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I found the return on investment percentages very interesting. What they do not take into consideration is there are two types of value. The chart only shows the monetary value, the other value is desirability of the improvement. So yes the improvement is worth the investment if it means getting the home sold. I will defiantly be using the info when talking with sellers that think they should get 100% or more return on their improvements.
The biggest returns on investment are:
1. Home staging including cleaning, de-cluttering, and minimizing furnishings and personal possessions like family photographs.
2. Painting inside and/or outside as needed, especially house trim and what’s seen from the curb. Use neutral colors inside and out. Linen and white trim inside make for a very nice clean and sophisticated appearance.
3. Sanding and refinishingscratched or worn hardwood floors.
Each of these big three investments will return multiples of their cost. Every other renovation will only return a fraction of their cost, BUT may get your house sold sooner rather than later. Be careful to not over improve your property beyond what the neighborhood will support.
For homes in the St. Louis area, ADDING a garage to a home which currently does not have one will increase a home’s value. The same can be said for homes with only one bath. Adding a half bath in the lower level will add more than a marginal return: it’s the difference between selling a home or not selling a home. Investing in these projects allows the homeowner utilty today and wider buyer appeal in the future.
Homes without garages and with only one bath will sell, but at much lower prices.
My market in Western NC is primarily retirees and second/vacation homes.
Despite the long season to use them, pools are a poor investment here. Most owners do not want the maintenance.
Sunrooms- or more commonly seen here, screened porches- are a definite plus. Our buyes like an indoor/outdoor room to enjoy the changing seasons as well as the rand lake or mountain views.
Re garage additions: if you have no garage or a one car garage, I think adding a garage- carefully- and that is for a lot less than your figures- will pay off. If you already have a two-cargarage, then going to three or four , is morethan most buyers will be willing to pay for.
Yes, on outdoor kitchens but keep them modest.
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[...] “A recent article at The Street lists 10 common home projects that drain home owners’ budgets and offer little return on investment, in citing findings from Remodeling Magazine’s annual Cost vs. Value survey. Do you agree with some of the projects…” To read more, click here: Are These Home Projects Really Worth It? [...]
I have to say, after having the electricity go out during last year’s hurricane for 3-4 days (I live in PA), having well water and sump pump, and having about $10k plus in damages from a flooded finished basement – you are completely wrong in thinking that a back up generator only covers $30 in spoiled groceries!
[...] Dealing With Design Dilemmas Affordably 9 Unique Features That Set a Home Apart External Links: Are These Home Projects Really Worth It? What Do Home Buyers Want Today? Like this:LikeBe the first to like this. By Stacy Lyons, on [...]
[...] it comes to major home renovations, many homeowners fail to consider the potential return on investment before they undergo a project. [...]
I think it’s not always about the ROI. think about the return of happiness when you are living in your new kitchen or basement remodel.
if you are not selling your home right after you fix it up then it;s worth it to invest in the remodel and enjoy your new living space
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