Myth No. 1: I need to redo my kitchen and bathroom before selling. Truth: While kitchens and bathrooms can increase the value of a home, you won't get a large return on investment if you do a major renovation just before selling. Minor renovations, on the other hand, may help you sell your home for a higher price.
So far, the industry's standard ROI for mid-range kitchen makeover falls between 50% to 60% of your overall budget for remodeling. For instance, if you spent $69,000 redoing your kitchen, then you can expect to recoup around $34,500 to $41,400.
A new kitchen can increase home value. In general, the value is expressed as the percentage of money spent on the remodel the homeowner recovers after the sale of the home. Better Homes and Gardens says homeowners can expect a return of about 52% on their investment in a new kitchen if they sell their home.
If you are looking for an easy way to instantly increase the value of your home, then adding a kitchen backsplash is a great idea! A backsplash will not only add charter and charm to your home, it increases the value of your biggest home asset—the kitchen! The good news is that tile doesn't have to be expensive.
A useful rule of thumb is a kitchen remodel should cost no less than 5% and no more than 15% of the value of your home.
Closure of facilities – public services, employment, amenities; if any of these services close, it could impact the value of your house as they're often appealing to buyers. Low school ratings – buyers pay to live in areas with good schools because they want their children to have access to the best education.
If the market is in favour of sellers, then increasing your home's value by renovating might be the right move. If your property requires a lot of modernization – maybe it hasn't been touched since the 1980s and needs a complete overhaul to appeal to certain buyers – think twice before renovating.
Increase your home's value
Both interior and exterior painting are projects with a significant return-on-investment (ROI). On average nationally, painting both the inside and outside of your home yields a $4,000+ value bump. That's a 107% ROI for interior painting and a 55% ROI for exterior painting.
While it may be unlikely that one or two new appliances alone can increase the overall value of your home, upgrading key rooms—particularly the kitchen—can net you an excellent return on investment when you're selling.
Wainscoting doesn't necessarily add value to your home
Wainscoting enhances your home's appearance, but it doesn't increase its value. “An appraiser isn't going to add an extra $5,000 to $10,000 to your home's value simply because it has wainscoting.
“While it varies a lot, we estimate that fresh paint adds 1%-3% to a home's final sale price”. Meaning you could get $3000-$9000 more for the sale of your $300,000 house.
While renovating your property will inevitably sell your home faster and for more money, listing your property as is has its perks, too—including not having to fork over lots of cash for major improvements you won't get to enjoy, and not dealing with the headaches of those improvements.
When it comes to home exteriors, blue is a great choice. It's also extremely versatile. Many shades of a blue trend toward gray, making them feel neutral, while still helping your home stand out from the rest. You can choose from a light blue or go darker with a navy exterior.
Crown Molding can lead to increased home value and a positive ROI depending on how much you have invested in the project. Many homeowners want easy projects that will increase their resale price, and you can do that by adding crown molding.
On average, this trend alone can boost a home's value by $1,547. By painting your kitchen cabinets and then pairing them with some new hardware that dollar amount can increase significantly.
Detailed Patterns, Warped or Damaged Cabinets
If your cabinets have detailed patterns or they are warped, chipped, cracked or have other damage to them, then painting your kitchen cabinets is not the way to go – it most definitely won't solve your cabinet problem.
Almost a third of home buyers — 32 percent – want white cabinets, not much higher than the 26 percent who prefer a medium brown cabinet color (Figure 1). Significantly smaller shares of home buyers want dark brown cabinets (13 percent), gray (10 percent), beige (8 percent), or black cabinets (5 percent).