Savvy homeowners know that a home’s kitchen and bathrooms are two of the most advantageous types of remodels that can pay off when it comes to resale value. However, that does not necessarily mean that remodeling is a smart option if you're planning to sell in the very near future. TRELORA encourages all prospective sellers to assess their unique situation before jumping into a tedious remodel.
For example, according to most market surveys, sellers can recoup anywhere from two thirds to 90 percent of a kitchen's renovation costs when they sell their home — chances are you'd fall somewhere in the middle, and that's not bad. But part of the calculation for these kinds of renovations is that you'll have time to enjoy the upgrade while you live there, and that makes it worthwhile despite recouping only part of the cost when you move on.
Kitchens are one of the better home improvements to pay off at resale, but if this is your goal, consider all renovations carefully.
If you've already begun the process of looking for a new home, there won't be time to enjoy your upgrade, and it might be wiser to save your money — a buyer likely won't have exactly the same design and style preferences as you do anyway, and has probably already budgeted to put in a little work. Meanwhile, other types of unexpected costs, such as roof work or a new furnace, could come up during a buyer's inspection, and these are costs you're going to have to absorb while trying to keep as much home equity as you can.
If you're still ambitious, though, we at TRELORA urge you to gain insight by doing some research and considering your market carefully. If your home's value is already close to the top home price in your neighborhood, upgrades won't raise that value any further — but in the inverse situation, if your home is on the small side for a neighborhood, you could easily add a second bathroom in a home with only one, or convert an office to a guest bedroom by adding a closet, and may be able to recoup the same, or more than what you spent.
In all cases, repairing damage, getting rid of mold or leaks, and making sure everything works is going to be your most sensible investment. Focus on basic maintenance to keep your home in good working order.
Keep in mind that our sellers preserve even more of their hard-earned equity when they decide to work with TRELORA. Our flat-fee model keeps more of the sellers’ money in their pockets. When you make savvy upgrades, are mindful of resale value and chose to list with us, you are able to maintain your equity. Put your extra money toward upgrading your next home to look just the way you want - after all, that's the home you're going to end up living in!