If you’re planning on selling your home, it pays to do some renovations. It’s important, though, to make sure you’re doing the work that will bring you the best return on your investment (ROI). Which home remodel projects will actually enhance your home, and which will simply cost you money without providing any real profit when you sell?
- Worthwhile outdoor renovations may surprise you. If you think adding a pool to your property will help you make money when it’s time to sell the house, think again. The cost of installing a pool and maintaining it means you’ll have a hard time recouping your investment when you sell. A firepit or new fence, however, can raise the curb appeal of your home and help buyers picture themselves living there. The real return on investment for your home comes from a deck; install a new deck and you’ll create the feeling of more space, which is appealing to buyers and may net you as much as 80 percent ROI. Another exterior renovation that gives you a big bang for your buck is replacing the garage door.
- Sometimes the smartest renovations are the ones that aren’t as noticeable. Energy-efficient upgrades like blowing insulation into the attic, switching out your old windows for energy-efficient upgrades, replacing a roof, or changing out your front door may seem dull, but they pay off in a big way. Adding attic insulation, for instance, provides a 107 percent return on investment. Replacing your front door with a steel door yields 90.7 percent, and repairing the roof can net you an ROI of 68.8 percent when you sell the house.
- Be smart about remodeling your kitchen and bathroom. Renovating your kitchen or bathroom is a smart move, but it pays to economize when you’re remodeling. A minor remodel like swapping out your bathroom fixtures or putting a new backsplash in your kitchen can make a big impact. A mid-range bathroom remodel nets about 64 percent, as opposed to 56 percent for a major renovation. Similarly, a complete kitchen overhaul only offers about 58.6 percent, while a middle-of-the-road reno yields about 77.6 percent.
- Know your demographic. Many homebuyers are looking for smart home technology, like smart locks, smart thermostats, security cameras, and water leak detectors. If the buyers in your neighborhood skew a little older, though, universal design with features that provide accessibility and allow people to age in place might be a wiser investment.
If you’re ready to sell your home, or you’re looking for the new home of your dreams, Vutech | Ruff, Corcoran Global Living can help. We provide outstanding service to both buyers and sellers, assisting with just about every aspect of real estate while maintaining the highest level of professionalism. Our award-winning agents have years of experience, and our featured properties are located in some of the best neighborhoods in the Columbus, Ohio area. Call 614-706-0122 or contact us through our website so we can get to work for you!