Adding to or renovating parts of your home can make you happier in it, but are these projects really worth it? We spoke with HomeLister CEO Lindsay McLean to get her take.
Can home improvements help you get more when you sell your home?
Absolutely, but only to a point. They can help you get a higher price when you sell but are unlikely to push your home above the neighborhood average, so keep that in mind when budgeting. Improvements often have the highest return when they help you remove a perceived negative.
What home improvements have the highest returns when you sell?
Low-cost and high-visibility improvements, like a new door or minor kitchen remodel, actually have the best payback rates when you sell. For example, new paint (use white inside if you are selling) and new garage doors both have paybacks over 100 percent.
Should owners do big home improvement projects before they sell?
Unless you are fixing a glaring issue, most big home improvement projects only pay back 50-75 percent. That means if you spend $10,000, you can expect to get $5,000-$7,500 more for your home when you sell. Take on these big projects for your own enjoyment of your home, not just for resale value.