Many homeowners add on to their homes or renovate for the immediate joy of feathering their nest. But what renovations yield the best pay back? You may be surprised.
Although renovations can turn your house into even more of a “dream home”, certain renovations offer a much greater return on your investment than others. There are a few things home owners should consider before investing in a project.
Does Your Home Require Maintenance Or Repair?
These projects, such as replacing the roof or upgrading the electrical and heating systems, should take precedence over any other type of remodeling you are considering.
While you may adore the third bathroom you’ve just added instead of replacing your 35 year old roof, it’s not going to have as much of a return on investment if the integral features of your home are not maintained.
Future home buyers are primarily concerned that the structural systems are in good condition over the luxury of having a third bathroom. If the core elements of your home are fine, the home renovations that will provide the
best return on investment aren’t the real “wow” factors like an in-ground pool, wine cellar, sauna or a media room.
Renovations that provide an 80 to 100 percent return on investment are a kitchen or bathroom remodel or the addition of a bathroom.
Home buyers will look at the kitchen and bath(s) after they ascertain that all the core elements of the home are in good working order. They want to be able to move in and not have to tackle a major remodel to either of these two key rooms.
What are they looking for? Buyers nowadays want a modern kitchen complete with nice cabinets and countertops, a tile or wood floor and cook top stove. Little extras such as built-in wine racks, a wine cooler, a convection oven or a sub-zero freezer are things that you as a homeowner will get a lot of enjoyment out of now as well as grab a home buyer’s attention when you’re ready to sell.