Changes That Sell, Changes That Don’t
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 from the National Association of Realtors® includes improvements that enhance the sale of your home and an estimated rate of return on the improvement or upgrade. This information is based on 2006 national averages.
- Remodeled kitchen, 80.4% (major upgrade). 85.2% (minor upgrade)
Kitchen updates can offer a solid payback. Simple, functional and neutral are the key words here. - Second Bath, 74.9%
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. - Family Room Addition, 71.5%
This is one of the most popular choices for improving resale value. - Remodeled Bath, 84.9%
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, 76.8%
Regardless of locale, outdoor living spaces are in high demand. Low-maintenance deck materials give potential buyers more time to enjoy the view. - Finished Basement, 78.8%
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. - New Windows, 85.3% (wood), 83.7% (vinyl)
New windows can offer reduced energy bills, which is very appealing to prospective homebuyers.
Now if you aren’t ready for major home improvement projects like these, get started with some quick-fixes to make your house more appealing. For additional advice, contact a Carolina Living Agent.
