What is the Return on Investment when Renovating your Home

Judy Lindsay Team News

What is the Return on Investment when Renovating your Home

November 8th, 2016

There is value in doing some projects to your home before you sell. Not all home improvements

achieve this. So, which home improvements give you the best “bang for your buck”?

The following 7 Projects add value to your home

Kitchen Renovations

Keep the renovation simple but modern. This upgrade can cost between $5000 To $75,000. Use neutral colours that are more appealing to prospective buyers

Can recoup costs between 60% - 120%

Bathroom Addition

If your home has one bath, considered adding another. Square footage needed for half bath Is 18 sq. ft and full bath is 35 sq. ft. Keep the renovation fresh, modern and simple.

Can recoup costs between 80% - 120%

Re-inventing a Room

Reinventing existing space in your home can improve the overall function of the space such as finishing a basement and/or converting an attic to a bedroom.

Can recoup costs between 50% -80%

Adding Energy Efficient Windows

Buyers today are looking for energy efficient windows in the homes they may purchase. Single pane windows cost more in energy bills while energy efficient windows can save on your energy bills up to $500 per year.

Average cost to replace windows is $7500 - $10,000. in an average sized home

Can recoup costs between 60% - 90%

Deck Addition

Outdoor living spaces have become more desirable since more people stay home for vacations (referred as Staycations). If you make your deck and backyard more appealing, prospective buyers will show more interest in your home. Cost to add a deck range from $1200. To $10,000.

Can recoup costs between 60% - 90%

Energy Efficient Insulation

Lack of insulation and old doors let in plenty of hot and cold air and are more expensive to live in. Home inspectors include this in their evaluations on home inspections. Making your home energy efficient doesn’t need to cost a lot of money and can save you up to $500. per year on your heating and cooling cost.

Basic Updates

These add the most value to your home. Keep paint neutral and fresh; Fix a leaky roof; Replace rotted wood and get rid of any mold. These types of chores keep your home from deteriorating over time.

Buyers want a healthy, solid, safe home and they look carefully for signs of routine maintenance. Look for future articles to describe in length how you can achieve the desired results that are cost effective and current for your home renovations. Simple fixes sometimes can achieve the desired result without expensive renovations. July Lindsay Team is always ready to assist you with any concerns you may have before you sell your home.