Everyone is wondering if they should do certain home improvements to the Western New York home before they list it for sale. Not all home improvements are always the smartest or best use of your time and money.
There are so many factors that go into is this the decision to improve your Western New York home. The first reason you should make these enhancements is for your enjoyment of the property. Secondary is about resale value and what you may net from that return when you sell your Western New York home.
Putting your money into the wrong type of improvement, you won’t get your money back or worse lose value in the buyers eyes. The payback will be better on improvements that are in demand and conform to neighborhood standards.
Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Adding a huge addition might not pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood. So remember to keep your changes as neutral as possible.
Which home improvements give the best payback?
If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more.Things like adding rooms or finishing basements tend to pay back the least. Finishing a basement usually returns less than 50%, so it’s not a project likely to show profit at selling time.
Improvements Worth Doing
Here is a brief list of improvements and the return you can generally expect:
- Kitchen remodeling – 90%
- Install central heating – 90%
- Add a bathroom – 90%
- Bathroom remodeling – 80%
- Install central air – 75%
- Add a deck – 70%
- Replace windows – 70%
- Add a room – 55%
- Build a pool – 45%
- Finish a basement – 40%
Interested in information regarding selling your home? Feel free to call me at (716) 650-0051 or fill out the form below for a free, no obligation, comparative market analysis.