeled Bath, 60 to 80 percent
With a master bath on most buyer wish lists, this is a
wise place to invest your money. Consider installing two
sinks, which goes over big for buyers who have to handle
morning rush hour.
Deck, 70 percent
Regardless of locale, outdoor living spaces are in high
demand. Low-maintenance deck materials give potential
buyers more time to enjoy the view.
Exterior Paint, 50 percent
You'll take years off the appearance of an older home
with fresh color and finish. This home improvement ranks
the highest in adding curb appeal.
Finished Basement, 40 percent
A terrific way to add space without building a costly
addition is by simply finishing your basement. And if
you can include walk-out access in the mix, you'll add
even more value.
Heating System, 40 percent
Replace your existing heating system only if it's
dysfunctional. Be aware that buyer preferences vary on
this upgrade.
New Windows and Doors, 35 percent
Although new windows and doors can offer
energy-efficiency and are visually appealing, these
upgrades don't necessarily translate into a return for
you. You can, however, increase the appeal of your home
if you alert prospective buyers to the reduced energy
bills your new windows and doors offer.
Let me be your next agent for your property. Please call
Diane Hunter at (312) 446-8300 or
contact me online! |
