Realtor.com recently posted a great article about home renovations that have the best return on investment. Whether you're planning for a kitchen update or your Pinterest board is filled with modern bathroom looks, it's good to know what your home improvements will cost, and if they're worth it, especially if you are planning to sell your home in the near future. If your New Year's Resolution was to show your home some love, then read on!
1. Installing loose leaf fiberglass insulation in the attic. This probably isn't the most exciting home improvement project, but it is cost effective with a 107.7% return on investment.
2. Replacing the boring front door. Choose a steel or stone veneer door for roughly 90% ROI.
3. Universal Design. Universal design means that the home can be used just as easily by the elderly and disabled as anyone else. So hallways wide enough for wheel chairs, grips in the shower and bathroom, and cabinetry that is accessible will only return about 68% of your investment. It's probably not worth installing these features unless you're going to use them yourself.
4. Location, location, location. It's true that locations makes a huge difference in the value of real estate, but it also makes a difference in what renovations are popular. A basement in tornado alley will be far more valuable than it will be in Reno, Nevada. But having an energy efficient home with upgraded insulation and new windows could make a difference in a home's value in Reno, but not so much in a coastal town.
5. Curb Appeal. A well-maintained lawn, clean porch, with a welcoming front entry (tasteful decor, wreath, some potted plants) goes a long way in making a good first impression. These are very inexpensive improvements, but can have a lasting impact on home buyers.
Spring is around the corner, even if Mother Nature is providing an impressive winter this year. If you are planning to sell your Reno, NV home this year, it's a good time to prepare. While the real estate market is going strong, we're expecting it to pick up even more in the next few months. Now is a good time to interview Realtors and have a home inspection (chimney inspection, pest inspections, etc.) if you're going to do so before you list your home. Would you like to speak to an agent about your plans? We would be happy to help! Call us at 775-453-4568.