When remodeling your home, especially when preparing to sell, chances are that you won’t be able to afford everything you would like to do. So which projects are going to add the most value to your home? We compare some of the most popular renovations and show whether you should pick this or that.
KITCHEN OR BATHROOM?
While these are both highly recommended, if you’re in a situation where you can only pick one, most experts recommend a kitchen remodel. On average, you can expect a return on investment of a kitchen remodel anywhere from 60% to 120%. However, you shouldn’t go crazy and make the kitchen fancier than the rest of the house as this may make it more difficult to sell. Look into less expensive changes that can make a big difference, such as a fresh coat of paint or new hardware. If you have a bigger budget, new appliances that are energy efficient can make a big difference to buyers who are looking for ways to save money.
DECK OR PATIO?
Outdoor is living is a huge selling point, but if there’s only room for one in the budget, go for the deck. A new deck, preferably built from wood, is much more desirable than a cement patio to buyers. On average, you can expect a return of investment of anywhere from 65% to 90% while patios range from 48% to 64%.
CURB APPEAL OR MASTER BEDROOM?
According to most experts, a master bedroom shouldn’t be high on your list because it doesn’t add nearly as much value as you might think. For most buyers, they would rather have the money invested into parts of the home most people see. For this option, look into new vinyl siding, a good power wash for existing exteriors, or a new garage door.
BASIC UPDATES OR ONE MAJOR OVERHAUL?
When the choice is between one room getting a major overhaul or making smaller changes throughout the house, you're usually better off if you go the smaller route. If you're in a situation where your home has a leaky roof or an air conditioner in need of replacement, you'd be better off spending your budget on these as opposed to a major one room remodel. While these fixes and/or replacements may not be aesthetically pleasing as a new kitchen, you can lose value on your home if the foundation has issues or you need new heating system.