What do buyers want most when purchasing a new home? Most buyers are willing to pay more for a home that is move-in ready. Renovated kitchens and bathrooms are always high on buyer's lists. In a recent study conducted by Metropolitan Regional Information Systems Inc., 81 percent of respondents recognized updated kitchens and bathrooms as the most important feature when considering whether or not to purchase a home. Since the onset of the pandemic, outside space has also been high on buyer's lists.
If you are considering upgrades for resale or, upgrades that you can enjoy now but you want to pay off when you decide to sell, you are going to want to know what the ROI is, specifically in your area, for the projects that you are considering. Every year Remodeling Magazine comes out with their Cost Vs. Value report. This report breaks down the ROI for common home improvements so you can make an educated decision when deciding where to spend your money.
This year, the cost of a minor kitchen remodel here in the Napa area, for example, could provide returns of up to 83.9% versus the national average of 71.2%. Meanwhile, the cost of a bathroom remodel (midrange) can be recouped at 64.5% against a national average of 58.9%. Thinking of adding a deck? In our local area that addition can be recouped at a whopping 82.7% versus the national average of 64.8%.
If you are considering selling and would like to know more about local trends and how to best prepare your home for sale I would love to help!