If you intend to sell your home, it might be a good idea to do a couple of renovations before listing it. It is also wise move if you have not updated the home in several years.
Remodeling Magazine publishes an annual “Cost vs. Value Report”. The 2016 report disproves most people’s first assumption – kitchen or bathrooms being the remodels that yield the most resale value. According to this report, adding fiberglass attic insulation is the best return on investment. This simple improvement yielded 117%.
Renovations that are at the top of the list are:
- Add fiberglass attic insulation with a yield of 117%.
- Replace bottom siding on the bottom third of the house with stone veneer at 93%.
- Exchanging garage doors at 92%.
- Switching front/entry door with a steel door replacement at 91%
The study found that the number of bedrooms is a foremost deciding factor. Adding a master suite averages a cost of $115,810 only a 64% return on investment.
The Remodeling Magazine report found that a deep cleaning and a fresh coat of paint would go a long way. The study did indicate that minor bathroom and kitchen updates had a better return than major refurbishes. It also found that mid-range improvements offer better earnings than the high-end massive updates. Simply declutter the kitchen and bathroom if they are still looking deccent.
The magazine firmly noted that it was essential to have an experienced real estate agent assess the “potential resale value of the home before listing it or getting it prepared for sale.
If you care to discuss the status of the real estate market in the Jupiter/Tequesta area, please contact the specialists in waterfront at Waterfront Properties and Club Communities by sending an email to RobThomsonTeam@WFPCC.com or call Rob Thomson’s Team at 561-746-7272.