Top 10 Fixer Upper Improvements
When you begin your rehab project keep in mind that not all improvemnts will add value to the house. As a matter of fact, some improvements will drastically cut into your profits.
Below is the Top 10 remodeling projects you can undertake on your fixer-uppers and the Retunr on Investment you can expect if the jon is done correctly. The percentages are based on National averages and amy vary from state to state.
1. Kitchen Remodel=150%: Remodel kitchens in neutral colors with an eye towards function. Fancy fixtures and finishes will only eat into your profits.
2. Lawn and Garden=100%: Spend a few hundred dollars revitalizing the yard and spruce it up with low maintenance plants. You’ll add curb appeal, increase profits and mae the owners and neighbors happy.
3. Fireplace=100%: Add warmth and coziness, but keep it simple and energy efficient.
4. A Second Bath=90%: Addind a second bath or powder room adds functionality and increases livability. This is especially true in older homes that can really use the extra bathroom.
5. Extra Room=80%: Adding another bedroom or family room adds value. I tend to look closely at homes with two bedrooms that are for sale. They are functionally absolete for my market. If purchased at the right price adding an addition dramatically increases profits.
6. Bathroom Remodel 60%-80%: Add two sinks and nice fixtures. Homebuyers like sizzle items in the master bathroom.
7. Add a Deck 70%-80%: This is one of the best improvements or repairs you can make. People are looking for outside living place. Decks and porches is the answer. Again form and function take precedence over fancy and expensive.
8. Exterior Paint 50%-60%: Though your return is good the zizzle factor is many excellent. Adding curb appeal is key to getting your house sold quickly. You want their first impression to be the best in can be. If it isn’t they may never come in.
9. Finished Basement 40%-50%: Great way to add more living space witout extravagant costs.
10. New Windows and Doors 40%: Besides adding sizzle new windows and doors decrease energy bills; a great selling benefit. Don’t skimp on the front door; Remember First Impressions Count.
Be careful when contemplating these improvements. You don’t want to go overboard and lose potential profit. Also be keenly aware of what your target market wants as opposed to what you like. You may like purple walls but your market may prefer earth tones.
Avoid swimming pools, water gardens and other high maintenance improvements. Let the prospective buyer make those. Make improvements that add functionality and sizzle and you will add value and increase your profits.
