House on the hill – 4S Ranch
What is a Home Improvement Really Worth?
One of the most common misconceptions when it comes to home improvements is that your return on investment (ROI) will be 100%, when you go to sell your home. This may not always be the case.
Usually, most cosmetic or minor repairs will pay back huge dividends and could even exceed your original investment. Fresh paint and carpet can go a long way toward increasing the value of your home. It’s always important though, not to expect a dollar for dollar return when you price your home for resale.
On average, a full kitchen remodel could cost up to $50,000. An upgrade like this would definitely increase the marketability and desirability. But according to the National Association of Realtors (NAR), this type of upgrade only brings a 54% ROI.
On the other hand, a minor upgrade which includes refinished cabinets, new hardware, and updated appliances could return up to 80% of your investment.
Refinishing hardwood floors usually returns 100% of the cost, whereas installing new hardwood floors returns about 91% of the cost.
A new roof, air conditioner, and energy efficient windows can generally result in an ROI of 105%, 71%, and 74% respectively.
When it comes to home improvements, you may get more for your home than if you hadn’t made the upgrade, but you’ll also be getting your own enjoyment while living there…even if you don’t get your full investment back.
If you have any questions about the ROI of specific home improvements or upgrades, reach out any time…
We are happy to help!