Making home improvements will enhance your home’s comfort and add to its value. But not all home improvement projects are created equal.
If you plan to sell your home in the near- or long-term, take the time now to focus on those projects that offer the best return on your investment.
While the cost and value of your home improvements will vary based upon many factors, if you have an older home, the following projects often have the biggest impact when the time comes to sell your home.
From cooking to catching up with friends and family, the kitchen is the heart of the home. Not only will you enjoy a new kitchen, but potential homebuyers are also attracted to a modern, functional space.
According to Remodeling magazine’s 2022 Cost versus Value Report, Chattanooga homeowners can recoup about 67.9% of the cost of a major kitchen remodel. So, while a gourmet kitchen would be nice, it isn’t necessary from an investment standpoint.
However, moderate updates such as replacing outdated appliances or cabinets are great ways to makeover a kitchen. Even small adjustments such as changing out old hardware or adding a new faucet can add up in a big way.
If you have bigger underlying issues such as mold or water damage, you should consider a complete bathroom remodel. Homes with these types of issues will not likely pass a home inspection.
If repairs are not required, your bathroom might not need to be completely gutted to add value to your home. Dated materials or fixtures can make a significant difference with first impressions.
A recent National Association of Home Builders survey of homebuyers revealed that 63% preferred a white toilet, tub and sink. Additionally, mid-range bath remodels do show a 76.5% return on investment in the Chattanooga area, according to the Cost versus Value Report.
First impressions are key for homebuyers. A fresh and inviting look can be achieved with a well-maintained landscape.
Mature trees and trimmed grass can draw prospective buyers to a home. Beyond landscaping, installing new hardware, doors and windows can greatly enhance your home’s exterior appearance.
The entrance to your home should definitely be a focal point for improvement as it sets the tone for prospective buyers and welcomes guests to your home. With a 73% return on investment and a lower price tag compared to other renovation projects, an entry door replacement is a great option for homeowners looking to get the most bang for their buck.
Also, be sure to evaluate your garage door, which offers an impressive 94.1% recoup value in 2022 for Chattanooga homeowners.
To learn more about remodeling projects that prove their value, or to find a professional remodeler for your home, visit the Home Builders Association of Greater Chattanooga’s member directory at www.HBAGC.net.