TDO PROPERTIES

We all know that some strategic nips & tucks can go a long way to boost your home’s resale value. In fact, one of the most common regrets expressed by sellers is not investing enough in repairs and improvements to maximize their ROI.

BUT NOT SO FAST KEEN BEAN!

Spending money on the wrong projects is a common and costly mistake so don’t pick up your hammer up before you’ve read our list of home improvement do’s and don’ts if you really want to cash out!

1: Kitchen Remodel OR Bathroom Addition?

The key question is: “Does the house need an additional bathroom?” Bathroom installations require expensive renovations so the cost will often outweigh the resale value. Remodeling existing bathrooms is usually a better investment.

Or for even more bang for your buck, consider revitalising your kitchen! Kitchen remodels tend to include usability upgrades, which buyers love, consistently putting these projects at the top spot when it comes to “most profitable home improvement” lists. In fact Home & Garden estimate that homeowners can expect to see an average ROI of 52%

2. New Fireplace OR Backup Generator?

Unless your home is somewhere very rural where extreme weather is the norm, a backup generator, whilst useful, doesn’t add a lot of everyday resale value to homes.

A great fireplace however is a real people pleaser and, in appropriate environments, can be a quick way to boost resale value. Already got a fireplace? Upgrading from an older system to something safer, more aesthetically pleasing, and/or more cost efficient can be just as effective.

3. New Front Door OR Garage Addition?

Whilst a new garage door will have a positive impact on home appearance and resale value, a bigger or more elaborate garage is not the best choice if ROI is your priority. A garage addition/expansion is less noticeable and more limited uses when compared to other indoor renovations.

New front doors though… they are having a real moment and seeing great resale value! Curb appeal is a huge factor in home sales and what makes a more immediate impression than your front door? Bonus points (and $$) for including upgraded security features.

4. Bedroom Conversion Or Home Office?

A home office is great “nice to have”, especially in the current climate where remote work is becoming increasingly commonplace. However, these renovations typically don’t contribute as much to market resale value as other alternatives.

Converting a less-used space, particularly an attic or basement, into another bedroom is a great way to increase the resale value of your home because it creates an opportunities for buyers with larger families.

5. Attic Insulation OR Window Replacements?

Window replacements can be very hit and miss when it comes to resale value but as a general rule, they don’t typically add much at all. If you really want to update your windows, consider options which allow for expansion to create more light, or those which significantly improve your home’s insulation.

Conversely, attic insulation with fiberglass can see over 100 percent cost recouped making it one of the most cost effective ways to boost your home’s resale value! Top tip: Ensure sure all gaps are covered and any cracks are well-sealed against pests.

6. Stone Veneers OR Backyard Patio?

A patio is a great project (and a fantastic way to reduce your landscaping workload!) but if ROI is your motive then it’s often not the best option as you are unlikely to recover more than half the cost as added resale value to your home.

A stone veneer can instead, drastically change the appearance of your home at relatively little cost and create a modern aesthetic to attract potential buyers

KEY TAKEAWAY:

All home improvement projects are not born equal so make sure you do your research before diving in if boosting resale value is your top priority. We’ve listed these top do’s & don’ts but remember that every local market is different so make sure you talk with local professionals to get the most personalized advice for your area.