Home renovations are always a guessing game.
Is this color too dark? Will the contractor show up? And most importantly, will I see this money back in resale? The good news is, some improvements provide a more predictable Return on Investment (ROI) than others, particularly here in the Queen City. What makes sense in, say, Vermont (i.e. heated front steps to melt the ice) would seem like a ridiculous extravagance here in Charlotte.
On the Move Charlotte’s looked at several recent studies and crunched the numbers for your edification. If you’re thinking of making some home improvements, read these stats first.
Maintenance Updates Get the Biggest Bang for the Buck
Sure, they’re less glamorous than outdoor uplighting, but giving your home a practical upgrade is the best thing you can do for resale value. Siding replacement, for example, gets back about 93% of its cost, and replacing leaking roofs and windows will get you about 80% of the money back. Don’t be fooled – a ROI in this range is excellent. You’ll likely never see 100% or more of the money you spend on renovations, but remember they also make your time living in the home better, too.
Charlotte Buyers Love Outdoor Upgrades
According to the national Cost vs. Value report for 2015, buyers in the South Atlantic region will pay more for outdoor upgrades. Functional upgrades like a new steel entry door get 150%+ of their value back in Charlotte, while fun upgrades like a new wooden deck get over 65% here in Charlotte. New garage doors and stone veneer accents also see money back from buyers.
Luxury Upgrades are Terrible Investments (but so much fun!)
We get it. What’s better than an all-new closet system or room-to-room surround sound? Unfortunately for sellers, “luxury” upgrades simply don’t get the money back at resale – but that doesn’t mean they’re not worth doing for the sheer enjoyment of them at the time. Nationally, some of the worst projects for ROI include a master suite addition, an upscale bathroom remodel, and a super-fancy deck. But boy, those all sound pretty cool!
The Charlotte Market Doesn’t Require Improvements
Study the chart below. Notice that in Charlotte, improvements get less across the board when it comes to ROI for sellers. What does this tell us? In a nutshell, that the Charlotte market is so hot right now and inventory’s so low that sellers don’t have any trouble getting top-dollar even if their home’s not perfect. That’s amazing news for sellers! Especially if you’ve been putting off listing your home because you think you’ve got to make a bunch of improvements first. The stats don’t lie: for minimum work and maximum return, now’s the time to sell.
Whether you’ve just finished a massive home improvement project, are wondering whether you need to start one, or just want to move on from your current home and into the next one, call us! It is a seller’s market here in Charlotte and we’re happy to help you set the right price for your home. Afterall…we live here, too!
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