I often am asked by homeowners what kinds of improvements will most assist in adding value to their home. Thought I would give some attention to that question for this first blog post of 2015. I will give the average cost of the upgrade, and also the average increase in value the improvement gives..
Cleaning and decluttering: $290-300 cost Over 5 1/2 times the cost of the work price, almost
$2000 increase in price (586% ROI)
Kitchen and bathroom upgrades: $1300 cost Over 2.6 times of the cost of the work, $3400 price increase (172% ROI)
Landscaping clean-up: $500-550 av. cost 2 1/2 times cost of the work in increased value (over 250% ROI)
Replace or shampoo carpet: $650 av. cost 2.7 times of cost, $1730 price increase (159% ROI)
Paint interior of home: $1012 av. cost Over double the cost ($2100 price increase) (109% ROI)
Paint Exterior: Average: $1500 av. cost 51% ROI, $2200 price increase (51% ROI)
I recently rehabbed a home that had been a rental, at a cost of $20,000, and found that I got a return of $39,000 in added value over and above the original value, almost double the cost of the improvement.
Yes, it pays to invest in some improvements when you are preparing to sell – some more than others. Contact your agent to discuss the improvements that will yield YOU the best results with your property!