Which Home Improvements Bring the Most Return in Central Connecticut
We are still in the heart of winter and with temps so low, it is hard to justify home remodeling. Yet, when the Spring market hits, buyers will be anxious and sellers want to make sure their home gets the best attention. So where to begin?
If you have lived in the home a long time, your objectivity could be clouded so it may be best to seek the advice of a professional. It could be the agent you intend to list with, or even a home stager that would offer information on the decor of the rooms and what should be taken away as well as colors, that show best.
Painting
A fresh coat of paint will not only clean up rooms, but also offer a prospective buyer a more secure feeling on placing an offer. Buyers that are spending big money to get the house, appreciate not having to spend additional money to clean up your dirt. Not only that, but there is a smell associated with a freshly painted home that invokes a sense of care.
Garage and Exterior Doors
These replacements can return over 90% on cost and add to the curb appeal of the home. They can be reasonably priced and still show best value.
Attic Insulation
A fresh blanket of insulation in the attic will not only keep energy costs down in winter or summer but the value of appreciation to the home is over 110%,
Kitchens and Baths
Again, depending on length of time the sellers have lived in the home, these could be key areas to clean or upgrade. If funds allow, new fixtures in baths are simple. If it still has wallpaper, take it down and paint. Be careful here as the recovery value could be as little as 60% of cost.
Landscaping
If the temperatures allow, checking out the landscaping to remove unsightly, overgrown bushes will help to bring the buyers into the house. In season, a freshly cut lawn will also help curb appeal.
There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market.
The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you're smart about what you do, you can make money. 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. Building a large addition that makes your home twice as big as the other homes on the block probably won’t 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.
Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.
Which Home Improvements Bring the Most Return in Central Connecticut
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