Whether you are selling your home or not, there is value in knowing which home improvement projects will net you the most Return on Investment (ROI). Spending time and money on a project that isn’t worthwhile or has a design that is too specialized for some homeowners is not something you want to do.
There are different areas you can choose to improve for potential buyers as you get your home ready to sell, but some improvements will raise the value of your house more than others. For instance, renovating the kitchen backsplash, improving the appliances, and adding new light fixtures can be a major selling factor for homebuyers.
Consider taking advantage of this period and investing in some little improvements if you’re waiting for interest rates to go down before selling your house. By improving the two most crucial areas in your home—the kitchen and bathrooms—you can raise its resale value in the coming years.
California is the best state for kitchen and bathroom remodels, according to a report from the National Association of Home Builders (NAHB). The report found that Californians see the highest return on investment (ROI) for kitchen and bathroom remodels when compared to other states.
California had an average ROI of $26,112, while the national average was $21,642. Other states with high ROIs were Texas ($24,410), Colorado ($22,711), New York ($22,357), and Florida ($21,979).
So since Californians see a higher return on investment than most, that means if you want to get the most bang for your buck and make your home more beautiful at the same time, now is an excellent time to get started!
When it comes to renovations, your return on investment should be top of mind. See the graph below to see how a Bathroom and Kitchen Remodel in a Pacific region home has yielded a high ROI.
By HomeLight Homes
If you are handy and have the knowledge to solve certain problems, like plumbing or finish carpentry, this could be an affordable approach to raising the value of your property. But exercise caution when working on other DIY projects that aim to enhance the appearance of the house, such as a bathroom remodel, because it could do more harm than good. Make sure you understand your limitations before you take on something that will cost more in the end.
Speak with your real estate advisor or you can reach out to me prior to making any decisions. They have knowledge of the improvements other sellers make before marketing their houses, as well as how buyers respond to such improvements.