remodel may increase the value by $15,000 while the $55,000 remodel may increase the value by $22,500 - a 75% ROI vs. a 50% ROI, respectively. While buyers certainly love a large kitchen complete with island and shiny stainless-steel appliances, they won’t be as quick to assign significant value to whether it has the best hinges, custom stained cupboards, and imported Wolf appliances that money can buy. At some point, very high-end appliances can even be a turn-off either because the buyer is not familiar with them, or is too familiar and knows just how hard it is to get parts when they fail. Basements are also tricky. A nice big recreation room is certainly a draw, but often will not be counted as living space in an appraisal, nor in the square footage when the home is listed. People also tend to have their own ideas of exactly what a rec room should be. If you have not finished your basement already or are planning on leaving in less than five years, it is best to either leave it alone or to put up walls along the outside of the basement and install cheap but decently attractive carpet and inexpensive drop ceilings, allowing the buyer to customize to his own tastes. It is also important that you not overlook the basic systems. When people are looking at a home, they do not expect to find leaky pipes, a non-working furnace, or electrical outlets that pop a breaker as soon as something is plugged into an outlet. These and other issues like mold, a leaky roof, or stained and damaged carpet will generally turn off a buyer, regardless of how amazing the kitchen and bathrooms may be. Some of these, especially less visible issues like an aging furnace or water heater, may seem like a waste of money if you are planning on selling soon but are actually of critical importance.
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