Tuesday, December 19, 2017

Top ROIs for Renovations

Whether you're considering selling your home or creating your dream home, home renovations can provide many benefits.  But it is critical to do some research as to which aspects to prioritize when coming up with a renovation plan.

This sounds easy, but it's where most people go wrong.  Upgrades to certain areas, such as bathrooms and kitchens, can provide your home with the most value.  But adding certain other features may not be the best for your bottom line - for example, in certain areas of Montgomery County, MD - adding a pool may not be the best thing.  It could be that the area isn't a prime location for a pool.  Or perhaps you are surrounded with too many trees, and the terrain doesn't quite support having a pool.

To help you get on the right track, here’s a list of the Top 15 Home Updates that Pay Off, their average return at resale, and their average costs for a middle-of-the-road renovation:

Minor Bathroom Remodel 102% $10,500
Landscaping 100% $4,967
Minor Kitchen Remodel 98.5% $14,913
Exterior Improvements 95.5% $7,239
Attic Bedroom Conversion 93.3% $39,188
Major Bathroom Remodel 93.2% $26,000
Major Kitchen Remodel 91% $43,000
Basement Remodel 90.1% $51,000
Replacement Windows 89.6% $10,000
Family Room Addition 83% $54,000
Bonus Room Updates 72.8% $1,400
Living Room Updates - Décor 66% $2,340
Bedroom Updates 52% $2,340
Living Room Updates-Walls and Floors       40%            $3,000

As you can see, some of them are great but each have their own different cost.  And depending on the level of renovation, the cost will increase or decrease.  Not to mention, the amount of time it'll take out of your busy schedule to manage the project and ensure it gets done.

You don't always have to fix up your home to sell it.  If the project seems that it may be too much for you to take on, consider SMK Realty Solutions.  We provide zero obligation consultations as we buy homes just like yours!  We can provide you a fair offer and close on your time line, and the best part is that the home does not have to be cleaned, renovated, etc.  We take care of all of the headaches associated with home renovations.

We also provide referral bonuses (up to $3,000) for homes that we close on -- so if you know anyone that might be interested in selling their home, definitely let us know!

Send us an email at info@smkrealtysolutions.com now for more information.


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