Is it time for you to sell your home in Albuquerque? Maybe you’re needing to move into a larger home for sale in the Albuquerque area, or planning to take advantage of record-low interest rates. No matter your reason for selling your home, you may want to invest in some renovations that will raise the value of your home. But not all renovations will raise your home value. Some may end up costing you more than what you get back in the sale. The key with any home improvement project is to not spend more many than you’ll get back in the final sale. For example, if your home is worth $150,000 before the remodel and you spend $10,000 in the remodel, the price of your home should be raised by at least to $170,000 to make a profit.
Here’s a list of home improvements projects that will help you get the most return on your money, along with those that aren’t worth the cost.
Projects Worth the Cost
Remodeling your kitchen is a wise investment. And you don’t need to go full-tilt with a kitchen remodel. Minor upgrades and updates will give your kitchen a fresh and updated feel, which will not only help your home sell faster, but can yield a higher price. There are some very affordable options for refacing your cabinets. Even just replacing cabinet hardware can make a difference. And of course, a fresh coat of paint is always a good choice.
Home buyers in Albuquerque appreciate a home that is energy efficient, as it helps cut energy costs. If your windows, insulation, and appliances need updating, this will also help add value to your home and help you get more money out of it.
First impressions make all the difference when selling a home. Your siding is the first thing home buyers will notice when they look at your home. Is your siding showing it’s age? If so, new siding or at least a fresh paint job will attract more buyers.
Your front door is also a large part of your curb appeal. Replacing your front door, or painting it, will also have a positive affect on your home’s value.
Is your basement unfinished? Finishing your basement will offer more living space, which will appeal to more buyers now that we all need a bit more space? And who knows, once you add that extra space maybe you’ll decide you have the room you need and you won’t need to moe after all. Either way, finishing your basement will be worth the cost.
Projects Not Worth the Cost
You might want to consider adding a fresh coat of paint, but in general, a full bathroom remodel or the addition of a bathroom isn’t worth what it costs. The average ROI for a bathroom addition is only about 56 percent, meaning that you won’t be able to recoup much at the time of resell.
Having a deck is great and gives you the chance to get outside and enjoy the summer evenings. It’s not something buyers are really looking for, though, so if you’re considering adding a deck as a way to add value, you may want to think twice about it. The money you would spend on the deck could be put towards a more valuable renovation instead.
Everyone seems to think that everyone wants a luxurious master suite. While that may be true to a degree, when it comes down to it, people would rather pay a good price for a house they like than pay a lot more for just a master suite. On average, adding a master suite costs over $100,000 and only results in a 64 percent ROI. So it’s not a renovation that’s worth it if you want to add resell value to your home.
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