How to Avoid Losing Money on Home Improvements that Hurt Your Resale Value
Updated: May 19
With mortgage rates now pushing over 7%, buyers are harder to come by and easier to turn off, real-estate agents say. If you're looking to resell your home for a bigger profit but want to avoid squandering money on home improvements that will hurt your resale value, find out which projects to steer clear of when maximizing pricing. Whether you're looking to sell your home fast or invest in the bare minimum updates needed to attract buyers, there's one room you shouldn't spend time and money renovating if you plan to sell.
Two Spaces to Skip:
1. Below Ground/Basement Renovations
Main floor additions are the best way to invest your home improvement dollars, especially if you're on a budget. You should invest money in renovating your home's main areas because ultimately that's what will get you a better appraisal.
According to Zillow, basement remodels give you an average return of less than 70%.
Renovating bedrooms will probably bring you the least resale value and ROI (Return On Investment.) Bedrooms typically just need a bit of clean-up, fresh paint, and natural staging. Buyers look at the size of the bedrooms, open the closet then move on to the next room. Any customizations could read negatively to a buyer.
For a Boost in ROI, Don't Skip These 3 Upgrades:
1. Garage Door Replacements
You may be surprised to learn that according to Remodeling Magazine's 2022 Cost vs. Value report, garage door replacements, ranked highest in terms of cost recouped—with garage door replacements at 93.3% ROI.
2. Minor - Mid-range Kitchen Remodels
Coming in at 71.2% ROI a minor Kitchen Remodel is worth it. Most homebuyers are becoming pickier, so spending some cash to add natural colors, hardwood flooring, and high-end stainless steel appliances will pay off.
3. Manufactured Stone Veneer
Removing a 300-square-foot continuous band of existing vinyl siding from the bottom third of the street-facing façade will up your curb appeal and give you 91.3% ROI! Replace that old vinyl siding with an adhered manufactured stone veneer. Check out "Manufactured Stone Done Right". Replacing all the Vinyl will get you 72.3% ROI. If you are tackling any of these upgrades, you'll need a dumpster rental to haul away the remodeling debris. Same Day Offers 4 sizes guaranteed in 4 hours. Our 22-yard dumpster is a good choice for larger projects and our 17-yard dumpster for your mid-size projects.