Many home remodeling projects do wonders for the value of the home. Certain upgrades and renovations pay dividends when it comes time to sell, allowing you to recoup the money you’ve invested in the upgrade.
As always, there are exceptions. There is one renovation that stands head and shoulders above the rest (or should I say below) when it comes to return on investment:
The Home Office
Surprised? It may seem like a home office would be a boon for your home at sale time, especially considering the number of people who telecommute and work online. But the fact of the matter is, a home office seldom recoups more than 45% of the money invested in the remodel.
Why? Full-on home office renovation often takes up a bedroom which new owners might want to be able to convert back into a bedroom. If you’ve spent the time and money having built-in furniture added, media wiring, and other “office like” details installed, it represents a cost to restore or lost-usage for the new owners.
Of course, if you need a home office and want to have the home office of your dreams, it might be worth it to you to put the return on investment aside. But don’t undertake the project thinking it will pay off down the line.
Renovations Buyers Like to See
Now, on the other hand, what renovations do buyers like to see? Most renovations which improves the value of your home in the eyes of buyers without breaking your renovation budget is an excellent choice.
According to a National Association of Home Builders, it was reported that these following features are on buyers’ most wanted list:
- Separate laundry room (91% preference): This is a small-scale project, expected cost $1,000 to $5,000
- Patio (87% preference): A concrete patio can run roughly $975 per 120 square feet.
- Garage storage space (85% preference): You can expect to pay $2,025 – $2,363 for 380 square feet of garage storage.
- Walk-in kitchen pantry (83% preference): Each design varies in cost, but the report says walk-in pantries are preferred over the reach-in closet.
- Walk-In Closet in Master Bedroom: Cost varies by design. These are gaining popularity with first- and second-time homebuyers.
- Eat-in kitchen: Cost $1,000 to $10,000. These are especially attractive to families with children.
- Dining Room: $1,000 – $6,000 to add ceiling fixtures or structural columns to open floor plan
Renovations are definitely a bonus when it comes to selling a home. If you are you planning to sell your home before or after a renovation, give me a call. I’d be happy to help you find a current value for your home. Let’s connect today: 928.830.6976!