If you are considering doing a major renovation on your home because you believe that will increase its resale value when you decide to sell your home, you may want to consider a few things before you take on such an enormous project. Recent studies suggest that while most renovation projects do increase the price of a home at resale, the increase usually amounts to less than the total cost of the renovation project.
According to Hanley-Wood LLC’s 2003 Cost vs. Value Report, homeowners regained:
- 84 percent of the cost of an upscale bathroom addition when they sold their homes, and 95 percent of a more modest one
- 79 percent of the cost of an upscale kitchen renovation, and almost 75 percent of a more modest one
- 79 percent of the cost of a basement remodel (including large entertainment area, full bath and one additional bedroom-sized room)
- About 77 percent of a master bedroom suite, whether high-end or mid-range
- 104 percent of a deck addition
Given that information, it probably makes more sense to renovate because you feel that it will enhance your quality of living or because you’ve always wanted to have an extra bathroom or finished basement, versus renovating because you believe it will boost your home’s value.
That said, remember that you can make certain upgrades on your home that are very appealing to buyers and could potentially make your home sell faster. These include installing new state-of-the-art appliances in your kitchen, hardwood flooring, stone or granite countertops, and putting in additional storage and cabinet space. These are features most potential home buyers look for in a house, so adding them to your home could result in a faster sale for you when the time comes for you to put it on the market.
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
