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Janet Rendle
Mobile Phone:
(845) 699-8841
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Janet Rendle
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Mobile Phone:
(845) 699-8841
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Buyer FAQs
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Home Purchase Guide
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Home-Buying Mistakes
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Selling for Top Dollar!
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The Home Improvement Conundrum

 

Having the nicest house on the block is not as desirable as it may sound if you ever plan on selling your home.  Tuscan tile and custom limestone pavers imported from India are beautiful and impressive, but you will never see a return on such extravagant upgrades.  This being said, it is definitely important to choose wisely when it comes to home improvements: some will increase the resale value while others will not.  If budget is a concern and you can’t do it all, then consider the following four upgrades.

Remodeling the Kitchen

The way to a man’s heart is through his stomach much like the way to a buyer’s heart is through the kitchen.  Open-concept kitchens are all the rage right now and have been for quite some time.  Stainless steel appliances and granite countertops on a center island or breakfast bar overlooking the living room are the cat’s meow.  Updating your kitchen (despite the hefty chunk of change to the tune of around $25,000) should be at the top of the list and you can expect to recoup anywhere from 70-110% of your investment according to several experts in the field.  Like with any other renovation, do not go overboard with lavish materials that exceed market value for a remodeled kitchen.

Renovate the Bathrooms

Brush. Flush. Wash. Repeat.  Arguably, this may be the room that people spend the least amount of time in, but most prefer to sit, primp, or soak in style if and when given the opportunity.  Assuming that no major issues are discovered, the cost for this project hovers around $12,000 for an average sized washroom and should include new tile flooring, a vanity, and fixtures (sink, toilet, bathtub).  The pros estimate that you can see a return of around 80% if you play your cards right.  Keep in mind that for master bathroom remodels, walk-in showers are replacing whirlpool tubs because people today have less and less time to take baths.

Replace Exterior Siding

When I was growing up, the moral to almost every story was “don’t judge a book by its cover.”  While this adage may apply to humans, it certainly does not ring true for houses.  The exterior of your house is the first thing people see when they pull into your driveway, so the condition of the siding is extremely important.  Although every material has its pros and cons, fiber cement is probably your best bet because it is durable and fire / hail resistant.  Some insurance companies might even offer a discount for this type of siding.  Depending on the material you choose, the cost will range from $9-$13 per square foot and take anywhere from 3 to 12 days for installation.  Experts estimate the rate of return for this investment is over 90% which is what makes this update a no-brainer.

Deck the House with Planks of Wood

Outdoor living spaces are gaining in popularity as the cost of vacationing is on the rise.  More and more families are opting for “staycations” (i.e. staying at home) especially during the summer months, so creating a backyard paradise is a key component to maximizing enjoyment.  If you find your property more appealing then prospective buyers will too if and when you decide to sell.  Pricing varies widely depending on size, material, and level of customization (lighting, built-ins, etc.), but the range is usually between $2-$12,000.  The typical ROI for this addition falls between 65%-90% according to HGTV.  As with any renovation, make sure to get at least three different quotes and check references for any and all contractors you are thinking about hiring.

Proceed with Caution

Some home improvements to avoid because they will not increase the resale value of your home include: In-Ground swimming pools, gourmet kitchens, sunrooms, expensive landscaping, and garage additions.  These costly projects can actually deter many different groups of potential buyers for different reasons, so if you feel that you can’t live without that whirlpool bathtub, just understand that you are doing this one for yourself and don’t expect anything in return.

Homeowners know and understand that there will always be a wish list of home improvements. Prioritizing the items on this list is indeed the greatest challenge.  Perhaps it would be easier to rank your projects based on whether they will increase (or potentially even decrease) the resale value of your home should you decide to put your house on the market at a later date.

 

 8/6/2018