Home Improvements That DO NOT Pay Off
When Selling A Home
Selling your home? Here are 5 home improvements to avoid when planning to sell. They include:
- Installing a pool
- Converting a room to a home office
- Adding specialized spaces (wine room, exercise room, high end theatre room)
- Adding a sunroom
- Adding a garage
Home Improvements That DO Pay Off
When Selling A Home
According to the Remodeling's 2018 Cost vs. Value Report, in the Charlotte, North Carolina area, there are 5 home improvements that do pay off as compared with many others. They include;
- Upgrading a garage door (returns 85.2% of the investment).
- Adding stone veneer (returns 94.8% of the investment).
- Replacing front/entry door (returns 88.3% of the invesment).
- Adding a wood deck (returns 85.1% of the investment). Interestingly, adding a composite deck drops the return on investment to 60.2%.
- Minor kitchen remodel (returns 80.1% of the investment).
It's noteworthy that three of the top 5 improvements providing the highest return on investment are those that also contribute to the curb appeal of a home. (As they say, you don't get a second chance to make a great first impression.)
That being said, it's not all always just about the money. If you plan to live in your home for a while before selling, investing in certain improvements that have a relatively low return on investment might still be a good decision... you get to enjoy your home while you live in it and you amortize some of the cost of the investment over the years of use and enjoyment. Just keep in mind why your are making the improvement.
Contact Carolinas Realty Partners if we can answer any questions you might have about the Charlotte metro housing market or about what listing your home for sale might entail.
And if you're thinking about buying a Charlotte area home after you sell this Spring, check out our Spring 2018 Buyer Guide to "Things To Consider When Buying A Home."
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that: