There is no doubt that renovated homes sell significantly faster, particularly when there is a tight inventory of homes for sale like we are currently experiencing. With this said, when considering a home remodel, it is important to not only consider your personal enjoyment of the home, but also its resale value impact. Therefore, it is important to realize that not all home improvement projects are created equal when it comes to impacting resale value. When selling a home, it important to consider things that may appeal to the majority of potential buyers. Below, we discuss some of the best and worst home projects for resale value. To learn more about the most popular home renovations for 2022, click here.
Best home projects for resale
- Kitchen remodel. The kitchen is considered by most to be the most important room in a home. Therefore, a kitchen remodel is one of the best ways to add value to your home. A new kitchen will make your home more appealing to buyers, and it can also increase your home’s resale value by up to 20%.
- Bathroom remodel. Another great way to add value to your home is to remodel the bathrooms. A new bathroom will make your home more functional and appealing, and it can also increase your home’s resale value by up to 15%.
- Finished basement or attic. If you have an unfinished basement or attic, finishing it can be a great way to add square footage or value to your home. In fact, doing this can increase your home’s resale value by up to 10%. Although we do not have basements in South Florida, attics are often overlooked spaces that can significantly add storage space to any home.
- Landscaping. A well-maintained yard can make a big difference in the curb appeal of your home. Landscaping projects that can add value to your home include adding new plants, trees, and shrubs, as well as installing a new walkway or patio.
- New windows and doors. New windows and doors can improve the energy efficiency of your home, which can save you money on your energy bills. They can also make your home more attractive to buyers, and they can increase your home’s resale value by up to 5%. In South Florida, high-impact windows and doors are significant drivers for buyer appeal.
Worst home projects for resale
- Pools. Pools can be expensive to install and maintain, and you typically do not recoup your investment costs. With this said, the demand for swimming pools in the South Florida single-family home market is stronger than most other parts of the country.
- Home theaters. Home theaters are another type of home improvement project that doesn’t always add much value to a home. In fact, some buyers may actually see a home theater as a waste of space. Of course, this is largely related to the overall size of the home and the local market.
- Hot tubs. Hot tubs are similar to pools in that they can be expensive to install and maintain, and they don’t always add much value to a home. In South Florida, a small swimming pool is actually a better investment than a hot tub.
- Outbuildings. Outbuildings, such as sheds and garages, can be useful, but they don’t always add much value to a home. In fact, some buyers may see an outbuilding as a liability.
When choosing to embark on home projects, it is important to consider your time horizon. Perhaps you likely won’t be considering selling your home for another 15 to 20 years? If so, you can put more emphasis on home projects that you and your family will get the most enjoyment out of. Alternatively, if you are considering home projects in order to improve your home’s resale value, then careful consideration should be given to the potential return on investment on these projects. As always, a local and knowledgeable real estate agent should be able to provide you with some great ideas when it comes to preparing your home to sell.
Are you looking to buy or sell a property in South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.