Last Updated on April 21, 2023
Six Renovations To Consider Before Selling Your Home
Post by RyanSellers.com Real Estate Group
To renovate or not? A home renovation can make your home stand out, but there must be some type of guarantee of return on investment!
Although there is no definite way of predicting how much return on investment you will get with any renovation, we can get a good ballpark thanks to RE/MAX’s 2021 Renovation Investment Report. Continue reading to learn the top 6 renovations to consider that produce the highest return on investment (from highest return on investment to lowest).
If you could only pick one renovation, what would it be? Statistics say flooring. The flooring is susceptible to the most wear and tear in any home. If your flooring is old and worn out, it’s time to change it. Luckily for you, new flooring can provide you with a 100-150% return on investment which makes it a no-brainer for anyone looking to bump up the appeal of their home to another level. Word of caution – the material and workmanship of the installation is paramount. Even expensive flooring with gaps or lifts can look terrible, AKA, we highly recommend hiring a professional to install the flooring for you.
A kitchen renovation is arguably one of the best renovations to do when it comes to return on investment. Putting in new stainless steel appliances and granite/quartz countertops are sound investments for your kitchen that can get you between 75-100% return on investment.
Bathrooms are essential to a successful sale as it’s one of the main things buyers look at when considering whether to put down an offer or not. The good news is that bathroom renovations can generate over 62% return on investment. Things to consider upgrading are frameless glass shower enclosures, marble-topped vanity and a modern tile backsplash.
In our current market, high sale prices are being offered for homes with strong structural foundations or “good bones”. Examples of “good bones” include foundation that is dry, roofs and windows with no leaks, gutter and drains that function without fault. Potential buyers are able to tell quickly whether the homeowners have invested into preserving the structural integrity of their home, especially from flooding and leaks. Although structural renovations can come costly, it’s well worth it since home owners can expect to get a 75% return on investment.
According to RE/MAX’s 2021 Renovation Investment Report, repainting your walls is one of top three renovations to do for return on investment. What makes this renovation so attractive is its relatively low investment and effort. A fresh coat of paint for your home can get you 60% return on investment.
INTERIOR DOORS AND HARDWARE
Another type of renovation that is relatively inexpensive but can make a huge impact is investing in new interior doors and hardware. Hardware in this case includes door trims, crown molding and lock sets etc. The most important thing to remember about this type of renovation is quality. The quality of materials and workmanship can play a huge impact on the amount of return on investment. Assuming you hired a professional to do these renovations for you, you can expect a 50% return on investment.
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