More than half of homeowners say that they plan to renovate at some point in the future. Are renovations truly valuable?
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According to a recent study, about 51% of homeowners claim that they plan to do some type of renovation to their house in the future. In light of that, I want to discuss the true value of home renovation and how you can maximize the value of your home.
First, let’s talk about the 51% of people who said they planned to renovate.
In most cases, people who renovate their homes spend a lot of time in the kitchen glazing cabinets, changing countertops, and updating appliances. What value are those renovations actually going to bring to people?
For the kitchen, you’ll most often see somewhere between a 75% to 90% return on investment. The reason why that figure isn’t 100% is that when people renovate, they do so per their own tastes. Other people have their own preferences, and even if they enjoy what you’ve done, they still probably have their own standards and would have picked something different had it been their own kitchen.
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For the kitchen, you’ll most often see somewhere between a 75% to 90% return on investment.
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Many who find this out protest, saying they’ve seen homes on HGTV sell for nearly double their purchase price with renovated kitchens. That might be, but it only works if you buy a home at a discounted price. Homes that are already in fair condition when they’re purchased probably won’t come at a discount.
If you count yourself among the 51% of people who plan to renovate their home or have questions about real estate in general, please reach out to us. We’d be happy to walk you through the process and help determine whether or not your renovation ideas will bring a decent return.
