As homeowners, we are constantly trying to fing the balance between creating our own personalized oasis, and protecting our investment and retaining the resale value. It's not always and easy balancing act, many upgrades, while they may improve the owner's quality of life, can yield little, if any, return on investment.
Not all home improvements are created equal. Here are the top five that yield the highest returns!
1. Wood Flooring- Probably the most popular upgrade in recent years, swapping your downstairs tile and carpet mixture for hardwood will increase your home's interior appeal tenfold. In today's uber -competitive seller's market, this can be the difference between a bidding war and being overlooked entirely.
2. Entry Door Replacement- Replacing your stock front door with a steel model not only ups your home's curb appeal, it can also cut energy costs and provides 102.1% average payback when it's time to sell.
3. Kitchen Upgrades- Whether it's granite counter tops or state-of-the-art appliances, very few things turn a buyer's head like a fabulous kitchen. But be sure to consult your local real estate expert before upgrading. Kitchen trends are ever-evolving and it's important to what's "In" and what's "SO last year."
4. Master Bath Remodel- A luxurious master bath is every homeowner's dream. Be careful not to go overboard here. Overly personal installations can hurt resale value. Shower and floor re-tiling, adding a double-vanity, or swapping that old tub for a modern counterpart are some ideas that will appeal to the masses.
5. Wood Deck- With the long summer in Texas, having an outdoor escape can transform your backyard from wasted space into a major selling point. Not only will your home stand out among the competition, sellers can expect an average 90% return rate at the time of sale.
Keep this advice in mind on your next big project! While it can be easy to go overboard with upgrades, if you're not in your 'forever' home, resale value should play a large role in your decision making!
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