searchBarIcon
2017-02-17
Home Renovations, Are They Worth it?

    

    Before you go ahead and start renovating your home, stop and research whether this renovation will either hinder or help your home to sell. There are some renovations worth doing, but most of the time, certain renovations can be a waste of time and money for those individuals trying to sell their home. You may end up actually losing money doing renovations that you thought might have been beneficial in helping you sell your home more quickly.

 

    Since it seems everyone has their own personal ideas of style and design, it seems best to not spend your money renovating, instead price your home accordingly. For example you can add a budget of 5-10,000 for new carpet installments as part of your home listing price. If your mind is set on doing those renovations, here is a list of renovations and their ROI’s. This list could possibly help you determine whether the renovation you had in mind is worth it in the end.

 

Renovations that bring the greatest percentage return on investment:

  • Entry door replacement: 96.6 percent
  • Deck addition (wood): 87.4 percent
  • Attic bedroom: 84.3 percent
  • Garage door replacement: 83.7 percent
  • Minor kitchen remodel: 82.7 percent

 

Renovations that yield the smallest return:

  • Home office remodel: 48.9 percent
  • Sunroom addition: 51.7 percent
  • Bathroom addition: 60.1 percent
  • Backup power generation: 67.5 percent
  • Master suite addition: 67.5 percent


    In conclusion, there may some quick and easy renovations that could be worth doing, however, most new homeowners would like to incorporate their own style and taste into the home they want to buy. Save your money, and hold off on certain renovations. As always, don’t hesitate to get a second opinion from a realtor on whether a renovation could increase your home value.

 

 

 

Source: Mears, T. (2014, March 7). Which Home Remodeling Projects Are Worth Your Money? Retrieved February 16, 2017, from https://money.usnews.com/money/personal-finance/articles/2014/03/06/which-home-remodeling-projects-are-worth-your-money




Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.