You may want to tackle some home improvement projects to make your home more livable for you and your family, but it doesn’t hurt to know whether you’ll be able to recoup the cost of the upgrade should you decide to sell. Of course, whether you will be able to depends on the upgrade itself.
Just ask residential real estate investor and creator of the real estate investment-focused site Investiture Mark Ferguson. His friend recently confessed to shelling out $100,000 to renovate the kitchen in her $325,000 home. “There was no way she was going to get close to her investment back,” he explains, remorsefully.
That doesn’t mean you shouldn’t renovate your kitchen (It’s on our list below!), but it does mean you should carefully consider which home improvement projects to take on and how much to spend. If you ever decide to sell, you may not recoup the entire cost of your project. But, if chosen wisely, your upgrade may help your home sell faster and for closer to your asking price.
Just be sure to do your research up front. Make sure that your prospective home improvement projects are in line with what’s being done in your neighborhood. If they’re not, you run the risk that your home will sit on the market. This can be a huge drain on your finances.
To give you a sense of which home improvement projects are most likely to pay you back, we used Remodeling Magazine’s 2020 Cost vs. Value report as a guide. Then, we spoke to the experts to get their take on each one. Here’s the rundown on which projects to tackle and a few to avoid. www.thehartfordflood.com