Homeowners often talk to real estate agents who tell them that making repairs and updates to a home will make it easier to sell. The agent is right a house with a pretty new kitchen or bathroom is going to be easier to sell. But at what cost?
Should you fix that Kansas City Home Before you Sell It?
CNN Business has a recent article: Home renovations that are worth the costs (and the ones that aren’t), that shares a study from the National Association of Realtors and NARI that shows how much bang you get for your home remodeling buck if you are doing the updates just to make more money when you sell. Let’s take a look:
- Master Bedroom Suite: Cost $75,000 to $150,000 will return 50% of the value
- Kitchen Upgrade: Cost $20,000 to $38,300 will return 52% of the value
- Complete Kitchen Renovation: Cost $40,000 to $68,000 will return 59% of the value
- Bathroom Renovation: Cost $20,000 to $35,000 will return 57% of the value
- Adding a New Bathroom: Cost $30,000 to $60,000 will return 50% of the value
- Insulation Upgrade: Cost $2,000 to $2,400 will return 83 % of Value
- New Wood Floors: Cost $4,700 to $5,000 will return 106% of the value
- Refinishing Hardwoods: Cost $2,600 will return 100% of the value
It is important to note that the costs in this study are for the average homeowner hiring a licensed and insured contractor for one project. And some projects while they do have a return on investment and might be great for you while you live there, most don’t have a 100% return if you are doing the repairs to sell.
Take a look at the report and see for yourself. And if you decide your house does need updates, but you would rather sell it as is rather than make them, take a minute and tell us about your house. We would be happy to take a look and give you a free, no-obligation offer.