Whether you are becoming a new home buyer or have owned for many years in Northern Virginia, you probably know that you can make improvements to your property to increase the value. However, if you have a good realtor, you will know that some home renovation projects pay better in terms of value than others.
Below are the top two best and worst projects to consider when selling a home in Northern Virginia.
Best Cost Recovery
1) Refinish Your Flooring
Whether you are ripping up old carpet or changing the old laminate floors, you can expect nearly 100 percent cost recovery for this project.
2) New Roof or Siding
These two improvements go beyond just how your home looks or fairs during a home inspection. A new roof or siding can add significant value by reducing your cost of heating or cooling your home. You can expect from 80-100 percent cost recovery from these two upgrades.
Worst Cost Recovery
You might be surprised that these two renovations came in dead last with respect to cost recovery.
1) Kitchen Remodel
A kitchen remodel costs the most amount of money, thus it can be very hard to recover that cost. This doesn't mean that you shouldn't remodel your kitchen, however, you should be realistic regarding your expectations of return on investment somewhere around 60 percent recovery of cost.
2) Bathroom Remodel
Bathroom remodels come in dead last with a cost recovery of only about 50 percent. Bathrooms are surprisingly expensive to remodel or add when several licensed professionals are involved.
Consider these four tips about your "honey do" list before selling your home in Northern Virginia.
At Allied Title & Escrow, our team of industry experts and attorneys have over 25 years of experience in title, settlements and real estate transactions. Headquartered in Arlington, VA, we provide residential and commercial services throughout all counties of Northern Virginia, Washington DC and Maryland. We strive to provide the highest level of service and will handle all aspects of the title and settlement process.