04/11/2023
As you’re getting ready for the busy home buying and selling season, you may be thinking, “What do I update in my home to maximize my profit?”
There are certain things that you can do that typically recover more money. According to a survey done by NAR, here are some of the top items and the percentage of cost recovery you will likely receive:
Roofing - 100%
Hardwood Flooring Refinish - 147%
New Wood Flooring - 118%
Bathroom Renovation - 71%
Kitchen Upgrade - 67%
But ultimately, what matters most are the comps around you. Don’t go blindly remodeling your kitchen expecting “x” recovery without knowing if other homes in your neighborhood have remodeled kitchens, what they look like, and, if they have been remodeled, did they make more money off those sales than outdated kitchens or even mildly outdated kitchens? This is the most crucial part - knowing what other homes in your neighborhood look like and what features cause some to sell for more (and how much more).
This is why, well before listing your house, I do a tour of your home. And after that, I look at how your home compares to others in the area. This is how you can get an accurate price recommendation, as well as recommendations on what you can do (or shouldn’t do) to get more money for your home.
- Matt
