If you're thinking of renovating a home before selling it, what's the best area of home improvement that will recoup your investment? While many home improvements are attractive to buyers, not all of them necessarily command a higher price when selling. But there is one type of home improvement that will recoup you 100 percent.
If you're looking at how to add value to your home, take this top tip from an experienced real estate expert.
The home improvement that will recoup 100 percent of your investment
Opendoor’s Consumer Trends Expert and broker associate Beatrice de Jong firmly recommends one type of home improvement as the one that will get you the very best return – a bathroom remodel. 'From my experience as a realtor in California', says Beatrice, 'I've found that bathroom remodels are one of the most effective ways to increase a home's resale value.'
Bathroom remodel ideas come in at all kinds of budget points, but it is true that even a basic bathroom remodel is not cheap. However, unlike many other types of home improvement that may not recoup their cost, it's totally worth doing, according to Beatrice. She explains that 'a minor bathroom remodel, where you replace the flooring, tile, bathtub and sink vanity will set you back about $11,000, but has proven to recoup 100 percent of the price in the sales value.'
This is impressive, with not many other whole room home improvements able to boast quite the same level of return. So, if you're in doubt about which room to renovate first, go for the bathroom.
Having said that, Beatrice cautions that 'The most important factor to remember when renovating a home is to stay in line with surrounding properties. It’s important not to go above and beyond on renovations and to keep the age and style of the home in mind.'
In other words, if houses on your road don't have luxury bathrooms, then you don't need a luxury bathroom – just a nice and new one. On the other hand, if you're selling a grand home in an expensive area, you will need to splash the cash on your remodel so that 'the home meets the same standards of homes in the neighborhood.' A simple formula for home selling success.