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Remodel for Resale

Remodel for Resale

Remodel for Resale

It is often debated amongst homeowners what and how remodels and additions should be done to help with the resale value of their property.  While there are many variables that can only be sorted out by a licensed and informed Realtor, resources such as the cost vs value remodel report from Remodeling Magazine can help decipher where the best return on investment dollars can be spent.  These numbers come from the Grand Rapids, Michigan Area Report.

3 of the Best Cost vs Value Return Remodels

1)  Kitchen Remodel:  Whether major or minor, updating the kitchen brings one of the highest returns on investment with a 62-68{16e476496f5f3a73cb19f20a476d08f8bca71b0bf9338242f1d2bf6ed337f382} return.  A fresh coat of paint, spruced up cabinets, and new counter tops can go a long way in putting your home at the top of buyer’s minds.

2)  Curb Appeal:  First impressions are very powerful when it comes to homes.  It sets the tone for the rest of a showing.  Replacing or repairing things like front entry doors, windows, sidings, and decks all have very high returns according to the report with a 60-80{16e476496f5f3a73cb19f20a476d08f8bca71b0bf9338242f1d2bf6ed337f382} return on investment.  Brighten up your front entry door with a fresh coat of paint, replace old windows, and put up fresh new siding for a welcoming environment to help sell your home!

3)  Extra Bedroom:  An additional bedroom (especially from previously unused space such as an attic) can add significant value to your home and open it up to new potential buyers.  The report states you can expect around a 64{16e476496f5f3a73cb19f20a476d08f8bca71b0bf9338242f1d2bf6ed337f382} return on your investment with the addition.

3 of the Lowest Cost vs Value Remodels

While none of these remodels or additions are necessarily bad ideas when it comes to getting your home primed to sell, statistically you can simply expect less return on your money invested into the renovation.  These three were some of the lowest returns all sitting below 50{16e476496f5f3a73cb19f20a476d08f8bca71b0bf9338242f1d2bf6ed337f382}.

1)  Home Office Remodel

2)  Sunroom Addition

3)  Bathroom Addition

 

While this report does offer some guidance, the best advice is to seek that of a licensed realtor.  They will give you the most up to date, neighborhood specific, and suggestions per your home’s exact needs.  It could be that one of the ‘lower’ return items is exactly what your home needs to be competitive on the market.

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