Best Home Renovations for Your Value
So you’re planning to sell your home, but first, you want to take care of a few renovations that can increase your home’s resale value. Often when we think of renovations, we envision the Property Brothers or Chip and Joanna appearing at our doorstep with a laptop full of ideas to give each room the makeover of our dreams. However, the real renovating to resell experience is much less glamorous.
The Surprising Renovations That Give Back the Most Money
Thanks to HGTV, you may think the areas of the home that return the most value are rooms like the kitchen and master bath. Though these rooms are important to home buyers, other renovations like a new roof are even more valuable. In fact, a new roof can bring in an additional $8,000 in resale value. Other less than glamorous yet highly valuable reno projects include new insulation and installing a new HVAC system.
Another renovation you should consider before a kitchen or bath redo is installing real hardwood floors throughout the home. Though we advise avoiding hardwood in areas of the home that retain moisture, such as the kitchen and bathrooms, hardwood flooring throughout the living areas, hallways, and bedrooms are extremely attractive to home buyers. This particular project is relatively inexpensive compared to other renovations. In an average home, hardwood floors cost about $4700 to install and offer a 106% return rate.
Kitchens, Baths, and Other Areas to Renovate Next
Although a new roof and flooring give back the most to home sellers, the aesthetics of the kitchen and master bathroom are still highly important to potential buyers. The reason these rooms fall lower on the best value scale is because of the hefty costs of renovating these areas in comparison to other projects. A master bathroom renovation could cost up to $35,000 to complete and offers only a 57% return rate. Kitchens offer a 52% return on investment.
Kitchen and bath renovations may not bring the most return on your investment but they are more likely to bring joy to the home buyers. On the Joy Score scale, homeowners ranked their happiness for a new kitchen at 9.7 out of 10 while a closet renovation scored a perfect 10 out of 10. Though you won’t get a hefty return on investment, renovating these areas of the home are still essential to getting the most money for your resell.
Ready to renovate your home for resale? McCarley Cabinets can help you create a new kitchen, bathroom, and even closets any home buyer will love. All it takes to get started is to give us a call at 662-728-1533 to request your free project estimate.