#1 Financial Benefit of Homeownership: Family Wealth 2.6KSHARES 2.2K 101 22 198 While growing up, we were taught by our parents and grandparents that owning a home is a
The Best Home Improvements For Resale
A little sweat equity always goes a long way, but not all home improvement projects are created equal. According to Remodeling Magazine you're much more likely to recoup costs poured into a garage door replacement or new roof than an upscale bathroom remodel. The best home improvements for resale are the ones that solve problems for house hunters, allowing you the potential to maximize return on investment.
A grand entryway or deluxe kitchen won’t matter if buyers can’t get past the dry rot. Put the bells and whistles on hold and get back to the basics. Afterall, buyers can tackle an outdated bathroom renovation themselves. They’re much less likely to drop an offer on a home with a leaky roof. In Mobile, Alabama simple wood window replacements recouped 104.5% of cost and siding replacements recouped 130.3%*. Buyers expect certain systems to be in place before they make an offer, so it pays to take care of the home you have.
Kitchens and Baths
Many homeowners jump at the chance to remodel a kitchen or bath! In this case, the key is to keep it simple. In Honolulu, Hawaii a midrange bath remodel recouped 100.3% of cost and a midrange minor kitchen remodel recouped 122.8%*. More upscale versions of the same project had a much lower yield. Not all buyers will share your taste, so try to keep the more personal touches to a minimum. Traditional cabinets, commercial-grade appliances, neutral colors and natural materials are universally appealing. Walk-in showers, simple tile and streamlined appliances will do the trick in a bathroom.
If potential buyers walk past your home and don’t give it a second glance, they’re probably not going to jump at the chance to purchase it either. Curb appeal is your home’s first impression, so make sure it’s a good one. In Miami, Florida, added manufactured stone veneer recouped 110% of cost and a simple entry door replacement recouped 115%*. Investing your money in small, purposeful cosmetic upgrades has a huge effect on potential buyers. Without an enticing exterior, homebuyers won’t even make it to the interior!
Whether pining for a home office or dying for a second bath, many homeowners simply want more room. And, of course, the match checks out - more square footage equals more money on closing day. Don’t limit yourself to just the indoors, though. In Toledo, Ohio a wood deck addition recouped 124.5% of cost while an added composite deck recouped 175.7%*. If you’re looking for more money, moor space might just make sense!
Fixer-upper or recently renovated, contact a local loan originator in my network who can help make your dream of homeownership a reality.
Lauren Silva Team
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