The following information is from NAR (National Association of Realtors). Use only as a guide to ranking the importance of these improvements. I will help you decide where your money is best spent. Many factors will affect the appraiser’s opinion of these improvements including, location, value range of home, market trends, age of home and quality of improvement.
Here are the Investment Percentages that can be recouped at resale:
150%- Remodeled Kitchen: Kitchens offer the biggest payback! Warning: Splurging on fancy finishing materials may cut into your profit. Keep it simple.
100%- Revitalized Lawn and Garden: A verdant lawn and a modest, yet colorful flowerbed will entice potential buyers. The few hundred dollars invested may yield several thousands in profit.
100%- Fireplace: A clean and efficient fireplace, such as gas-powered, promotes family gatherings around the warmth of the hearth.
90%- Second Bathroom: All it takes is a simple 5×9 foot extra bathroom to make mornings more civilized for most families. But don’t count on a return from extras- like a heat lamp or whirlpool tub.
80%- Room Addition: Add-on Rooms including a tight, finished lower level, offers attractive returns for your investment dollars later on, especially if a family room or additional bedroom.
80%- Remodeled Bathroom: A master bathroom with a full tile or marble shower and glass doors is on many buyers list, so invest here. If you own only one bathroom, install two sinks or a double vanity to handle the morning crowd.
70%- Expanded Master Suite: To keep costs down, try to find extra space to create this wish list item by combining existing rooms and spaces. Heavy structural work entailed by adding square feet diminishes your return.
70%- Deck: Outdoor living space is a desirable asset no matter where the locale. A low-maintenance composite deck is highly desirable, leaving more leisure time for busy families.
50%- Exterior Trim/Paint: Sprucing up tired siding, trim, etc., can take years off the look of an older house.
50%- Finished Attic: You can expect to recoup more of your investment if you make sure the renovation does not detract from the aesthetics of your home. It is especially attractive as an extra bedroom in a small house.
40%- Finished Basement: This is a great way to gain added living space without building a costly addition. If the basement has an access door to the outdoors, the project becomes more valuable.
40%- Heating Systems: Replace it only if your old system is dysfunctional. Depending upon a buyer’s priorities, a new energy efficient furnace may or may not be a selling advantage.
35%- New Windows and Doors: Buyers appreciate changes that improve the look of a house, so attractive new French doors, for example, may be a plus. Energy efficient units are an ecological boom, but may be a resale bust.
30%- Garage – Don’t go overboard to blend it into your home’s architectural style. Its desirability increases if you live in a part of the country with a harsh climate.
0%- Swimming Pool: Unless you live where the sun always shines, such as Southern California, this luxury item can detract from your resale profit.
I’m here to help you decide what home improvements can maximize your investment!