We must admit that as homeowners we have at least once in our lifetime thought about putting our house for sale. The reasons for this vary. It may be that the kids are all grown up and are leaving home, or it could be that the family is growing, and we need a more spacious setting for our daily activities. Sometimes, it even has to do with emergencies where money is urgently needed, and selling the house is the most immediate option.
Regardless of what might be going on, the point is that making improvements to the house before listing it will boost its value on the market. Renovations are usually made with the expectation to get returns at the time of resale which is why homeowners must direct their attention toward what needs to be done to avoid overspending on non-essential home improvements.
It’s also worth noting that renovations can be made whether you’re gearing up to sell your house soon or not. If on the other hand, your plans don’t include moving anytime soon, have your house renovated only with what you want and makes you feel comfortable without thinking too much about the impact on resale.
What are the renovations with the highest value / returns?
If you wish to invest in home renovations to get returns, if you decide to put it on the market for sale, you need to understand that some improvements won’t necessarily help you achieve this goal. So, which upgrades are worth the investment? Here’s a list that can serve you as guidance:
- Hardwood floors: according to a recent report conducted by the National Association of Realtors the replacement or renovation of hardwood floors gave the highest returns to house sellers. Wood flooring is appealing to potential buyers especially since the pandemic started and browsing for houses online became the norm. They are eye-catching in pictures, often making it the first step to contact sellers.
- Kitchen renovations: this comes as no surprise since the kitchen is one of the busiest places in the house. A functional kitchen with countertops, cabinets, and flooring made of high-quality materials is among the primary requirements of prospective buyers.
- Siding: the exterior siding impacts the view that you want to give buyers. A newly renovated siding will attract the looks of those who are looking to purchase a new home, increasing the chances to get a deal, and recovering a lot of the money invested.
- Upgraded garage: replacing the garage door could recoup 93.3% of your investment according to Remodeling Magazine in its 2022 Cost vs. Value report which makes sense since curb appeal renovations are always high on the list of the most profitable enhancements.
Are you considering listing your home and needing help with the renovations? At Dream Home and Builders, we are at your disposal. Contact us. We’re here to assist you.