RENOVATIONS THAT PAY OFF AT SALE TIME
By: David McClellan
Homeowners may feel they would like to renovation or update their current home with a fresh kitchen, or updating the master bath, but a recent survey of Realtors, finds that howeowners’ money would be better spent on other features. In fact, the results show the home interior improvement project that gives the biggest bang for the buck gets walked on every day, your floors! Refinishing hardwood floors will essentially pay for itself! An estimated 100% return on investment! Other projects that rank high on return include insulation upgrades (95% recovery), new wood flooring (91% recovery) and converting a basement to living space (69% recovery). Exterior projects, such as landscaping, new windows and new garage door, also give a great return on investment! But renovations aren’t just about resale. Homeowners also improve their homes for their own enjoyment and quality of life. Certain home upgrades and remodels can be beneficial to get more buyers interested in a property, potentially bring in more offers or gain more equity from a home, but are just as valuable to homeowners who want to get more joy out of their dwellings!
David McClellan is a local Realtor with the Home Team of America.