If improvements are being made for enjoyment purposes, these above figures will help you foresee the return on your investment when you choose to sell your home.
If improvements are being made with the intent of selling your home, it is clear that most improvements will not yield a profit.
However, other intangible factors should be weighed. For example, if your home has a very dated kitchen and you invest $15,000 you can expect to get back 95% of that investment While this may appear to be a loss, by replacing an undesirable kitchen with one that is more appealing, you have made your home more saleable.
Staging has gained popularity in recent days. Staging involves buying fresh flowers, live plants and other decorations to liven up the home. It also may include disposing of old furniture or other large items. In this instance, the staging consultant may recommend renting furniture. Staging can have some benefits depending on the initial condition of the property.
Painting and carpeting replacement may yield positive returns. Your real estate ad- visor will help you determine if you should invest in these items. If, for example, your carpet is torn, faded, etc., you may consider its replacement. If, however, it is only lightly soiled, carpet shampooing could suffice.
Remember, first impressions are very important to the potential buyer. Since purchasers often buy emotionally, it would be to your benefit to take into consideration some of the ideas addressed in this article.