With housing prices on the rise, like with Coral Gables homes for sale, now is the time to invest in your home and capitalize on its value. Here’s what veteran real estate professionals from around the country have to say about what home improvement projects pay off, whether you are selling now or in the future.
Replacing old elements, such as doors, windows and siding, in general yielded a better financial return than bigger remodeling projects, such as additions. But real estate agents and remodelers say updated kitchens and bathrooms still bring a significant payoff, especially at resale time. Between the two, a recent report found that kitchen projects yielded a higher return than bathroom projects. In fact, a minor kitchen remodel is likely to add approximately 82.7 percent of the project’s cost back to the home’s value.
Kitchens Rank High
Part of why kitchens are one of the best places in a home to focus on remodeling is because many home buyers have no idea how much it costs, and often overestimate what it might take to re-do a kitchen. Touring Coral Gables homes for sale with a kitchen that is outdated may scare off potential home buyers because they imagine having to invest $40 to $50 thousand dollars to update the kitchen.
The truth is that the average cost of a minor kitchen remodel is only typically less than $20 thousand dollars. This includes new sink, appliances, cabinet doors, countertops, paint, faucet and hardware. Smart home owners looking to move their Coral Gables homes for sale can remodel their kitchen for less than the buyer assumes.
Improvements that Add Value
A summary of the best 5 home improvements for the money are:
- Kitchens: As mentioned above, home buyers want to see the latest styles and modern conveniences displayed in the kitchen. People spend a lot of time in their kitchens and don’t want to buy a home they feel they are going to have to put more money into. When it comes to adding resale value, kitchen improvements are fantastic additions to Coral Gables homes for sale, especially in older ones.
- Bathrooms: Home buyers are looking to spend some quality time in their bathrooms and find it hard to imagine taking refuge in a bathroom with old faucets and mildewing caulking. Bathrooms are only second to kitchen remodels in providing good return results.
- New Front Door: This is an immediate pay off because potential home buyers can be wooed by the curb appeal by your Coral Gables homes for sale. From $500 to $1,000 and more can be added to your home and real estate experts say it will pay off.
- Outdoor improvements: One of the most cost effective home improvement projects you can do for Coral Gables homes for sale is to spruce up the outdoor appearance. With key landscaping, you can make a huge impression on home buyers, particularly in the front yard.
- Roofs and windows: These items are expensive to replace, but home buyers are expecting these to be in good condition if they are going to buy. Otherwise, you can expect the resale value of your home to decrease significantly.
