One of the most common questions people ask when they are thinking about selling their house is whether certain repairs will pay off.
What I try to remind people is that if they have upgraded something in their home in the last couple of years, it will definitely improve the value. But it may not improve the value by the entire amount they paid for the renovation.
For example, if you spent $50K renovating your house, it may have improved your house’s resale value by only $30K.
Sometimes updates get “worn out” over time, or sometimes that bright blue tile that YOU really liked, is not to the taste of the next person.
If you are thinking about putting your house on the market and planning to renovate it specifically for the next buyer, then you might want to take a look at this document.
This is a study from the National Association of Realtors about which repairs and upgrades add the most value to your home.
I hope you find it helpful.
If you would like to discuss your home’s value and potential upgrades in more detail, please schedule a complimentary consultation with me and we will go over the particulars for your house.