Clients who have been in their homes for a while will sometimes give their realtor a call to ask which home improvements they should tackle. Maybe they would really like a new kitchen but are afraid the expenditure would not be entirely reflected in the price of the home upon resale. This is true to various degrees for all improvements. The chart below gives you an idea of how much of a return one can get on various upgrades.
Of course these prices will vary depending on where you live, but it gives you a general idea of how the market reacts to different features. Kitchens are a popular upgrade as we all spend a lot of time in this space. When clients ask, is it worth it? They must be reminded that they are purchasing a kitchen partly for themselves, for their personal use. The return they eventually get at time of sale shouldn’t be as big of a factor as their personal enjoyment of the renovated space for the time they live in the home.
It is interesting to note that some of the greatest returns are generated by exterior remodeling such as a new garage door, siding and stone veneer. This drives home the value buyers place on curb appeal- the public face of the property. With this in mind we can hope to see, over time, that neighborhoods continue to line their streets with trees, fuss with a little landscaping and keep their home facades quaint and inviting.
Home Economics 