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No matter when you think you might make your next move, considering the resale impact of your home improvements makes sense. Most home improvements won't net you a profit upon sale, but some improvements can recoup 66% – 217% of your expenses.
Rocket Loans looked at what homeowners can keep in mind when planning a major renovation project that could add value to their home. In addition to directly recouping expenses by raising the sticker price, key improvements can also broaden the home's appeal and widen the range of buyers.
The big takeaway of this article: Don't get deterred if you aren't really feeling a complete home renovation. There are large and small improvements you can make that can help provide a good return on investment (ROI).
The bigger-ticket items are more likely to result in a higher uptick to the final price when you sell for many reasons. They likely catch the eye of the buyer and are improvements they desire but don't want to spend the time or money on. These are often the must-haves buyers have on their lists especially if their goal is to upgrade their home.
The following averages are based on the most recent numbers (2023) from Remodeling magazine's cost/value calculator.
Many home improvements that are characterized as minor are those that may be a DIY project or cost hundreds of dollars – or, at most, a couple thousand dollars – versus tens of thousands of dollars.
Remember that report your inspector handed you when you bought the house that had a list of items to take care of once you moved in? You know, the one that has been sitting in a basement drawer collecting dust since closing day? This report will be the ideal place to start looking for high ROI repairs.
Whoever buys the house will have a new inspection done, so any issues you can head off at the pass will put you in a stronger position as you negotiate your way to finalizing a deal.
Most buyers prefer essential issues such as an old roof to be addressed. Although attractive upgrades can seal the deal, the practical considerations that an inspection report will raise, such as old roofs or aluminum wiring, tend to weigh more heavily on buyers' minds than anything else.
If you're worried about having enough cash to make improvements, financing could be an option. If you're going after something major, a cash-out refinance or home equity loan could be the way to go.
However, if you're keeping your upgrades modest, using a personal loan on home makeovers may be a good move. Once you explore your loan options and secure your funds, you'll be ready to start right away.
Whether you're planning a big remodel or a DIY painting project – or anything in between – it is possible to recoup the costs of your home improvement. Making sure you stay within budget will also help greatly.
With a little homework and some elbow grease, you can find ways to improve your home and add to its resale value regardless of your timeline or fix-it ability.