Selling your home? Improvements that give the best payback! Charlotte, NC

Selling your home? Improvements that give the best payback! Charlotte, NC

If you are thinking of selling your home in this tough “Buyers” market you better be one of this three options…

• 1. Be the lowest price in your area.
  2. Be the best, cleanest, most updated, and have very competitive price in your area.
  3. Be both!

If you’re thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more. Things like adding rooms or finishing basements tend to pay back the least.

The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you’re smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won’t pay back as well as something more common to other homes in the neighborhood.

Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.

The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:

Kitchen remodeling – 90%

Add a bathroom – 90%

Bathroom remodeling – 80%

Install central heating – 90%

Install central air – 75%

Add a deck – 70%

Replace windows – 70%

Add a room – 55%

Build a pool – 45%

Finish a basement – 40%

Whatever you do, talk to your Realtor before doing ANYTHING! Do a CMA (Comparative Market Analysis) and let your Realtor give you his/her advice. This will save you money on unnecessary upgrades.

If you have any questions please call us.

John Paul Soto - Realtor/Broker

John Paul Soto is the seller’s connection, and his specialty is to provide the resources, expertise, and guidance to clients who are ready to sell their homes in Charlotte, N.C. and surrounding areas. From the initial contact with the seller to the closing of the deal, John Paul Soto will meet with the clients and assists them to stage the house, set the listing price based on a careful and comprehensive market study. He provides facts, local statistics about subdivisions or neighborhoods, which is crucial for the client to make a wise decision when setting the listing price. He is also the source for promotion and marketing, which involves exposing the property to the buyers and Realtors by using several online media, colorful flyers and brochures, property websites, social networking sites, and much more. By making weekly contact with the client and providing up to date information about the home selling process, viewing statistics, and inquires, John Paul assures the seller that the services he provides and his commitment are essential for the successful closing of a de