Spring is traditionally a busy time for the local real estate market, with many Eastern Panhandle homeowners planning home projects in preparation to sell. However, it is important to keep in mind that not all improvements pay off at resale. While you may think they are a wise investment for your property, they may not be what West Virginia buyers are looking for or simply don't add enough to the value.
As you plan your projects this spring, you will want to be sure to avoid the following five that will not return your investment when you list the property:
While it may surprise you, a closet renovation will only recoup Eastern Panhandle homeowners as much as 57% of the money put in, according to a new report from the National Association of REALTORS and the National Association of the Remodeling Industry.
Adding a new bathroom
According to the report, installing an additional bathroom in your home ranks highly in terms of homeowner satisfaction, but low in terms of money recovered at resale. An additional bathroom will only provide homeowners with roughly 52% of their investment.
Adding a master suite
Installing a master suite or giving the one in your Jefferson or Berkeley County home a complete overhaul can be one of the most expensive home projects to tackle. And while the majority of homeowners are pleased with the end result's effect on their property, the report shows you may only recoup 53% of your initial investment.
Replacing your Charles Town, Ranson, Inwood, Harpers Ferry, Martinsburg, Shepherdstown, Falling Waters, Hedgesville home's windows and roof can make a big impact on today's homebuyers. However, new wood-frame windows—which cost an average of $26,000—tend to only provide owner's with 58% of the cost at resale.
Bathrooms and kitchens are important to buyers in the current real estate market, but don't be too quick to remodel yours just to sell the property. Bathroom renovations, as suggested in the NAR report, can cost an average of $25,000 and yet only return 58% to homeowners.
Remember that home project value also depends on your area and the market itself. If you have questions about which updates might help you sell your Eastern Panhandle home for top dollar, do not hesitate to contact Kable Team Realty!
The Kable Team
Kable Team Realty
Check Out Our Website
See Homes for Sale in Eastern Panhandle
Learn About The Kable Team
Find us on Facebook
Follow us on Twitter
Connect With us on LinkedIn