Tips on Choosing the Best Home Improvement Projects Before Listing Your Home

by Carolyn Andrews 03/08/2020


 Photo by bidvine via Pixabay

Some home projects and improvements can't wait - a leaking hot water heater or a water damaged floor need to be replaced right away. Other, planned renovations and upgrades are optional. Consider not only your current needs, but the potential impact of any large planned upgrade on your home's value before you proceed. If you are upgrading your home to sell it soon, the improvements you make should add value to your home and be recouped when you are ready to sell. 

4 Home Improvements that Add the Most Value to your Home (and 3 That Don't)

Some upgrades enhance the overall value of your home, while others allow you to improve the look of your home, and recover the majority of your costs when you sell. According to Bankrate.com, the best places to invest your upgrade dollars include: 

A new garage door: It may not be fancy or a feature you notice, but replacing a sagging, out of date or ailing garage door with a newer, more secure model is a money savvy upgrade. The average garage upgrade costs about $3,600 -- and adds about $3,500 to the selling price of the home, making this a renovation that (almost) pays for itself. 

Kitchen Update: Bringing a dated or worn kitchen up to current day standards -- a makeover that usually costs about $22,000 for the average home -- can improve the selling price of your home by thousands of dollars. The average kitchen update boosts the value of a home by up to $18,000.

Enhance your yard with a deck: According to the Balance, adding a deck in your backyard expands your living space and allows you to add value to your home. The average cost of a wood deck is $10,000 -- and that deck adds an average of $9000 to your home's value, making it easy to add space without a huge investment. 

Replace siding: The curb appeal of your home has a significant impact on your ability to sell it and on the price you receive. According to the Balance, replacing aging siding with a similar quality new version allows you to recover about 75% of your investment. It will also make your home more appealing to buyers. 

Projects that Don't Add Value to your Home

You should not take on these projects if you truly want to enjoy the results for a while, as they won't have much of an impact on the selling price or value of your home. Some, like swimming pools, can even scare away buyers that would otherwise be interested in your property. According to the Balance, the worst home upgrades include swimming pools of all types, interior painting (because buyers may prefer different colors) and whole roof replacement (except in emergencies).  

 

About the Author
Author

Carolyn Andrews

Carolyn Andrews has over 30 years licensed Brokerage experience in both California and Colorado. Born in England, Carolyn moved to California in 1980, then relocated to Denver, Colorado in 1991. Carolyn has also received recognition for Top Sales at RE/MAX Alliance Aurora in 2007-2008 and is a member of the RE/MAX Hall of Fame & Chairman’s Club, as well as a recipient of the ReMax Lifetime Achievement Award. Carolyn has sold over 2000 homes personally in her career. Carolyn has been actively involved in many aspects of the Real Estate business including investment property, luxury homes, mountain resort property, skiin/ski out, REO/default management, loss mitigation, valuations, and disposition. She has been a speaker and panelist at several conferences and has been consulted on many occasions by various organizations in the REO/financial industries for her expertise and served on many boards. She has attended numerous ongoing classes to stay abreast of changes in the ever-evolving Real Estate industry. She is the prior State Director for Colorado for VAREP(Veterans Association of Real Estate Professionals). She is a member of 3 boards of Realtors including Metro Denver, Colorado Springs and Summit County mountain areas. She heads up The Andrews Group and is or has been an active member of NAR, CAR,REOMAC, CIPS, CRS, AREAA, NAPW, NAHREP, and is an original member of the ELITEReal Estate network. She was ranked #1 for most homes sold in Denver 2007 by Denver Board of Realtors, #2 for 2008, and #2 for 2009, #5 in 2010 and #4 in 2011 and has been consistently in the top 10 ever since. Carolyn Andrews has been a top rated Endorsed Local Provider for the Dave Ramsey Organization and also a Top Producing agent for 2018 for the Homelight Company.