CHAPTER 6 Upgrading with ROI in Mind OI in Mind
Making upgrades can be as easy as replacing the handset on your front door or as daunting as remodeling a kitchen or bathroom or even repainting the entire house. The question is always what home improvements give the best return on the remodeling dollar?
Return on Investment (ROI) is generally less than 100% in real estate, so the rule of thumb is “less is more.” It is frequently advised in this area that it’s better to update/remodel your home while living in it and not solely at the time it comes to sell. That way, there is more enjoyment in the improvement and less cost in preparing for sale. Some desirable upgrades or home improvements will not return their cost in the sale price. The best ROI improvement a seller can make on their home will depend on various factors such as the current condition of the home and the local real estate market. However, here are some general improvements that tend to provide a good return on investment: Kitchen Remodel: The kitchen is often the heart of the home and can be a significant factor in a buyer's decision-making process. Updating the kitchen with modern appliances, countertops, and cabinets can increase the home's value significantly.
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