Home Improvements to Consider When Selling Your Home
Making sound investments in your home can improve the bottom line when the time comes to sell your home. The trick is, knowing what to improve. Making home improvements prior to listing is common practice. However, improvements should be selected carefully if the primary goal is to increase the profitability of your property.
Return on Investment is a phrase that quantifies how much an investment returns compared to what you spent on the investment. For example, if a homeowner remodels a kitchen, and the home sells for a higher price (after covering remodeling costs), then they achieved a positive return on investment. It is important to remember, though, that not all improvements guarantee additional profits.
General guidelines suggest that you should not spend more than 20% of your home's value on an upgrade of the kitchen. And beware of "trends" - these are the fashionable upgrades that are popular in the moment, but may not be practical in the long-term. Media rooms, spas, and wine cellars all seem like great features, but they tend to cost more to put in than you may get back in return.
In fact, experts generally agree that you will often see the highest return on investment for projects that simply bring your home up to the standard of those around it. When you keep the budget for projects in line with the overall worth of the home, you are more likely to get the most money back for the amount you put in. Finally, if you can keep exotic tastes in check and accomplish the work with durable, affordable and timeless materials, you will have the best chance of recouping that money you invest into the project.
Here are the 5 top projects that contractors and real estate professionals consider the best return on investments:
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Fran Campbell Team
Lake of the Ozarks BEST Realtor
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Return on Investment is a phrase that quantifies how much an investment returns compared to what you spent on the investment. For example, if a homeowner remodels a kitchen, and the home sells for a higher price (after covering remodeling costs), then they achieved a positive return on investment. It is important to remember, though, that not all improvements guarantee additional profits.
General guidelines suggest that you should not spend more than 20% of your home's value on an upgrade of the kitchen. And beware of "trends" - these are the fashionable upgrades that are popular in the moment, but may not be practical in the long-term. Media rooms, spas, and wine cellars all seem like great features, but they tend to cost more to put in than you may get back in return.
Here are the 5 top projects that contractors and real estate professionals consider the best return on investments:
- Kitchen
- Bathrooms
- Interior Painting
- Roof
- Heating Cooling systems
If you found this article helpful, visit http://www.francampbell.com and fill out the short sign-up form on our home page. We'll deliver valuable real estate tips through our real estate newsletter right to your inbox!
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Contact Fran Campbell Team at RE/MAX Lake of the Ozarks for all your real estate needs.
Fran Campbell Team
Lake of the Ozarks BEST Realtor
www.FranCampbell.com
Fran@FranCampbell.com
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