Full Answer
Check the Market
According to the 2019 Remodeling Impact Report from the National Association of Realtors, about 35 percent of U.S. homeowners would rather move than remodel.
Timing Is Everything
According to the same National Association of Realtors report, most homeowners opt to remodel: 55 percent in suburban areas, 52 percent in urban areas and 70 percent in rural areas. Together, they spend $400 billion annually to remodel.
Full Remodels Requires Time, Money and Vision
Many homeowners dream of more — a better flow, taking down walls, maybe installing a mud room or laundry area off the kitchen, or better storage with a pantry.
Choose Contractor And Agent Carefully
Whether you sell or renovate, spend time getting to know the pro that will help you navigate the change — specifically, your real estate agent or remodeler. Talk to their former clients. Make sure that person, and his or her company, feels like a good match, Sebring says, which can do a lot to lessen the stress of either decision.
How much money do homeowners spend on renovations?
Focus on getting back the maximum return on your investment. U.S. homeowners spend more than $400 billion each year on renovations and repairs, according to the 2019 Remodeling Impact Report by the National Association of Realtors® Research Group, so it only makes sense you want to get that money back—and then some.
How much of a home is roof?
As much as one-third of your home’s exterior is roofing. That means it not only has to keep out the rain, it also has to look good. Boring, 3-tab shingles aren’t going to wow anyone. There are now more colors and styles available than ever. Nearly half, 45 percent, of realtors have suggested that homeowners add a new roof before selling, according to NAR’s 2019 Remodeling Impact Report. Many realtors have said the project helped them close a deal. A new roof is a rare project that actually makes you money. It costs $7,500 with an ROI of $8,000.
How much ROI does remodeling a basement have?
The 2019 Remodeling Impact Report says you’ll see a 64 percent ROI. However, Theunissen points out that what’s added in the basement influences just how worthwhile the investment is if you're looking to sell.
What is the most popular upgrade in a kitchen remodel?
The NKBA 2020 Kitchen & Bath Market Outlook reveals that cabinets and faucets are the first to be outdated. With new cabinets come new countertops. Countertops are the second most popular upgrade in a kitchen remodel—only painting is more popular—and homeowners are increasingly favoring trendy quartz options.
How much does a kitchen remodel cost?
According to Remodeling magazine’s Cost Vs. Value Report, a major kitchen remodel costs $68,490 and homeowners recoup $40,127, which is 58.6 percent. An upscale kitchen remodel costs $135,547, with a 53.9 percent ROI.
What are some upgrades to a house?
Common upgrades include landscaping, lawn care, replacing the garage door or front door, and cutting back shrubs —and those enhancements are worth it. Roughly 94 percent of Realtors encourage sellers to improve their curb people before listing their home. NAR says projects such as landscape maintenance, which includes pruning shrubs and planting 60 perennials or annuals, costs $3,000 — and homeowners recover every penny when they sell.
How much does it cost to add a bathroom?
In some cases, it’s less expensive to add a new bath than to remodel your current one. Remodeling magazine’s report says a midrange bathroom addition costs $49,598, with a 54 percent ROI. An upscale remodel costs $67,106 — but you'll get a slightly better return for going all out: 56.6 percent is the average. If you're looking to flip your house, stick to midrange materials. That kind of remodel typically costs $21,377, but it nets a higher return at 64 percent.
How many bedrooms does Highland have?
Highland has a five-bedroom, two-story, brick Colonial on the market that, having been "lived in hard" by a family for 21 years, would list around $250,000. The owner was willing to do $50,000 in renovations, including a new kitchen, updated bathrooms and new flooring throughout.
What do you get out of a renovation when you sell your home?
What you get out of a renovation when you sell your home depends on the update's universal appeal and how well it compares with similar properties, said Colleen Quinn, designer and owner of Red Bird ReDesign in Washington DC. For example, updated kitchens and master suites are often appealing to new buyers, she said.
What is the best way to get the best return on investment?
You get the best return on investment by focusing on the main living areas, the kitchen, bathroom and the master suite, followed by the flow of the house, said Shane Steele, vice president of marketing at Sundae, a California-based real estate investment company.
Why avoided distinctive fixtures or finishes in Frederick?
The sellers of the Frederick home avoided distinctive fixtures or finishes for wide appeal.
Is a basement less desirable than a kitchen?
While renovations of additional living spaces like the attic or basement will recoup more than half their cost according to the study, Highland said they are less desirable than kitchens or bathrooms.
Is under renovating a problem?
Under-renovating can be a problem, too. Within a given price range or neighborhood, buyers expect a certain quality of materials and level of finishes, she said.
Do you get back all the money you put in?
With some projects, you likely won't get back all the money you put in. Creating an organized closet may improve your life, but it doesn't go very far on the resale market. Only 40% of a closet renovation is recouped, according to the study.
Why are solar panels important?
Solar Power. As more home buyers place a value on energy efficient homes, houses with solar power become more valuable. Homes with solar power already installed are especially appealing to home buyers, as they can avoid the hassles and red tape of installation.
What color countertops are good for resale?
Baby blue countertops may make your kitchen look gorgeous to you (and the right buyer), but go with anything other than neutral, and you risk turning off the next owner of your home. Traditional, classic, and neutral finishes will offer the best resale value, as they appeal to more potential buyers.
Why are buyers turned off by swimming pools?
Buyers are often turned off by swimming pools, as they are expensive and time consuming to maintain, and they pose a safety risk for young children. This can dramatically lower the available buyers for your home and the amount they’re willing to pay for it.
What is the best place to add value to a home?
Kitchens (along with bathrooms) are one of the best places to recoup or even add value to your home. Everyone uses a kitchen, and it’s often the first place buyers will upgrade after they buy your home, so if it’s already done, your home becomes much more appealing.
How much does it cost to install a new front door?
A new door adds to your curb appeal, and at a typical $500 to $1,000 cost installed can be a quick, low cost boost to your home’s value.
What is an unfinished basement?
If you have an unfinished basement, you could have a great potential project below your feet. A finished basement adds living space to your home, often recreational or even an extra bedroom, and that strongly appeals to many buyers. This is especially helpful in small homes, where existing living space may need a boost from below.
Can you get money back on a renovation?
While you can count on getting most of your money back on a renovation like a tasteful kitchen or bathroom update, the same can’t be said for renovations that can turn off potential buyers like room conversions and swimming pools.
