Princeton Town Topics – Let’s Talk Real Estate – December 6, 2017
UPGRADING? THESE RENOVATIONS OFFER GREATEST ROI
Whether you’re actively pursuing selling your home in the next few months or you’re just thinking about it, if you want to sell fast – and for the most money – you might be thinking about doing a few renovations. But before you pick up a hammer (or call a contractor), you should know not all renovations pay off when it’s time to sell. Mortgage review site Bankrate says that for current home buyers, these four renovations can yield the biggest positive return without a major expenditure:
- basement remodel – costliest; returns about 70 percent
- minor kitchen remodel – new countertops, resurfaced cabinets, updated appliances; returns about 80 percent
- steel door replacement – returns about 90 percent
- adding attic insulation – returns about 108 percent (and that doesn’t include energy savings you’ll realize until you sell)
Of course, even simple fixes like a fresh coat of paint and improving your curb appeal can improve the perceived value of your home, and while these fixes might not translate into a higher sales price, they can certainly help your home sell faster. No matter what type of renovation or upgrade you choose, be sure to start now so you’ll be all done by the time the spring home-buying season arrives.