The decision to tackle a home upgrade is never easy. It can be messy, noisy, costly, and an inconvenience which is why a lot of us put it off. However, with some careful planning, your home upgrades can be very enjoyable (once you complete them) and increase your home’s value when it’s time to sell.
In fact, according to Kermit Baker, project director for the Remodeling Futures program at Harvard University, “Any changes you make on your house now should increase your home value later.”
However, the statement above is more of a guide or an anchor to hang on to as you upgrade your home. Because no home upgrade is going to completely pay for itself. So when upgrading you have to walk that line, particularly if you plan on selling within the next three to five years. The home upgrades you choose to complete should make you happy about your space, and hopefully increase the value of your home.
Upgrades With the Highest ROI(Return on Investment)
Offering maximum impact for a relatively low investment, paint is a great home upgrade. Color selection is important. Check with the Chatel Group on what colors are great sellers and avoid being too trendy (if you are planning on listing soon) to appeal to the maximum number of buyers.
Requiring more of an investment, according the 2020 Cost vs Sale Report, a study published by Remodeling Magazine, improving the exterior by adding siding can offer a whopping 78 percent return. A fresh veneer even a manufactured stone can offer up to a 96 percent return.
Adding Outdoor Space
A deck comes in handy in all instances- particularly with our Atlanta climate. Now more than ever, people want to get outside and have some separation particularly as more family members are working from home.
The recommendation is to go with wood as opposed to engineered or composite products. The projected return on investment is 72 percent of the costs.
Updating the Kitchen
The conventional wisdom is that kitchens sell houses. It’s often true. Upgrading your kitchen requires discipline as it’s often the most expensive room to upgrade, so you need to plan carefully especially if you are planning to sell in the next 3 years. If not, have at it, as you will be the one reaping a lot of the pleasure in getting to use it. Research appliances carefully. You can still equip your kitchen with top of the line appliances but sometimes the price difference is thousands of dollars between the top three sought after brands. Also, be careful to spread the money around. Don’t put in cheap materials next the top of the line appliances. Finally, make sure your upgraded kitchen is fitting for the size of the home, and other homes in the neighborhood.
Check out the Chatel Groups list of trusted professional network that may be able to assist you with your upgrade efforts.
Sarah recently went through her own upgrades at her home.
Please check back for Part Two of this important Blog Post to learn what other upgrades deliver the most return on your investment.
In the meantime, contact the Chatel Group today with any questions you may have about upgrades to your home. They are your complete real estate team who can help, advise, and guide you on your real estate journey!