Renovating to Sell: Which Projects Provide the Best ROI?

Are you considering renovating your home before putting it on the market this spring? Renovations can help increase your home’s value, but not all projects provide a high return on investment. To maximize your profits, it’s important to focus on the right renovations that buyers will appreciate. In general, there are four types of renovation projects: the basics, curb appeal, best bang for the buck, and passion projects.

The basics are the essential repairs that every home needs. These projects may not be glamorous, but they’re important for ensuring your home is safe and functional. The basics include a roof that doesn’t leak, functioning gutters and downspouts, a dry basement, a reliable furnace, solid floors, and walls and retaining walls that are in good repair. Buyers expect these features to be in good condition, and they may be deterred if they find problems during a home inspection.

Curb-appeal features are all about making a great first impression. These projects are relatively low cost but can have a big impact on buyers’ perceptions of your home. Curb-appeal features include a well-manicured lawn, low-cost landscaping, fresh paint inside and out, clean carpets, and new address numbers. By improving your home’s curb appeal, you can help it stand out from the competition and attract more buyers.

Best-bang-for-the-buck amenities are the renovations that provide the highest return on investment. These projects are typically more expensive than basic repairs and curb-appeal features but can still pay off in the long run. Best-bang-for-the-buck amenities include new siding, kitchen renovations, and new windows. These projects can help modernize your home and make it more attractive to buyers.

Passion projects are the renovations that are all about you. These projects may not provide a high return on investment, but they can make your home more enjoyable to live in while you’re still there. Passion projects include swimming pools, tennis courts, hot tubs, wine cellars, and game rooms. While these features may not appeal to every buyer, they can help your home stand out and attract the right buyer who shares your passion.

If you’re thinking of renovating your home before selling, it’s important to focus on the right projects to maximize your profits. Consider the basics, curb appeal, best bang for the buck, and passion projects to help guide your decisions. And when you’re ready to sell, don’t forget to work with a trusted realtor, me! I can help you navigate the selling process and get the best possible price for your home.

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