Which home improvements give the best payback?
If you’re thinking about remodeling your kitchen, or bathroom, you probably want to get your investment back when you sell. 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. In Santa Fe if you have room for a garage you will reap the benefit on the sale. When I moved here many years ago buyers accepted that fact that million dollar homes didn’t have garages. Today many of the buyers that I sell to do not live here full time and they want a garage. The type of project you do and how it fits in with other properties 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 it will help sell the house at market value. The payback will be better on improvements that are in demand . Ask me. I know what they are looking for. 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. Neither will a property that is highly personalized. They can still sell but not at a premium…Ask me 505-690-0233. Hire a professional to do the work.. I have my favorites. The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects: (they number may not apply in Santa Fe. But, it is something to look at.) Kitchen remodeling –90% Add a bathroom – 90% Bathroom remodeling – 80% Some a/c helps Add a deck – 70% Replace windows … Don’t build a pool.