When I work with buyers, we often discuss what they would most likely do to a property and if the investment would increase the property’s value. I do that to illustrate that not all improvements return their investment and some projects are done simply to personalize a home. It helps my buyer-clients set priorities.
When working with sellers, I suggest ways to increase value and marketability by investing in upgrades that allow prospective buyers to view the home more favorably. Simple updates like painting kitchen cabinets or replacing bathroom vanities and re-glazing outdated bathroom tiles make a dramatic difference in the way buyers perceive a home and its value.
Over the years I’ve seen all kinds of claims about how much various improvements add to property values. It goes without saying that the improvement company’s claims should never be relied on. I suggest that homeowners consult with an appraiser or experienced real estate broker to determine how much, if any, return on their renovation investment they will recoup when they sell.
Remodeling magazine’s sister web site lists common improvements with estimated cost and resale value. I am often skeptical about some of their numbers. Take a look and let us know what you think.
What improvements do you think add the most value to a home or condo?
Would those be your highest priority while you were living in the property?