Making financial sense of home improvements and remodeling
It’s important to understand the cost of doing home remodeling improvements versus the return on those investments (the value). If you’re planning on staying in your home for a long time, then the value of a remodeling effort is different – you get to live there and enjoy it! If you plan on selling your home in the near term, then you definitely need to weigh the return on investment (ROI).
Marc Dosik from Help-U-Sell Realty gives you a look into the costs versus return on some of the most common remodeling projects. Most home improvements cost more than their ROI – so only do them if you want to live with them!
Here are some investments that can have close to a 100% return.
- New Front Door: This is the item most likely to give a 100% return on investment.
- Landscaping: An inviting front yard also adds to the property’s curb appeal.
- Professional Staging (if you’re selling): The way to receive top dollar for your home is to bring out the emotion of the buyer. You want them to walk in and say, “I love it.” This first impression upon walking in will carry the emotion with them as they explore the rest of the house.
- Clean Windows: Either have the windows cleaned or replace windows that have fog between the panes.
- Fresh Paint: Use current colors, in keeping with the latest trends.
- New Carpet or Refinished Hardwood Floors: Beautifully refinished or new floors or new carpet will make a house sparkle.
- Declutter: Have minimal furniture to give appearance of lots of open space. Think model home with sparse furnishings.
- Remove Outdated Window Treatments: Old curtains and drapes can detract from the desirability of the house. Sometimes inexpensive mini-blinds alone can be more appealing than old window treatments.
Here are the average cost and return on investment values for some “big ticket” items:
This is a sponsored post for Help-U-Sell Federal Realty, owned by agent Marc Dosik and located at 843 Upshur Street NW in Petworth. Marc is an active member of the Petworth business community and a sponsor of the Petworth News blog.