NEW YORK – May 20, 2019 – Homeowners are sometimes hesitant to upgrade when it’s time to sell. After all, you won’t be living there much longer, and most home remodeling efforts only increase home values by 50%-80% of the average project’s costs, according to Remodeling magazine’s 2019 Cost vs. Value report. For example, the average cost of a mid-range bathroom remodel is $20,420. You’d recoup about $13,717 (67.2%) of that amount during a resale.
While you may not want to spend the extra cash, the cost of inaction can be far greater than the small loss you’ll incur on any home-improvement projects.
“Making small upgrades over time serves a seller immensely,” says Brian Lewis, a real estate broker with New York City-based realty firm Compass. These don’t have to be break-the-bank alterations, either. Even merely keeping the color palette up-to-date will go a long way.
“Getting stuck in time with your home isn’t a smart move and is rarely rewarded financially at sale time,” he adds. In fact, it may cause your house to linger on the market longer. As a result, you’ll likely have to pay ongoing mortgage, maintenance and staging costs.
To make the most of your remodeling budget, focus on features that most homebuyers really want to see.
Home features most coveted by today’s buyers
Source: Copyright © 2019 The Kiplinger Washington Editors, Andrea Browne Taylor, online editor