HUNTSVILLE, Ala. (WAFF) – Homeowners often spend big bucks on renovations hoping to recoup more than they’re likely to. But some projects offer better returns than others.
Updated kitchens and master suites often attract new buyers. But consider other factors, such as home maintenance and home prices in the surrounding neighborhood.
WAFF spoke to Melanie Brooks. She is a broker at Redstone Family Realty and president of the Women’s Council of Realtors. She offered these tips:
- ·Find out first how much you have to spend and how much time you are willing to spend building. Once that decision is made, you can start your wishlist.
- A professional kitchen renovation should provide a return on value of 90-100% and you may not need to change the layout.
- Bathrooms are a great project to tackle. Master bath suites will bring 90-100% ROI. One thing to consider is to keep at least one bathtub in the house.
- Small changes can increase the value of a home. New appliances and flooring add a 60-80% return on investment. Other things like paint, which is really necessary, can only increase the opportunity. This will always help a house sell better.
- Bottom Line: Unless you’re planning on moving soon, get some home renovations or updates you’ll enjoy now!
For more ways to save, be sure to tune in at noon every Friday for the “Financial Friday” segment of WAFF 48.
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